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Hearing Screening and Diagnostic Devices Market Insights
Market Research Future (MRFR) forecasted that the global hearing screening diagnostic devices market would witness a peak in valuation and grow at a CAGR of 6.50% during the forecast period, 2018-2023.
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The growing geriatric population, high noise levels that cause deafness, and genetic complications are factors that can stimulate market demand during the forecast period. The high birth rate in developing countries has led to concerns among newborns who develop hearing loss. Demand for advanced screening procedures to detect this at an early stage and take corrective action is one of the market drivers for hearing diagnostic devices. Country initiatives to launch early hearing detection and intervention programs to raise public awareness should have a positive impact on the market.
The market for hearing diagnostic equipment will gain strength as the number of hearing disorders increases. The high demand for screening procedures to detect these disorders in a preventive phase is likely to boost the market. A high level of noise nuisance created in manufacturing industries that cause deafening in some cases is expected to induce market demand. In addition, the high birth rate in developing countries, combined with hearing impairment among newborns, required more in-depth preventive measures; this factor is creating opportunities for the key players to bridge the gap with effective solutions. The underdeveloped health sector in Africa can be a lucrative opportunity for market participants to expand their reach. Improving the health budgets of emerging and developed economies can be useful for the development of research in advanced screening tests.
Hearing Screening and Diagnostic Devices Market Segmentation
The Hearing Screening and Diagnostic Devices Market is diversified on the basis of product in (OAE)/auditory brainstem response (ABR) testing devices, immittance screeners, and audiometers. The audiometers are divided into diagnostic and screening audiometers. The OAE/ABR test equipment segment represented 67% of the market in 2017, followed by audiometers, immittance control systems, and others. This segment is driven by tremendous growth over the forecast period, due to the rapid development of technology.
Based on age, it is segregated into neonatal hearing screening and others. It could reach $623.53 million in 2023, which can be attributed to hearing loss in newborns and premature babies.
The global market based on indication is bifurcated into conductive hearing loss, combined hearing loss, sensorineural hearing loss, and others. The sensorineural segment is expected to be the second-largest profitable segment. generates.
The test segment is broadly classified into speech discrimination test, bone conduction test, pure tone test, middle ear test, speech recognition threshold test, more comfortable hearing test, and uncomfortable volume level test.
Moreover, the hearing screening diagnostics market is further broadly divided into hospitals and clinics, diagnostic centers, and so on. Hospitals and clinics are expected to generate significant revenues in the global market by 2023 due to their ability to manage large numbers of patients. Diagnostic centers held the second largest market share due to the latest equipment available to perform hearing screening procedures.
include hospitals & clinics, diagnostic centers, and others. Hospitals and clinics are likely to generate high revenue for the global market till 2023 owing to its capability to handle high patient volume. Diagnostic centers accounted for the second-highest market share owing to the latest equipment available for conducting hearing screening procedures.
Hearing Screening and Diagnostic Devices Market Regional Outlook
The Americas is predicted to dominate the market due to a large number of patients, the plethora of diagnostic tools for large scale testing, and rising healthcare costs. On the other hand, the market for APAC hearing screening hearing diagnosis equipment is set to grow exceptionally, thanks to improvements in healthcare infrastructure and the large patient pool in developing economies. In addition, the regions of Europe and MEA are expected to record modest growth rates.
Hearing Screening and Diagnostic Devices Market Participants
The leading players contributing in the hearing screening diagnostic devices market include Natus Medical Incorporated, Inventis srl, Accent Hearing Pty Ltd, Otodynamics Ltd., Amplivox Limited, IntriCon Corporation, Sivantos Pte. Ltd, MAICO Diagnostics GmbH, Otometrics, Starkey, and Intelligent Hearing Systems.
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