COVID-19 Impact on Hearing Aids in Healthcare Industry
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 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