The current research report by Persistence Market Research (PMR) unveils global revenue of neonatal hearing screening devices is expected to touch US$ ~ 57 Mn, by the end of 2029. Moreover, it is also anticipated that the market sector for neonatal hearing screening devices is expected to grow with a CAGR of ~ 5% in the forecast period of 2019 – 2029, according to the PMR’s research report.
Mandatory hearing screening and minimum cost to no cost procedure, support for a good coverage rate of Universal Neonatal Hearing Screening (UNHS). This has increased the demand for neonatal hearing screening devices. With the national programs run by the government and owing to feasibility and effectiveness, the neonatal hearing screening devices are gaining popularity in the countries such as China, India, and Japan.
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In Singapore, UHNS has been implemented in almost all hospitals, which has resulted in a screening rate of more than 80% in public and private hospitals, which drives the growth of the market for neonatal hearing screening devices. Support from obstetricians and pediatrics will significantly contribute towards the increase in demand for neonatal hearing screening devices in the future.
ABR Systems Continue to Register Robust Sales
According to the PMR report, by product type, Auditory Brainstem Response (ABR) system will dominate the neonatal hearing screening devices market by the end of 2019 and will continue to harness a great deal of revenue share during the forecast period of 2019-2029. This is attributed to the growing availability and adoption rate of such neonatal hearing screening devices.
In terms of modality, portable and handheld devices are expected to record robust growth during the forecast period. The demand for ergonomically fit, cost-effective, and user-friendly screening neonatal hearing screening devices has increased in recent years resulting from the increased awareness about the availability of advanced neonatal hearing screening devices. Thus, the PMR study estimates that portable and handheld neonatal hearing screening devices will harness more than 40% of the total market share during the forecast period.
Asia Pacific and Europe to Hold Significant Market Opportunities
According to the PMR report, growth opportunities for the neonatal hearing screening devices market players are picking pace in Europe and Asia Pacific regions. After Asia Pacific, Europe is expected to harness the maximum share in the market for neonatal hearing screening devices, owing to expansion of pediatric clinics, and rising awareness levels about neonatal care equipment.
There are multiple kinds of commercial neonatal surveillance such as neonatal hearing screening devices, and therapeutic care equipment available in the market. In low to medium income nations, the adoption rate of these advanced care facilities is slow. However, in major developing countries, such as India and China, the demand for various easy-to-use and cost-effective neonatal hearing screening devices is increasing significantly.
Large consumer base, favorable reimbursement scenario, and accessibility and affordability of diagnostic services are some factors making the Asia Pacific the most attractive region to invest in neonatal hearing screening devices business. Also, governments have implemented universal new-born hearing screening (UNHS) programs in 24 European countries, reaching more than 95% of all neonates. This represents a huge potential for the key players in neonatal hearing screening devices market to harness maximum share.
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Poor Reimbursement Policies for Pediatric Services Still Continue to Hinder the Market Growth
Socio-economic factors, lack of resources, and poor reimbursement for pediatric services inhibit the growth of the neonatal hearing screening devices market in the regions such as Latin America and MEA. For instance, in Brazil, there are only 267 hearing screening services, which is low concerning the population of the country. 10% of neonates are screened in the country, owing to the high cost of equipment and poverty among the population. Not all government hospitals and clinics are equipped with advance neonatal hearing screening devices. This might slow down the growth of neonatal hearing screening devices market to some degree.
Business analytics from PMR also projects groundbreaking perspectives into the competitive business scenario of the neonatal hearing screening devices market along with highlights of participants’ key business policies and approaches. For example, many neonatal hearing screening devices manufacturing companies are investing in foreign countries, especially in emerging economies such as India and China, which hold great future opportunities for the neonatal hearing screening devices market.