Global Audiology Devices Market Size Growth Rate:

Audiologists utilize audiology devices to diagnose and treat hearing loss or impairment. Many people are predicted to have hearing loss in the coming years and need hearing rehabilitation.

According to the research report published by DataM Intelligence, the global audiology devices market size was valued at USD YY billion in 2021. It is projected to reach USD YY billion by 2029, with growth at a CAGR of 7.4% over the forecast period 2022-2029.

The increasing product introduction into the market and growing cases of hearing impairment are boosting the global audiology device market.

Market Drivers:

The new product introductions into the market are accelerating the global audiology device market growth. For instance, in February 2022, Phonak launched the Virto line of custom-made hearing aids, which comprises the Virto P Black, in-the-ear (ITE) hearing device, and the super-discreet Virto P-Titanium. Also, in January 2020, Eargo introduced Eargo 6, sixth-generation FDA Class II exempt hearing aid.

Furthermore, favorable regulatory developments are promoting the global audiology device market growth. For instance, in October 2020, the U.S. FDA Reauthorization Act (FDARA) amended the regulatory framework for hearing aids to form the over-the-counter category by realigning the class of hearing aids by sound conduction technology. Before, only hearing aids by air conduction technology were characterized under the OTC hearing aids.

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Market Restraints:

However, the availability of substituent treatments for hearing-disabled patients is restraining the global audiology device market growth. For instance, hearing loss patients are permanently cured through surgery or implant.

Market Opportunities

The growing geriatric population is posing growth opportunities for the global audiology market since the prevalence of hearing disabilities increased by 25% in the population above 65.

COVID-19 Impact Analysis

There was an increased probability of COVID-19 transmission during the diagnosis and treatment of hearing disabilities. Thus, fewer clinic visits were performed, negatively impacting the global audiology device market.

Recent Developments in the Industry:

1. In December 2020, the US FDA approved Sonova’s Sky CI Marvel and Naida CI Marvel, new sound processors of the company.
2. In January 2021, MED-EL launched SAMBA 2, a next-generation audio processor. The new product is desired to facilitate hearing in complex and noisy environments.
3. In March 2021, FDA cleared Cochlear’s Baha 6 Max, the industry’s smallest 55 dB sound processor with direct android streaming.
4. In October 2021, Audibel, a brand of Starkey Hearing Technologies, introduced the “Arc AI” hearing aid line, which employs artificial intelligence to adjust and accommodate the wearers’ environment.

Market Segmentation:

As per the research analysis, the global audiology devices market is segmented By Product Type into Hearing Aids, Cochlear Implants, BAHA/BAHS, and Diagnostic Devices. By Technology into Digital and Analog. By Distribution Channel into Retail Sales and Online Stores.

1. Based on the Type, Cochlear Implants are estimated to grow at the highest CAGR of XX% during the forecast period (2022-2029). The Cochlear Implants segment accounted for the largest market share of XX% of the global Audiology Devices market in 2020. The increased emphasis on the research and invention in the Cochlear implant is fueling the segment growth. For example, the introduction of optogenetics employs genetically modified cells that express light-sensitive channels (opsins), allowing the modulation of neural activity with millisecond precision. Optical stimulation can theoretically improve spatial selectivity to improve the specificity of neuronal activation, thus overcoming the traditional challenges of channel cross-talk and current spread present with electrical stimulation.
2. Based on the end-user, Digital accounted for the largest market share of around XX% in 2020 and is expected to grow at a CAGR of XX% during the forecast period (2022-2029). Due to the increasing advancements in technology and its adoption into hearing aids.

Geographical Classification:

The global audiology devices market is segmented into major regions, including North America, South America, Europe, Asia Pacific, and the Middle East & Africa.

North America Audiology Devices Market:

The North American region holds the dominant share of about XX% in 2020. This region’s dominance is due to higher cases of chronic diseases and having the most advanced and robust healthcare system in this region. Furthermore, most of the key market players are United States based, holding most of the market to ensure the dominance of North America over the global audiology devices market.

Asia-pacific Audiology Devices Market:

The Asia-pacific market is expected to grow by showcasing a significant CAGR due growing geriatric population in this region. For instance, according to the U.S. Census Bureau report, Asia’s population is aging faster than any other world region. In 2020 there were an estimated 414 million Asian people age 65 and older, about 20% higher than the total U.S. population (331.4 million).

Competitive Analysis:

The audiology devices market is highly competitive, with the presence of major players and small emerging players. In the audiology devices market, companies, healthcare insurance providers, and hospitals all are emerging at a steady pace with competitive audiology devices. Key players compete based on aggressive pricing, features, convenient use, technology upgrades, and marketing strategies. The market players are adopting various key strategies such as collaborations, partnerships, acquisitions, and product launches to expand their presence.

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Major Companies:

Cochlear Limited, Med-EL, Oticon Medical, Nurotron’s Biotechnology Co. Ltd., Sonova Holding AG, Starkey Hearing Technologies, Siemens AG, Phonak, GN Hearing (Denmark) and Advanced Bionics.

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Additional Benefits Post Purchase:

1) Unlimited Analyst support for a period of 1 year.

2) Any query with regard to the scope offered will be addressed within 24- 48 hours.

3) An excel sheet with market numbers will be provided separately.

The Full Report has the below insights:

• The report offers a comprehensive evaluation of the market in terms of Market Value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2020-2021), and verifiable projections about market size during the forecast period (2022-2029).
• Visualize the composition of the global audiology devices market segmentation by Product Type, Application Type, End Users and region, highlighting the key commercial assets and players.
  • By Product Type: Hearing Aids, Cochlear Implants, BAHA/BAHS, and Diagnostic Devices.
  • By Technology: Digital and Analog.
  • By Distribution Channel: Retail Sales and Online Stores
  • By Region: North America, South America, Europe, Asia Pacific, and the Middle East & Africa
• Identify commercial opportunities in the audiology devices market by analyzing trends and co-development deals.
• The report also covers data insights on various industry forces such as porter’s five forces, regulations in each country, reimbursement scenario, technological advancements, PEST analysis, and pricing analysis.
• Excel data sheet with thousands of data points of audiology devices Market -level 4/5 segmentation.
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the key product of all major market players
• The report will provide access to approximately 50+ market data tables, 40+ figures, and close to 180 pages.

 

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