Hearing loss has a serious impact on an individual’s growth and development. According to WHO, globally 430 million people or approximately 5% of the world’s population require attention and action for their hearing disability.
Hearing loss has a serious impact on an individual’s growth and development. According to WHO, globally 430 million people or approximately 5% of the world’s population require attention and action for their hearing disability. Moreover, WHO estimated that by 2050, 2.5 billion people will have some degree of hearing impairment and 700 million people may require rehabilitation in the coming future. Approximately 80% of disease cases belong to low- and middle-income countries. Age has a direct impact on such disabilities and accounts for 25% of auditory impairment in above 60 years of individuals. Thus, an increase in the prevalence of the condition is offering lucrative opportunities for hearing loss disease treatment market growth.
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Hearing loss disease treatment market has been mainly segmented on the basis of product as:
- Devices
- Drugs
- Systemic steroids
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- Antiviral medication
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- Vasodilators
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- Others
A large chunk of disease cases can be prevented through interventions such as community-oriented health education. WHO promotes public awareness through World Hearing Day held every March. However, low- and middle-income countries lack the capacity to implement such interventions effectively. For instance, high-income countries offer evaluation of possible auditory disability in newborns but low- and middle-income countries don’t appear to consider it as an initiative in controlling disease. Therefore, such demographic imbalance is further contributing to the rising prevalence of disease and driving the hearing loss disease treatment market.
The growing research and development in the space are expected to offer better treatment options in coming years. This can be attributed due to the presence of more than 45 therapies under the clinical pipeline at different phases of trials. Some of the pipeline candidates include Frequency Therapeutics’ FX-322, Pipeline Therapeutics’ PIPE 505, Sensorion’s SENS-401, Strekin’s STR001, Otonomy Inc.’s OTO-413, OTO-825, OTO-6XX and OTO-510, and Acousia Therapeutics Gmbh’s ACOU085 and ACOU082 amongst others.
Key market players are taking efforts such as new product launches, collaborations, agreements, regional expansion to maintain their position in market. For example, in July 2022, Astellas Pharma Inc. and Mogrify Limited entered into a collaborative research agreement to develop regenerative medicines in the segment of sensorineural hearing loss. This collaboration will work on the identification of transcription factors that are responsible for cell differentiation to help generate new cochlear hair cells. Astellas Gene Therapies will cover the cost of the research work and also provide its expertise in AAV based genetic medicine. Additionally, in September 2022, Fennec’s drug Pedmark received FDA approval for the treatment of cisplatin-induced ototoxicity in adolescents and children.
Market Dynamics
Driver
Increasing Noise Pollution and Implementation of Hearing Aids Market to Fuel Market Growth
According to estimates, 17 % of adults between 20-69 years old and 12.5 % of adolescents & children aged between 6-19 years old have irreversible hearing loss due to exposure to loud noises, equaling about 26 million adults and 5.2 million children & adolescents. The damage to inner ear structures or nerve fibers that responds to the sound might be the reason for hearing loss. A single exposure to a mainly loud sound and blast will cause hearing loss and continuously listening to loud sounds for an extended time. About 65 thousand children and around 118 thousand adults had gadgets fixed in the United States. As a result, the market for Hearing Aids Market across the world is likely to be driven by extreme noise pollution and growth in Hearing Aids Market applications.
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Rise in Elderly Population Base to Stimulate Market Growth
The high expansion in the elderly population is impacting the market growth drastically because of the growing demand for Hearing Aids Market from older people. Moreover, the senior population is prone to hearing loss owing to the changes in the inner ear and auditory nerve, congenital conditions, chronic exposure to loud noises, and other hearing conditions will stimulate the market expansion during the forecast period. As stated by the report of the World Health Organization, the incidence of deafness increases with age; in those older than 60 years, more than 25 percent are suffering from disabling hearing loss. The aged people who get good treatment for hearing impairment might have fewer co-morbid conditions and incur lower healthcare spending.
Key Players
- Pfizer Inc.
- Merck & Co Ltd
- F. Hoffmann-La Roche Ltd.
- GlaxoSmithKline Plc
- Teva Pharmaceuticals
- Benson Hearing
- GN Store Nord A/S
- William Demant Holding A/S
- Medtronic
- Widex USA, Inc.
- others
Market Segmentation
By Product
- Devices
- Drugs
- Systemic steroids
- Antiviral medication
- Vasodilators
- Others
By Disease Type
- Conductive Hearing Loss
- Sensorineural Hearing Loss
- Mixed
- Conductive
- Sensorineural
By End-user
- Hospitals
- Otology clinics
- ambulatory clinics
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
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