Market Trends of Bone Conduction Hearing Aids Industry
Bone Anchored Hearing Aids Segment is Expected to Witness Significant Growth Over the Forecast Period
- The bone-anchored hearing aid (BAHA) is a surgically implanted device designed to help people with hearing loss and bypass particular problems by sending sound vibration directly to the inner ear through the skull bone. These work best for people who have at least one inner ear that functions normally.
- The prevalence of hearing loss among the older population is growing, leading to the high demand for adult bone-anchored hearing aids. Furthermore, growing awareness and advancements in technology in the diagnosis of hearing loss in infants and children are expected to boost the child/pediatric bone conduction hearing aids segment growth.
- The growth in healthcare infrastructure around the world and rising spending on healthcare are fuelling the adaptation of new technologies, which is boosting the market growth. The new innovations in bone conduction, such as ease of use, noise reduction, and increase in durability, change the phase of bone conduction hearing aids and further fuelling the market growth in the near future.
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North America is Expected to Have the Significant Market Share Over the Forecast Period
- North America is expected to hold a significant share of the market over the forecast period owing to factors such as the rise in the incidence of hearing loss, the growing geriatric population, rising technological advancements, increasing product launches, and increasing government initiatives.
- The growing number of people suffering from hearing loss is expected to increase the demand for technologically advanced hearing aids, which is anticipated to fuel the market growth over the forecast period. For instance, according to the data published by the PAHO, in March 2022, about 217 million people were living with hearing loss in the region of America, representing 21.52% of the total population in 2022, and this number is projected to reach 322 million by 2050.
- Theincreasing aging population in the region is also contributing to the increased demand for hearing aids as they are more likely to develop age-related hearing loss. For instance, as per the data published by the Government of Canada, about three in five adults (60%) have hearing loss (23%), tinnitus (22%), or both conditions (14%)in 2021.
- Additionally, the rising government initiatives to provide funding for various hearing impairment diseases in the region are also contributing to market growth. For instance, as per the National Institute of Health, May 2022 update, the grant provided by the government for various research and development for hearing loss diseases in the United States was USD 162 million in 2021 and USD 168 million in 2022. Hence, the high research and development spending on diseases is expected to create opportunities for market players to develop innovative devices, thereby propelling market growth in the region.
- Furthermore, the rising company focuses on adopting various key strategies such as partnerships, collaboration, and others, as well as increasing product approvals and increasing the availability of technologically advanced products in the market, hence boosting the market growth. For instance, in January 2022, the United States Food Drug Administration (FDA) approved Oticon Medical, Demant's new bone-anchored product, Ponto 5 Superpower, in the United States.
- Also, in September 2021, the Malala Fund partnered with the Cochlear Foundation, a non-profit dedicated to hearing health, to promote awareness of the obstacles that prevent millions of children and teenagers with hearing loss from accessing high-quality education. Thus, such awareness programs will shift the focus of people towards bone-conduction hearing aids and their efficacies, which is expected to increase the adoptability of these devices and therapies, thus driving the market.
- Therefore, due to the aforementioned factors, such as the increasing government funding, increasing incidences of hearing loss coupled with an aging population, and rising company activities, the studied market is expected to grow over the forecast period.
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