The global audiology devices market size is expected to reach USD 18.32 Billion in 2030 and register a revenue CAGR of 7.7% over the forecast period, according to latest report by Reports and Data. Rising demand for cost-effective and efficient devices, technological advancements, particularly introduction of wireless devices, and growing awareness about benefits of these devices and their increasing acceptance among geriatric population are some key factors driving market revenue growth.
Audiology devices are electronic instruments used in the diagnosis and treatment of hearing loss, and they are extremely effective in treating hearing impairments, such as nerve deafness and congenital hearing loss. Communication is vital for improving relationships and maintaining independence, and hence, audiology devices are becoming increasingly popular around the world.
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Adoption of audiological devices is rising owing to the increasing number of hearing loss cases and a spurt in research & development activities in developing and developed economies. Development of new products with high efficiency, affordable price rates, and technological advancements are some other market drivers contributing to the overall growth and development of global audiology devices market.
Some Key Highlights From the Report
- Cochlear implants segment accounted for largest revenue share in 2021, owing to increasing adoption of cochlear implants due to numerous advantages offered by them in comparison to other hearing aid devices. Cochlear implants are complex devices that work differently from other devices, by producing a mere sensation of sound. Over the past several years, rapid technological advancements in the area of signal processing and microelectronics have paved the way for development of cochlear implants with enhanced efficacy.
- Meniere’s disease segment is expected to account for largest revenue share in the global audiology devices market over the forecast period. Meniere’s disease leads to abnormal fluid retention in the ear, which causes problems such as hearing impairment and balance issues, to name a few. Patients with mild to moderate loss of hearing ability can benefit from using hearing devices.
- Audiology clinics segment is expected to register a significantly high revenue growth rate over the forecast period. Increasing cases of hearing loss globally, rising cases of injuries and hereditary disorders, and visits to audiology clinics are driving growth of the audiology clinics segment. Moreover, rising prevalence of congenital defects, increasing numbers of audiology professionals, and an expanding network of specialty clinics are boosting revenue growth of this segment.
- Market in North America is expected to account for largest revenue share in the global audiology devices market during the forecast period. Rising prevalence of deafness in the region, coupled with rapid technological advancements and favorable regulatory guidelines, have been the key market drivers for this regional market. The National Institute of Deafness and Other Communication Disorders (NIDCD) states that about 2 to 3 in every 1000 children in the U.S. suffer from an in-born detectable level of deafness on one or both ears.
Research Methodology:
Reports and Data utilizes a unique approach to research to offer a comprehensive overview of the global Audiology Devices Market to offer insights into investment opportunities for stakeholders, investors, clients, and businesses to make informed decisions. The report includes SWOT analysis, Porter’s Five Forces analysis, feasibility analysis, and investment return analysis to offer a better understanding of the market scenario.
Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and R&D activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Top Companies Profiled in the Report:
- Demant A/S
- GN Store Nord A/S
- Sonova Holding AG
- AMPLIFON S.P.A
- GN Hearing A/S
- Starkey Laboratories, Inc.
- Cochlear Ltd.
- WS Audiology A/S
- Oticon Inc.
- RION Co., Ltd.
Audiology Devices Market Segmentation:
Type Outlook:
- Behind-The-Ear (BTE)
- In-The-Ear (ITE)
Hear Loss Type Outlook:
- Sensorineural
- Conductive
- Mixed hearing
Technology Outlook:
- Analog
- Digital
Age Group Outlook:
- Children (6 to 12)
- Teenager (13 to 17)
- Adult (18 and above)
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)
Frequently asked questions addressed in the report:
- What is the revenue growth rate of the global Audiology Devices market over the forecast period?
- What are the major factors driving the growth of the Global Audiology Devices Market?
- What are the key challenges impacting the global Audiology Devices market growth?
- What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
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