Market Trends of Global ENT Devices Industry
This section covers the major market trends shaping the ENT Devices Market according to our research experts:
Hearing Aids Segment is Expected to Account for Fastest Growth Rate during the Forecast Period
A hearing aid is a small electronic device that you wear in or behind your ear. It makes some sounds louder so that a person with hearing loss can listen, communicate, and participate more fully in daily activities. A hearing aid can help people hear more in both quiet and noisy situations. Hearing aids are primarily useful in improving the hearing and speech comprehension of people who have hearing loss that results from damage to the small sensory cells in the inner ear.
Moreover, the demand for these devices is increasing due to the increasing population with hearing loss. As per an April 2021 report by the World Health Organization, At least 700 million people will need hearing rehabilitation by 2050, when it is predicted that nearly 2.5 billion people will have some degree of hearing loss. Due to unsafe listening habits, over 1 billion young adults are at risk of developing permanent, preventable hearing loss. Moreover, with the increasing technological advancements, hearing aids are expected to witness high demand. Widex was awarded at the CES 2019 Best of Innovation Awards ceremony for WIDEX EVOKETM, which features WIDEX ENERGY CELL technology in the fitness, sports, and biotech product categories. It is a battery-free hearing aid. This will increase the demand for hearing aids, which will boost the market growth.
However, growing product launches by the key market players are anticipated to boost the market growth. For instance, in February 2022, Oticon, Inc. expanded its hearing aid portfolio to allow even more individuals with hearing loss to experience the benefits of Oticon's advanced BrainHearing technology. The additions include two new Oticon More miniBTE styles that meet the needs of users who prefer small, discreet, behind-the-ear (BTE) options, as well as two new hearing aid families. Similarly, in October 2021, morning health tech company Audibel reported launching its new artificial intelligence hearing aids called the Arc AI. Thus, all aforementioned factors are expected to boost the segment growth over the forest period.
North America Accounted for the Largest Share in the Global Market
North America is expected to hold a major share of the ENT devices market and is expected to show a similar trend over the forecast period, without significant fluctuations. Most of the market players are based in North America and there is awareness about the advantages of using ENT device solutions with the high burden of the END disorders in the region which are expected to be major driving factors for the studied market in the region. For instance, according to March 2021 report of the National Institute of Deafness and Other Communication Disorders of the United States1, as per common hearing tests, one in eight Americans (13 percent, or 30 million) who are 12 years of age or older have hearing loss in both ears. The prevalence of hearing loss in adults between the ages of 45 and 54 is around 2%. For adults aged 55 to 64, the rate rises to 8.5%. Moreover, with the increasing aging population, there has been a rising prevalence of hearing loss and laryngeal cancer, and other ENT disorders.
As per the American Cancer Society 2022 report, about 12,470 new cases of laryngeal cancer are expected to be recorded in the United States in 2022. Thus, the high burden of ENT disorders coupled with favorable reimbursement policies, and better healthcare infrastructure is the reasons for the high market share of North America. Further, increasing product launches by the key market players boost the market growth. For Instance, in January 2021, Oticon, Inc. launched Oticon More, one of the first hearing aid built with an onboard deep neural network (DNN), indicated for people with mild-to-severe hearing loss. Similarly, in August 2020, GN Hearing launched the ReSound ONE, one of the revolutionary new hearing aid that solves one of the most enduring challenges for people with hearing loss. Thus, all aforementioned factors are expected to boost the market growth over the forest period.
