LOS ANGELES, Dec. 13, 2022 (GLOBE NEWSWIRE) -- The Global Audiology Devices Market Size accounted for USD 9.9 Billion in 2021 and is estimated to garner a market size of USD 17.8 Billion by 2030 rising at a CAGR of 6.9% from 2022 to 2030.
Audiology Devices Market Statistics
- Global audiology devices market value was worth USD 9.9 billion in 2021, with a 6.9% CAGR from 2022 to 2030
- North America region was accounted 40.9% of audiology devices market share in 2021
- Asia-Pacific audiology devices market growth is expected to expand at a CAGR of 7.3% from 2022 to 2030
- By product, hearing aids segment capture over 60.2% of total market share in 2021
- Favorable regulatory scenarios in developed regions, drives the audiology devices market revenue
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Audiology Devices Market Coverage:
| Market | Audiology Devices Market | |
| Audiology Devices Market Size 2021 | USD 9.9 Billion | |
| Audiology Devices Market Forecast 2030 | USD 17.8 Billion | |
| Audiology Devices Market CAGR During 2022 - 2030 | 6.9% | |
| Audiology Devices Market Analysis Period | 2018 - 2030 | |
| Audiology Devices Market Base Year | 2021 | |
| Audiology Devices Market Forecast Data | 2022 - 2030 | |
| Segments Covered | By Product, By Technology, By Sales Channel, And By Geography | |
| Audiology Devices Market Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa | |
| Key Companies Profiled | Sonova Holdings AG, GN Store Nord, MedRx, Amplifon, Medtronic, Starkey Hearing Technologies, Nurotron Biotechnology, William Demant Holdings A / S, Widex A / S, Phonak, and Audioscan. | |
| Report Coverage | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis | |
Audiology Devices Market Overview
Audiology gadgets are electronic devices used by audiologists to diagnose and treat hearing problems and/or hearing loss. They can also be utilized for aural monitoring or research. Sensorineural hearing loss or occasional hearing loss is common in prehistoric days, and it is becoming more common nowadays. The growing populations as well as the growing prevalence of impairment and hearing problems among newer generations have contributed to the high prevalence of hearing impairments.
Audiology Devices Market Trends
The increasing number of individuals with hearing problems, combined with favorable public interventions, is driving up demand for audiologist tools in developing nations. The cosmetic appeal of cochlear implants, as well as the higher survival rate, drives the audiology devices market. Additionally, technical advancements, cost-efficient and effective gadgets like cellular phones, and widespread acceptance of new products by the older population are expected to drive the industry's growth. However, the high cost of audiology instruments, a lack of awareness, and limited availability of medical institutions will stymie industry expansion.
Acceptance of audiological gadgets increases as the number of hearing-impaired cases rises and there is burnout in research and expansion in developed and industrialized countries. Additional significant factors contributing to global audiology market expansion and growth are the introduction of new high-quality, low-cost products and technical advancements. The prevalence of hearing in the senior population was predicted to rise during the projection period. Moreover, due to a large patient pool, the Asian market for audiology devices is expected to rise with a robust CAGR throughout the period. Over the projected timeframe, the industry will be fueled by increased public support and the development of the healthcare system. However, a lack of knowledge of modern audiology systems will limit industry development in several ways.
On the other hand, the expensive alternatives utilized in procedures and the stigmatization associated with the look of audiology devices are major constraints for this market. Nonetheless, there are unexplored chances for businesses to develop traction on the global market in emerging nations such as China, Brazil, and India, as well as increasing awareness & public efforts to provide improved healthcare services.
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Audiology Devices Market Segmentation
The global audiology devices market has been segmented by Acumen Research and Consulting based on product, technology, and sales channel. By product, the segment is separated into BAHA/BAHS, hearing aids, cochlear implants, and diagnostic device. According to the audiology devices market forecast, the hearing aids category is predicted to develop significantly in the next years.
In terms of technology, the market is categorized into analog, and digital. Moreover, the market is split into government purchases, retail sales, and e-commerce, based on the sales channel.
Audiology Devices Market Regional Overview
Based on the region, the worldwide audiology devices market segmentation is into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. According to an audiology devices industry analysis, the North America region is dominating the global market in 2021. The rise of the US sector can be attributed to developments in audiology systems, the expansion of audiologists, and the launch of novel digital media by current vendors. The development of patient-centric audiology solutions, which facilitate inventory control, leads to increased patient adherence and market expansion.
The Asia-Pacific region will expand at the fastest CAGR during the projection period. The expanding Aging population & hearing impairments connected with the aging, ongoing advancement of health infrastructure, increasing cost of health care, and more consumer awareness can all be attributed to market expansion.
Moreover, the Europe market is expected to grow rapidly in the coming years. The increased prevalence of hearing loss will increase demand for audiology devices. With hearing devices used by 20% of the German hearing loss population, it remains a valuable market for corporate development. Increasing awareness-raising campaigns for potential cochlear aid users, sophisticated facilities, as well as the availability of competent staff will all contribute to the sector's expansion.
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Audiology Devices Market Players
Some of the prominent audiology devices market companies are Sonova Holdings AG, MedRx, Amplifon, William Demant Holdings A/S, GN ReSound Group, Phonak, Starkey Hearing Technologies, Widex A/S, and Audioscan.
These market participants' strategies include mergers and acquisitions, the development of new products, partnerships, and collaborations.
In March 2019, for example, the Sivantos Pte firm was combined into WS Audiology, resulting in a diverse selection of auditory assistance devices such as Widex, Signia, and Rexton. Widex A. & Ltd. completed a corporate merger.
Questions Answered By This Report
- What was the market size of Audiology Devices Market in 2021?
- What will be the CAGR of Audiology Devices Market during the forecast period from 2022 to 2030?
- Who are the major players in Global Audiology Devices Market?
- Which region held the largest share Audiology Devices Market in 2021?
- What are the key market drivers Audiology Devices Market?
- Who is the largest end user Audiology Devices Market?
- What will be the Audiology Devices Market value in 2030?
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