Starkey’s launch of Muse iQ Rechargeable 900sync™ is a symptomatic evidence of the robust developments underlining hearing machine market over the recent years. Unveiled at the company’s Las Vegas based Hearing Innovation Expo, this new Muse iQ Rechargeable system is claimed to be industry’s smallest and smartest rechargeable solution. If reports are to be relied on, this cutting-edge technology is based on Starkey’s flagship award-winning Synergy® platform and Acuity™ OS operating system. The device is touted to be one of the most revolutionary launches in hearing machine industry- one that is likely to help millions of hearing disorders afflicted citizens with high-definition clarity, presence, and sound.
According to NIDCD (National Institute on Deafness and Other Communication Disorders), nearly 2 to 3 out of every 1,000 children in U.S. are reported to be born with a detectable level of hearing loss in one or both the ears. It has been also speculated that approximately 15% of the American adults, which is close to almost 37.5 million apparently have some trouble in hearing. As per a recently released report by WHO, around 900 million people worldwide would suffer from disabling hearing loss by 2050. Presently, the count is around 466 million, out of which, as being reported 34 million are children. As the prevalence of hearing disorders rises, the commercialization matrix of audiology devices industry would observe a major spike.
It is important to be noted that the increasing geriatric populace often vulnerable to hearing disorders and permanent hearing loss have had important implications on hearing machine industry. The figure seems to be ascending strikingly over the past few years. In fact, statistics claim, the number of people aged 65 years and above would rise from 962 million to 2.1 billion over 2017-2050. Not to mention, the scenario undeniably is bound to open new growth avenues for hearing machine market over the coming years.
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Speaking of the product landscape, hearing aids, being the most convenient medical intervention for hearing disorders, observed a percentage of authority in audiology devices market in 2016. The dominance can be majorly attributed to the tremendous technological intervention in the product design over the recent years. This, in consequence has led to the development of hearing aids that not only ensure greater efficiency but also user friendliness and cost effectivity. Other than hearing aids, cochlear implants are also gaining appreciable popularity in hearing machine marketplace, on virtue of its credibility to ensure greater efficiency. Though presently the product witnesses a low penetration compared to hearing aids, with proper knowhow and awareness initiatives cochlear implant market is likely to carve a profitable roadmap down the line of seven years.
The profitability quotient of the overall audiology devices industry is claimed to escalate over the ensuing years, with a forecast valuation of over USD 10 billion by 2024. Being one of the most integral verticals of medical equipment domain, hearing machine market, quite evidently, observes a strict regulatory oversight. The domination of regulatory groundwork can not exactly be considered as a hindrance in the business growth path, as the prosecution of these compliances solely aims at public safety. In fact, favorable governmental initiatives such as OTC hearing aids are deemed to stimulate the hearing machine market augmentation. Reportedly, the proposed act was enforced with an aim to increase the accessibility and affordability of audiology devices. All in all, increasing prevalence of hearing deficits and a strong regulatory framework is certain to push hearing machine industry toward a lucrative road map.