by The global ear health market is experiencing a significant surge in demand, driven by the increasing prevalence of ear diseases and disorders worldwide. Conditions such as Menieres disease, tinnitus, earaches, vertigo, hearing loss, and ear infections are affecting millions of individuals, leading to a growing need for ear health solutions.
Rising Disease Prevalence
According to the World Health Organization (WHO), more than 466 million people worldwide suffer from disabling hearing loss, with ear infections being the most common cause. The impact is substantial, with 93% of affected individuals being adults (24 million males and 190 million females) and 7% being children (34 million).
In developed countries, hearing loss has become the most prevalent condition among patients, affecting approximately 15% of Americans, as reported by the United States Centres for Disease Control and Prevention (CDC).
Aging Populations Influence
The rapid increase in the older population is expected to have a profound impact on the ear health industry. Disabling hearing loss affects almost one-third of individuals over the age of 65, as per WHO reports. With the aging population on the rise, the demand for hearing aids and related devices is growing significantly.
Technological Advancements
The hearing aids segment is projected to be the fastest-growing within the ear health market, driven by continuous technological advancements. In 2020, the behind-the-ear (BTE) hearing aids market accounted for approximately USD 6.5 billion. These advancements include improved amplification, higher efficiency, longer battery life, and ease of use.
Europe Takes the Lead
Europe has emerged as the market leader in 2021, with a revenue share of over 35%. Factors contributing to this leadership position include a high prevalence of hearing loss, the adoption of technologically advanced devices, sophisticated healthcare infrastructure, favorable reimbursement structures, and increased patient awareness.
North America on the Rise
North America is experiencing rapid growth in the ear health market due to an increasing prevalence of hearing-related illnesses among children, a growing elderly population, and improved distribution networks of market leaders.
Competitive Landscape
Key players in the ear health market include William Demant Holdings A/S, Stryker Corporation, Olympus Corp., Cochlear Limited, and Onova Holdings AG, among others.
Innovations Driving Growth
In 2021, InnerScope Hearing Technologies (US) acquired Atlazo Inc. (US) to develop next-generation hearing aids and hearable devices, utilizing Atlazos patented Artificial Intelligence (AI) hardware platform. Meanwhile, Medtronic PLC (Ireland) acquired Intersect ENT (US) to expand its product portfolio for ear, nose, and throat treatments.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/ear-health-market
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This press release first seen on Brilad
COMTEX_441973675/2840/2023-10-16T10:59:22
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
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