The global hearing loss disease treatment market size is expected to reach USD 19.99 billion by 2032, according to a new study by Polaris Market Research. The report “Hearing Loss Disease Treatment Market Share, Size, Trends, Industry Analysis Report, By Product (Devices, Drugs); By Disease Type; By End-Use; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The primary drivers of the industry's expansion are the rising incidence of hearing loss, age-related sensorineural degeneration, and public awareness of the disease. The industry stands to benefit financially from the introduction of new treatment options in the coming years. The products industry is benefiting from rising technological advancements like AI-related innovations. The customer experience is being improved by the introduction of products with cutting-edge features like smartphone compatibility and waterproof, rechargeable devices. For instance, Custom made by Resound, a rechargeable hearing aid that supports wireless streaming from Android and iOS, was introduced by GN Hearing, in June 2022.
More than 5% of the global population, around 430 Mn people, will require rehabilitation in 2021 to manage their hearing disability, as per the statistics published by the WHO. Additionally, it is anticipated that nearly 2.5 billion people worldwide will have a listening impairment, by 2050.
Key players are putting into action strategic initiatives that are further propelling the industry, such as new launches, collaborations, agreements, and financial investments. For instance, Autigen and Boehringer Ingelheim signed a collaboration and licensing agreement in April 2022 to develop cutting-edge treatments for sensorineural conditions.
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In 2021, Fennec Pharmaceuticals announced in September 2022 that the FDA had granted approval to Pedmarkto, which prevents hearing loss in children undergoing chemotherapy. Oticon Medical published a blog for the Ponto Loaner Program. Steroids are thought to be the most common treatment for hearing loss, including SSNHL and SNHL caused by an autoimmune disease.
Also, neurotrophic factors were thought to be one of the best drug-based treatments for NIHL to fix the ribbon synapse, keep primary auditory neurons from dying, and make it easier for auditory neuron fibers to grow back after severe SNHL. Because of wireless technology, two hearing aids can work together as a complete system. The information transfer rate of wireless hearing aids is measured in nanoseconds, which is faster than the human brain's ability to detect sounds.
Hearing Loss Disease Treatment Market Report Highlights
Polaris Market Research has segmented the hearing loss disease treatment market report based on product, disease type, end-use, and region:
Hearing Loss Disease Treatment, Product Outlook (Revenue - USD Billion, 2019 - 2032)
Hearing Loss Disease Treatment, Disease Type Outlook (Revenue - USD Billion, 2019 - 2032)
Hearing Loss Disease Treatment, End-Use Outlook (Revenue - USD Billion, 2019 - 2032)
Hearing Loss Disease Treatment, Regional Outlook (Revenue - USD Billion, 2019 - 2032)