Innovation in medical device technology is an underscoring factor fostering the growth of various medical device segments in the market. These latest devices are fulfilling the unmet needs of patients along with offering several other extended utilities. Moreover, growing prevalence of genetic disabilities and rising global geriatric population are two major reasons that are anticipated to propel the demand for high fidelity medical devices in the coming years.
Hearing aid devices are one of the most commonly sold medical device in the market. This is largely due to an increasing number of hearing disorder cases across the globe. As per a report published by WHO, over 1 billion people ageing more than 60 are likely to get some sort of hearing disorder by 2026 end. The organization also stated that in 2012 approximately 360 million people worldwide were identified with hearing impairment, out of which, 91% population were adults and 9% percent were minors. According to the Royal National Institute for Deaf People, ageing is one of the major reasons for hearing loss affecting close to 70% people aged over 70 and almost 42% people over the age of 50.
Hearing Aid Mechanism
Components of a conventional hearing aid include receivers or miniature loudspeakers, amplifiers, microphones and batteries. Robust adoption of digital hearing aid technology and increasing patient awareness are compelling manufacturers to develop high performance and more compacts devices.
Innovation is Technology
Companies that manufacture hearing aid are strongly focusing on improving their product efficiency. The latest models of hearing devices are integrated with wireless technologies such as Wi-Fi and Bluetooth. Moreover, manufacturers are providing custom designed devices which are patient specific. For example, Audicus a leading manufacturer of digital hearing aid is offering custom-made hearing aids to its customers using 3D scans technology that enables precision scanning of patient’s earlobes and design a hearing aid model that can precisely fit into the patients. The modern hyper-connective environment that allows devices to connect with each other with the help of various software applications is anticipated to bring in advanced modes of functionality in medical devices such as the hearing aid. For instance, GN ReSound is working on a smart hearing aid device technology that can connect with other types of smart devices.
Manufacturers are focusing on reducing additional plug-ins such as streamer box that are clipped around the neck. This will help reduce device complications, therefore, leading to lesser hassles for the patient using it. For example, the latest ReSound’s LiNX hearing aid that comes with compact control buttons to readjust external volume in different locations and a built-in GPS connectivity.
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According to the latest study conducted by Persistence Market Report (PMR), the global market for hearing aids is projected to surpass US$ 8,049 Million by the end of 2016. PMR indicates that the market will grow at a healthy rate in the near future. By 2024, the market is estimated to cross US$ 10,908 Million. This primarily owing to growing incidences of hearing impairment, especially amongst the geriatric population in regions such as Asia Pacific and parts of sub-Saharan Africa, which is fuelling the demand for hearing aid device. North America is the leading market for hearing aid devices. Further, the region is anticipated to cross US$ 4,630 Million in revenues by 2024.