Acute Sensorineural Hearing Loss Treatment Market to Garner Brimming Revenues by 2027

Global Acute Sensorineural Hearing Loss Treatment Market: Introduction

Acute sensorineural hearing loss occurs when the inner ear, the cochlea in the inner ear, or the nerve pathways between the ear and the brain get damaged. Audiometry tests can check human hearing more thoroughly and precisely. During these tests, an audiologist tests the patient's hearing ability by using earphones. A series of different sounds and volume levels is sent to each ear individually. This helps determine the level at which hearing begins to fade. About 4,000 cases of acute sensorineural hearing loss are diagnosed every year in the U.S.

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The condition most commonly affects people aged between 30 and 60 years. About 50% of people in the U.S. are suffering from unilateral acute sensorineural hearing loss, wherein only one ear is affected. This condition can be recovered within two weeks with prompt treatment. About 15% of people with this condition have hearing loss that can gradually worsen over time. However, advancements in technology used for hearing aids and cochlear implants are helping improve communication for people affected by hearing loss.

Key Drivers of Global Acute Sensorineural Hearing Loss Treatment Market

Rapidly growing incidence of acute sensorineural hearing loss

The rate of incidence of sudden sensorineural hearing loss is 5-20 per 100,000 individuals. The actual rate of incidence of sudden sensorineural hearing loss may be higher than these estimates, as affected individuals that recover quickly do not opt for medical care. The two most common bacterial infections known to cause sudden sensorineural hearing loss in the U.S. are Lyme disease and syphilis. Lyme disease is endemic in North America. It is caused by infection by a spirochete called Borrelia burgdorferi, which is transmitted by the bite of deer ticks.

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Increase in geriatric population

Elderly population across the globe continues to grow at an unprecedented rate. Presently, 8.5% of people across the world (i.e. 617 million) are aged 65 years or above. In the U.S., approximately one in three people aged between 65 and 74 years has hearing loss and nearly 50% of people aged above 75 years have difficulty hearing. Having trouble hearing can make it hard to understand and follow doctor's advice; respond to warnings; and hear phones, doorbells, and smoke alarms. Hearing loss can also make it hard to enjoy talking with family and friends, leading to feeling of isolation.

According to a new report titled 'An Aging World: 2015' published by International Population Reports, the percentage of elderly population is projected to increase to nearly 17% of the world's population that is 1.6 billion by 2050. According to the National Institutes of Health, the number of people in the U.S. aged 65 years or above is anticipated to nearly double in the next three decades, from 48 million to 88 million by 2050.

Increasing noise pollution

Based on a study by CDC in 2011-12 involving hearing tests and interviews with participants, the National Institute on Deafness & Other Communication Disorders states that at least 10 million adults in the U.S. (i.e. 6%) are aged 70 years or below and 40 million (i.e. 24%) have hearing loss in one or both ears caused by exposure to loud noise.

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North America to Account for a Major Share of Global Acute Sensorineural Hearing Loss Treatment Market

North America is projected to account for a major share of the global acute sensorineural hearing loss treatment market during the forecast period. The market in the region is anticipated to expand at a rapid pace in the near future, primarily due to availability of developed health care infrastructure and continuous research activities for the development of advanced technologies in the region. North America is expected to be followed by Europe during the forecast period.

The acute sensorineural hearing loss treatment market in Asia Pacific is expected to expand at a high CAGR during the forecast period. This can be attributed to rise in the trend of preventive health care measures in the region.

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Key Players Operating in Global Market

The global acute sensorineural hearing loss treatment market is highly consolidated, with the presence of a small number of key players. Several manufacturers hold a major share of the market in their respective regions. Leading players operating in the global acute sensorineural hearing loss treatment market are:

Pfizer

Bristol-Myers Squibb Company

Allergan

Watson Laboratories

Inapta Pharmaceuticals

Renate Pharmaceutical

Merck & Co Ltd

Hoffmann-La Roche Ltd.

Eli Lilly and Company

Novartis AG

GlaxoSmithKline Plc

Teva Pharmaceuticals

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