COVID-19 Impact on Hearing Aids in Healthcare Industry
The COVID-19 has affected the global hearing aids market. The persistence of COVID-19 for a longer period increased the demand for hearing aids services across the global region. During, COVID-19 pandemic, the countries were expecting a large number of patients with the impaired hearing which results as one of the symptoms of COVID-19 disease. Moreover, the increased geriatric population across the globe with the hearing inabilities due to their age is a major factor driving the global hearing aids market. The rising number of patients suffering from hearing inabilities and hearing loss coupled with the increasing demand for the advanced level and effective technology hearing aids to provide to the patients will boost the growth of the market. The demand for hearing aids for the patients which is a rare symptom of COVID-19 has overall decreased during the COVID-19 crisis.
IMPACT ON THE DEMAND OF THE GLOBAL HEARING AIDS MARKET
The global hearing aid market was negatively impacted by the pandemic. The hearing care industry is dependent on close customer contact. Due to stringent precautionary measures announced by the government, close human contact was discouraged or required special measures in the clinics and the audiology shops. As a result, less severe hearing loss-related procedures were delayed during the pandemic which impacted the sales of hearing aids. Despite these challenges, manufacturers implemented measures to meet the high demand for timely professional hearing care. Due to product innovation and re-inventing supply chain, major players in the hearing aids market were able to sustain demand and cater to the hearing healthcare market even during the pandemic.
INITIATIVES BY THE MANUFACTURERS:
There are some important initiatives taken up by the key market players to overcome the COVID-19 impacts on the current market scenario. Some of them include the launch of technologically advanced devices in the global market to meet the growing demand for hearing aids.
In 2020 GN hearing launched Resound ONE that solves one of the most enduring challenges for people with hearing loss. This solution places an additional microphone inside the ear canal with a microphone and receiver in-ear design that uses the unique shape.
Manufacturers are trying to meet the growing demand and improving their product portfolio to acquire a larger market share by launching new products that are preferred by the consumers.
· In January 2021, Oticon Inc launched Oticon More, a new hearing aid that builds on the company’s proven brain hearing approach to provide the brain optimum input for better speech understanding with less approach.
· In March 2020, Widex launched the moment hearing device. The widex moment has the classic widex signal pathway which is paired with a second ultra-fast signal pathway that adds extra gearing to the platform.
Therefore, these innovative launches made by the manufacturers across the market during the COVID-19 and post-pandemic period are expected to increase their sales and revenue by meeting the growing demands of the patients in the market.
IMPACT ON THE SUPPLY CHAIN
Although there was a demand for hearing aids among consumers around the globe region due to the increasing hearing loss, the COVID-19 has disrupted the supply chain as well as consumer’s willingness to adopt elective healthcare. The COVID-19 has negatively impacted the market supply chain due to the lack of labor and transportation of the raw materials. Due to the sudden outbreak of the COVID-19 pandemic, the governments in the world have declared a strict lockdown to control the spread of disease. This has majorly affected the supply chain as there is not sufficient labor in the manufacturing facilities, resulting in the lack of hearing aid products in the market. Due to the sudden burden of lockdown, the raw materials have not been shifted from the source places by causing a severe scarcity of raw materials for the manufacturers. This has affected the export of hearing aid products to other needful countries. However, in the post lockdown period, the manufacturers have recovered from the scarcity of the raw materials and resumed production.
The sudden onset of the COVID-19 pandemic has resulted in negative impacts on the supply chain of the global hearing aids market. The COVID-19 has caused lots of health issues including the hearing inability in rare cases which increased demand for hearing aids. This is positively impacting the growth of the global hearing aids market as there is an increasing geriatric population around the globe with common hearing problems. However, the increase in the hearing inability diseases among the population due to various reasons such as noise pollutions, genetic disorders among others has increased the demand for hearing aids even in the COVID-19 pandemic.