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Pediatric Hearing Aids Market to Generate Heightened Revenue Prospects for Manufacturers in the Forecast 2017 – 2025

The COVID-19 pandemic has caused supply and manufacturing disruptions in the Healthcare creating uncertainties in every aspect. The change in customer behavior in terms of mobility preferences during this crisis is changing the Healthcare landscape.

This pandemic situation has shut down many production lines owing to the trade restrictions and closed borders, creating a shortage in required parts and limiting the distribution of supplies. Different enforced measures including the closing of workspaces and dismissal of short-time workers have created a depression in the growth rate of the Healthcare Industry.

The growing fear of recession is estimated to decrease overall sales and revenue. A limited supply of parts coupled with a reduced workforce has forced the leading OEMs to shut down their production. A significant drop in demand has restricted the cash inflow which is highly important in payment of salaries to the workforce. With growing uncertainties around the COVID-19 pandemic, the industry leaders are taking measures to adapt to the situation.

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Persistence Market Research (PMR) has recently published a new research report titled, “Pediatric Hearing Aids Market: Global Industry Analysis (2012 – 2016) and Forecast (2017 – 2025).” Hearing aids can help improve the hearing and speech of children with sensorineural hearing loss (hearing loss in the inner ear due to damaged hearing nerve). Sensorineural hearing loss can be caused by noise, injury, infection, certain medications, birth defects, tumors, and problems related to blood circulation.

According to the American Academy of Otolaryngology, over 3.0 million American children have hearing loss, and about 1.3 million of them younger than 3 years of age. More children would lose their hearing later in childhood. Moreover, around 90% of deaf children are born to parents with proper hearing ability. The global pediatric hearing aids market is projected to witness a CAGR of 5.3% from 2017 to 2025. Growing disposable income of consumers living in middle-income regions is expected to boost the growth of hearing aids market in future. This in turn is expected to drive the demand for high quality hearing aids. In addition, adoption of hearing aids has been observed to be relatively less in developing countries.

Need for Advanced Diagnostics to Open a Plethora of Opportunities for Market Players

The introduction of advanced equipment for conducting diagnosis tests for the detection of loss of hearing among the pediatric population is expected to open up lucrative opportunities for the existing as well as new players in the global pediatric hearing aids market. The rising prevalence of hearing loss such as congenital hear loss problem and nerve deafness among children, is one of the primary aspects boosting the pediatric hearing aids market at present. The use of hearing aids has risen with the rise in the number of patients across the globe. Thus, high demand for hearing aids will be the absolute opportunity for pediatric hearing aids vendors to capitalize on.

The rise in health care awareness among parents in terms of children’s health issues is also expected to trigger the use the pediatric hearing aids in the near future. Most of the under developing countries evades the usage of hearing aids or any prosthetic device due to society insecurities. Moreover, today most of the hearing aids are based on digital technology which is easy to use and clearer to sound. Hence, the proliferating usage of digital hearing aids technology is likewise expected to play a pivotal role to lift the pediatric hearing aids market over the course of the forecast period.

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Over the Ear to be the Most Preferred Product

In the course of the forecast period, over the ear products are going to be the most preferred product type for pediatrics. It is expected to touch a valuation of over US$1800 Mn by the end of 2025. Among the product types available under over the ear products, behind the ear will be the one witnessing the maximum sales. However, receiver in the canal is expected to witness the maximum growth over the forecast period.

Company Profiles 

  • William Demant Holding A/S
  • Sonova
  • Sivantos Pte. Ltd.
  • GN Store Nord A/S
  • Starkey Hearing Technologies, Inc.
  • WIDEX USA, INC. 
  • Earlens Corporation
  • Cochlear Limited
  • IntriCon Corporation
  • Amp

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