HEREDITARY DEAFNESS MARKET ANALYSIS

Market Challenges And Opportunities

Global Hereditary Deafness Market– Dynamics

The rising prevalence of hearing loss across the globe is expected to propel the global hereditary deafness market growth. For instance, on April 01, 2021, according to the data published by the World Health Organization (WHO), it is expected that by 2050, around 2.5 billion people of global population will have some extent of hearing loss and at least 700 million will need hearing rehabilitation.

Recent product launches and approvals is expected to boost the global hereditary deafness market growth. For instance, on March 18, 2020, Cochlear Medical Device Company India Pvt Ltd, received the U.S. Food and Drug Administration approval for Cochlear nucleus implantsto lower the age criteria for cochlear implantation from 12 months to 9 months for children having congenital deafness.

Moreover, on June 17, 2019, Cochlear Medical Device Company India Pvt Ltd, received the U.S.FDA clearance for the Cochlear Osia 2 System, which is a new category of bone conduction hearing solutions.

Similarly, on June 29, 2020, the U.S. Food and Drug Administration acknowledged the Breakthrough Device Designation to Envoy Medical Corporation’s, Acclaim cochlear implant.

Furthermore, on August 26, 2020, MED-EL’s new lightweight and slim RONDO 3 audio processor received U.S. FDA approval for the SYNCHRONY Cochlear Implant System.

In addition, rising ongoing clinical trials of drugs is expected to augment the hereditary deafness market growth. For instance, on July 23, 2020, Pipeline Therapeutics, a biopharmaceutical company announced the initiation of Phase 1/2a trial of a gamma secretase inhibitor, PIPE-505, in sensorineural hearing loss. These factors are expected to drive the global hereditary deafness market growth over the forecast period.