LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global diagnostic hearing devices market to grow at a CAGR of almost 6% during the forecast period, according to their latest report.
The report further segments the global diagnostic hearing devices market by product application (clinical diagnosis, physical diagnosis, and screening), by end-user (hospitals, ASCs, physicians’ clinic, and research institutions), and by geography (the Americas, APAC, and EMEA).
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global diagnostic hearing devices market:
- Increasing prevalence of hearing disorders
- Growing focus on R&D
- Favorable government initiatives
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Increasing prevalence of hearing disorders
The prevalence of hearing disorders is increasing across the globe. Hearing disorders can also be a disabling hearing loss that refers to hearing impairment to sounds greater than 40 decibels (dB) in the better-hearing ear in adults and greater than 30 dB in the better-hearing ear in children.
According to a senior analyst at Technavio for orthopedics and medical devices research, “Hearing disorders can be heredity or can be caused because of congenital disability, infectious disease, chronic ear, infection, exposure to excessive noise, and old age. Several factors are responsible for hearing impairment including infections in childhood such as measles, mumps, and meningitis, exposure to excessive or prolonged noise, and chronic otitis media.”
Growing focus on R&D
The hearing diagnostics market has observed several innovations in the past years that has led to the launch of technologically advanced devices. The European Investment Bank (EIB) supports the development of new wireless hearing devices and research for more effective acoustic implants.
Diagnostic hearing devices with technologically advanced features are being developed by the major players to gain a competitive edge as well as to sustain market presence for a longer period. Hearing diagnostic devices are controlled by advanced microprocessors with sufficient storage capacity.
Favorable government initiatives
The government authorities in several countries have undertaken many initiatives to promote awareness among people with hearing disabilities. They have organized various programs and camps for the people with hearing disabilities. For instance, in US, a law known as the Americans with Disabilities Act (ADA) makes it possible for people with hearing disabilities to actively participate in business, politics, and the arts in the US without any discrimination.
The European Year of People with Disabilities 2003, protects the rights of the people with hearing disabilities in the European countries. It provides an unprecedented chance for EU institutions to attend specific concerns of disabled people in their work.
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