May 2024 | Report Format: Electronic (PDF)
Hearing Loss Disease Treatment Market Growth & Trends
The global hearing loss disease treatment market size is expected to reach USD 19.36 billion by 2030, registering a CAGR of 5.25% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growth is attributed to the global rise in disease burden, initiatives undertaken by government and private organizations to spread awareness among people, and the growing geriatric population in the world. Furthermore, the increasing number of clinical pipeline drugs and advancements with auditory devices offer lucrative opportunities for industry growth. The world is witnessing an increasing prevalence of hearing loss cases, which is the key factor driving the industry’s growth.
For instance, according to the WHO reports, in 2021, over 5% of the world’s population, or around 430 million people, require rehabilitation to manage their listening disability. Moreover, by 2050, nearly 2.5 billion people are estimated to be impacted by listening impairment across the globe. As per the report, low- and middle-income countries account for 80% of people suffering from a disability. Aging has further led to an increase in the prevalence of the disease. Globally, approximately 25% of people aged 60 years are affected by hearing loss. Therefore, the rising disease cases increase the demand for treatment and drive the space. The space has the presence of a robust clinical trial pipeline, which is expected to offer better treatment options in the coming years.
This can be anticipated due to the presence of more than 45 therapies at different phases of clinical investigation. For instance, Sound Pharmaceuticals’ Ebselen and Sensorion’s SENS-401 are under phase 3 clinical studies indicated for the treatment of Meniere’s Disease and sensorineural hearing loss, respectively. Similarly, in June 2022, Pipeline Therapeutics’ phase 2 drug, PIPE-505 is being evaluated for sensorineural hearing loss. Therefore, the launch of new treatment options in the coming years is expected to offer a lucrative opportunity for the industry. Rising technological advancements, such as AI-associated innovations, in auditory products, are boosting the industry.
The launch of products with advanced features like operating through smartphones and rechargeable & waterproof devices is enhancing customer experience. For instance, in June 2022, GN Hearing launched Custom made by Resound, a chargeable hearing aid that supports wireless streaming from Android and iOS. Key players are implementing strategic initiatives, such as new launches, collaborations, agreements, and financial investments, which are further driving the industry. For instance, in April 2022, Autigen entered into a collaboration and licensing agreement with Boehringer Ingelheim to develop advanced therapies for people suffering from sensorineural conditions. Similarly, in September 2022, Fennec Pharmaceuticals announced the FDA approval for Pedmarkto prevents hearing loss in pediatric patients going through chemotherapy.
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Hearing Loss Disease Treatment Market Report
Hearing Loss Disease Treatment Market Report Highlights
- The devices segment dominated the industry in 2023 and accounted for the maximum share of more than 90.65% of the overall revenue. This can be attributed to technological advancements in devices, high prevalence coupled with the rising benefits of devices.
- The drugs segment is estimated to register the fastest CAGR over the forecast period due to the launch of new therapeutic products. Drugs are available for several types of hearing problems.
- The sensorineural hearing loss segment dominated the industry in 2023 and accounted for the maximum share of more than 57.04% of the total revenue and is estimated to be the fastest growing segment over the forecast period.
- The otology clinics end-user segment, in 2023, accounted for the second-highest share of 45.18% of the overall revenue.
- Asia Pacific is expected to be the fastest-growing region from 2024 to 2030 due to the rising number of target patients and funding support to major players in the region.
Hearing Loss Disease Treatment Market Segmentation
Grand View Research has segmented the global hearing loss disease treatment market report on the basis of product, disease type, end-user, and region:
Hearing Loss Disease Treatment Product Outlook (Revenue, USD Million, 2018–2030)
- Devices
- Drugs
- Systemic steroids
- Antiviral medication
- Vasodilators
- Others
Hearing Loss Disease Treatment Disease Type Outlook (Revenue, USD Million, 2018–2030)
- Conductive Hearing Loss
- Sensorineural Hearing Loss
- Mixed (Conductive and Sensorineural)
Hearing Loss Disease Treatment End-user Outlook (Revenue, USD Million, 2018–2030)
- Hospitals
- Otology clinics
- Ambulatory clinics
List of Key Players of Hearing Loss Disease Treatment Market
- Novartis AG
- Acousia Therapeutics GmbH
- Otonomy, Inc.
- Sensorion
- Frequency Therapeutics
- Audifon GmbH & Co. KG
- Pipeline Therapeutics
- Audina Hearing Instruments, Inc.
- Astellas Pharma, Inc.
- WS Audiology A/S
