LONDON, June 03, 2021 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the hearing diagnostic devices and equipment market, partnerships between companies in the industry are gaining traction. Players in the hearing diagnostic devices industry are increasingly adopting mergers and acquisition strategies to expand their product portfolio. Players are investing in the mergers and acquisitions to have competitive advantage through technological innovations.
In January 2020, Italy based audiology equipment company, Inventis acquired Synapsys SAS for an undisclosed amount. Through this acquisition, Inventis expands its product portfolio by entering the balance diagnostic segment and strengths its position worldwide. Also in 2016, Natus Medical, a leading player in the industry invested to acquire Otometrics, a manufacturer of balance assessment equipment, hearing diagnostics, related software, and consumables.
Companies in the hearing diagnostic equipment industry are increasing their product innovation through strategic collaborations. To sustain in the increasingly competitive market, companies are developing innovative products as well as sharing skills and expertise with other companies.
In February 2020, Natus Medical Incorporated, an US based company offering devices for screening, detection, treatment, monitoring, and tracking of disorders such as mobility, hearing and others, announced collaboration with ReSound. This collaboration aims to expand the reach of Otoscan and supports the quest to make Otoscan the best practice solution for digital scanning of the ear. Resound is a Denmark based company that offers hearing aids and accessories.
In October 2020, Starkey Hearing Technologies, an US based company offering hearing aid announced a partnership with OrCam Technologies to provide assistive technology to hearing and visually impaired people. OrCam Technologies is an Israel based company offering artificial intelligence solutions for people who are hard of hearing, and for people who have a hearing impairment.
The Business Research Company’s report titled Hearing Diagnostic Devices And Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030 covers major hearing diagnostic devices and equipment companies, hearing diagnostic devices and equipment market share by company, hearing diagnostic devices and equipment manufacturers, hearing diagnostic devices and equipment market size, and hearing diagnostic devices and equipment market forecasts. The report also covers the global hearing diagnostic devices and equipment market and its segments.
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The global hearing diagnostic devices and equipment market is expected to grow from $0.75 billion in 2020 to $0.83 billion in 2021 at a compound annual growth rate (CAGR) of 10.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $0.92 billion in 2025 at a CAGR of 2.6%.
North America is the largest region in the hearing diagnostic devices and equipment market, accounting for 38.2% of the total in 2020. It was followed by the Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the hearing diagnostic devices and equipment market will be South America and Africa where growth will be at CAGRs of 8.9% and 7.8% respectively during 2020-2025. These will be followed by the Middle East and Asia-Pacific according to the hearing aids market report, where the markets are expected to register CAGRs of 7.5% and 5.4% respectively during 2020-2025.
The COVID-19 pandemic has affected the hearing diagnostic devices and equipment market negatively. Due to supply chain disruptions and decrease in demand for audiology services during the pandemic caused the negative impact on the pandemic. However, the long-term effects of pandemic such as hearing impairment is expected to drive the market going forward.
Hearing Diagnostic Devices And Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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