Pune, India, July 30, 2019 (GLOBE NEWSWIRE) -- Global Hearing Screening Diagnostic Devices Market is expected to exhibit a 6.50% CAGR over the forecast period from 2018 to 2023, as per the latest report by Market Research Future (MRFR). Hearing screening diagnostic devices are used to check for hearing problems and to assess the risk of hearing loss. These tests serve as an advance warning of auditory damage and hearing loss and thus play a key role in caring for people at risk of hearing loss.
The report presents a comprehensive overview of the market’s present conditions and likely future growth trajectory on the basis of an extensive analysis of the market’s historical growth trajectory and major factors affecting the market’s movement. Demand for advanced screening procedures to detect this at an early stage and take corrective measures is one of the drivers of the hearing screening diagnostic devices market.
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Competitive Analysis
Leading players in the global hearing screening diagnostic devices market include Sivantos Pte. Ltd., Otodynamics Ltd., Intelligent Hearing Systems, Otometrics, IntriCon Corporation, MAICO Diagnostics GmbH, Accent Hearing Pty Ltd., Starkey, Natus Medical Incorporated, Inventis SRL, and Amplivox Limited.
Market Segmentation
The Hearing Screening Diagnostic Devices Market segmented into product, age, indication, test, and end-user.
By product, the market is segmented into otoacoustic emission (OAE)/auditory brainstem response (ABR) testing devices, audiometers, immittance screeners, and others. Audiometers are further segmented into diagnostic and screening audiometers. The OAE/ABR testing devices segment accounted for 67% market share in 2017, followed by audiometers, immittance screeners, and others. This segment is touted to exhibit 6.77% CAGR during the forecast period owing to rising awareness of hearing diagnosis procedures.
By age the market is segmented into newborn hearing screening and others. The former accounted for 62% market share in 2017. It can showcase 6.82% CAGR during the forecast period to reach a valuation of USD 623.53 million by 2023. This can be attributed to hearing impairment cases witnessed in neonatals and premature babies. OAE/ABR tests can assist in detecting these disorders at a preventive stage and contribute to overall market revenue. The ‘others’ segment, on the other hand, can exhibit a CAGR close to 6% in the same review period.
By indication, the market is segmented into conductive hearing loss, sensorineural hearing loss, combination hearing loss, and others. The conductive hearing loss segment captured 40% of the hearing screening diagnostic devices market in 2017. It is predicted to accumulate USD 406.84 million by 2023 at a 6.71% CAGR over the forecast period. The sensorineural segment accounted for 37% share in 2017, followed by combination segment (15%), and others (8%). The sensorineural segment, on the other hand, can accrue revenue at 6.82% CAGR during the review period.
By test, the market is segmented into pure-tone test, bone conduction test, tests of the middle ear, speech discrimination test, speech recognition threshold test, most comfortable listening (MCL) test, and uncomfortable loudness level (UCL) test. Tests of the middle ear is further segmented into tympanometry and static acoustic impedance. Similarly, the pure-tone test segment is divided into visual reinforcement and conditioned play audiometries respectively. The pure-tone test is poised to reach a valuation of USD 302.52 million at a 7.71% CAGR over the forecast period.
Major end-users of the hearing screening diagnostic devices market include hospitals & clinics, diagnostic centers, and others. Hospitals & clinics accounted for 48% market share in 2017, with diagnostic centers capturing 39% share, and ‘others’ segment with the remaining 13%. The hospitals & clinics will continue to be the biggest market end-user till the end of the forecast period owing to the mushrooming of hospitals and clinics emerging to handle the large number of cases. It can contribute close to USD 547.39 million by 2023.
Browse the market data and information spread across 185 pages with 261 data tables and 18 figures of the report “Hearing Screening Diagnostic Devices Market Research Report-Global Forecast till 2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/hearing-screening-diagnostic-devices-market-1570
Regional Analysis
Geographically, the regional market is segmented into America, Europe, Asia Pacific, and the Middle East & Africa.
The worldwide hearing screening diagnostic devices market covers the latest trends and opportunities across Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA). Among these, the Americas accounted for 38% market share in 2017, followed by Europe (29%), APAC (23%), and MEA (9%) respectively.
The Americas is poised to reach a market size of USD 369.01 million by 2023, at a 5.89% CAGR over the forecast period. The ballooned healthcare expenditure allotted for tackling new diseases, well-developed technology, and the large patient pool of geriatrics and pediatrics can drive the market growth.
But the APAC hearing screening diagnostic devices market can register 7.06% CAGR over the forecast period due to the large patient pool and adoption of latest tests. In addition, supportive government initiatives to tackle hearing disorders by creating awareness coupled with continuous development of new products can augur market growth. India is touted to be the one of the best makers of cochlear implants with a bevy of product offerings. This can induce the market demand for thorough screening tests in the forthcoming years and be fruitful for the market.
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