Rockville , March 19, 2024 (GLOBE NEWSWIRE) -- The global neonatal hearing screening device market is estimated to be US$ 42.5 million in 2024 and is projected to expand with a 4.90% CAGR through 2034. The market is projected to surpass a valuation of US$ 68.5 million by 2034.
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Neonatal hearing screening devices are witnessing an increase in demand in the medicare sector. Healthcare facilities, such as hospitals, specialty clinics, etc., use them to mitigate the risks associated with neonatal hearing impairments. The significance of neonatal hearing screening devices in the medical sector is also rising due to their crucial role in the growing awareness among healthcare professionals about the long-term impact of untreated neonatal hearing impairments on a child's development.
Ongoing technological innovations in screening methodologies also drive growth in the neonatal hearing screening device market. Innovations such as automated auditory brainstem response systems, advanced otoacoustic emissions (OAE) technology, and the integration of artificial intelligence (AI) algorithms are revolutionizing the neonatal hearing screening landscape by offering higher sensitivity, specificity, and efficiency in detecting hearing impairments in newborns. All these factors have collectively contributed to the noticeable rise in the demand for neonatal hearing screening devices.
| Report Attribute | Details |
| Value Projection (2034) | US$ 68.5 Million |
| Growth Rate (2024-2034) | 4.90% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 48 Tables |
| No. of Figures | 144 Figures |
Key Takeaways from the Market Study
- The global neonatal hearing screening device market is projected to expand at a CAGR of 4.90% for the forecast period of 2024 to 2034.
- The North American neonatal hearing screening device market is expected to grow at a CAGR of 4.30% from 2024 to 2034.
- The United States holds a dominant share of 81.80% of the neonatal hearing screening device market in the North American region.
- Japan dominates the neonatal hearing screening device market in the East Asian region, valued at US$ 46.3 million in 2024.
- The neonatal hearing screening device industry in the United States is expected to rise at a CAGR of 4.10% from 2024 to 2034.
- Based on product type, the auditory brainstem response system segment held a 45.20% market share in 2024.
- The segment of hospitals dominates the market with a 56.40% share in 2024, based on end users.
“Initial upfront investment is still one of the biggest challenges this market faces. Companies in the neonatal hearing screening market must develop strategies to address the affordability of neonatal hearing screening devices, especially in regions with limited financial resources. This will. This will bring about more widespread adoption of screening technologies." opines a Fact.MR analyst.
Key Companies Profiled in This Report
- Natus Medical Incorporated
- Welch Allyn (Hill-Rom Inc.)
- Demant A/S
- Path Medical GmbH
- Intelligent Hearing Systems
- Vivosonic Inc.
- Pilot Blankenfelde GmbH
- Echodia SAS
- MAICO Diagnostics
- Interacoustics A/S
- MAICO Hearing Instruments, Inc.
- Grason-Stadler (GSI)
- Otodynamics Ltd.
Competitive Landscape
The market for neonatal hearing screening devices is fragmented with the presence of a multitude of companies. These companies actively collaborate with healthcare providers, forming strong partnerships with hospitals, specialty clinics, and healthcare professionals to ensure the seamless integration of neonatal hearing screening devices into routine care practices. These companies contribute to developing advanced technologies and evidence-based practices for neonatal hearing screening by engaging in joint research projects.
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Explore More Related Studies Published by Fact.MR Research:
Neonatal Infant Care Market: The global neonatal infant care market size is estimated to expand from US$ 2,524.6 million in 2024 to US$ 4,704.4 million by 2034.
Fetal and Neonatal Heart Monitor Market: Fetal and neonatal heart monitor sales are forecasted to reach US$ 15.2 billion by 2033-end.
Neonatal Ventilator Market: The neonatal ventilator landscape is slated to reach a valuation of US$ 798.1 Billion by 2032
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