The global smart hearing aids market is anticipated to grow at a CAGR of 6.4 % to reach USD 10.2 billion by 2027. The ageing of the population, the increased use of smart hearing aids, and the prevalence of noise-induced hearing loss are some of the reasons driving market expansion.
As a result of the rising demand brought on by the rising rate of COVID-19 patient hospitalisation, several hospitals and departments have been re-profiled for treating patients with COVID-19. To reserve or redirect the limited capacities and resources (such as hospital beds and patient care experts) toward COVID-19 patient care, many elective procedures were cancelled or postponed globally.
The provision of ENT-related procedures and services has been disproportionately negatively impacted by the reallocation of critical care resources. Considering the proximity, test setup, and length of appointments, the Centres for Disease Control and Prevention (CDC) claims that ENT clinics and audiology centres pose a medium-to-high risk for COVID-19 infection. It is critical to re-evaluate how hearing care is provided because the bulk of those who need audiology services (those over 65) are also those who are most at risk for COVID-19-related mortality and morbidity.
The inclination for remote monitoring has increased as a result of the COVID-19 epidemic. The crisis has ushered in a new age in hearing healthcare that necessitates a fundamental revaluation of how audiology services are provided. Patients who need audiology treatments today require low- and no-touch services (who are typically at the highest risk for COVID-19 morbidity and mortality due to their advanced age). Additionally, mobile audiometry and digital hearing care solutions have begun to receive more attention from hearing aid manufacturers for remote troubleshooting, counselling, fine-tuning, and tracking of hearing aid devices.
Due to the rising prevalence of hearing loss in the world, it is crucial to track and examine hearing functions. Children who have untreated hearing loss struggle socially and academically and develop language more slowly. Similar to younger people, hearing-impaired elderly persons commonly find it difficult to follow daily discussions. Untreated hearing loss in older persons has been linked to a variety of physical and mental issues, such as depression and cognitive decline, as well as a higher risk of trips and falls.
In emerging economies including South Korea, Malaysia, Vietnam, Africa, Israel, Saudi Arabia, and the United Arab Emirates, major market participants have promising growth potential. This is as a result of things like their weak regulatory requirements, better healthcare facilities, growing patient numbers, and increasing healthcare prices. In addition, the regulatory framework in the Asia-Pacific region is more pliable and business-friendly than that of industrialised countries. Due to this and the increasing rivalry in developed regions, major hearing aid businesses now focus on developing countries.
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