Audiology devices are battery-powered devices that can modify and magnify sound waver from external environment. The sound is picked up by a microphone, which transforms it into sound waves. Then, electrical signals are created from the sound waves. Patients with any level of hearing loss, from very moderate to total deafness, can obtain hearing functions that were not possible before, with the right chosen, fitted, and calibrated hearing equipment. The hearing sense is not returned to its original normal state by these devices since they typically do not restore the underlying defective auditory mechanisms. However, these gadgets can enhance or even completely replace the remaining hearing ability, which frequently results in considerable modifications to lifestyle.
An increase in awareness among individuals regarding hearing loss and its effects is resulting in more timely diagnosis and treatment. In addition, technological advancement has resulted in the development of sophisticated and user-friendly equipment, which is anticipated to further drive the market growth. The increase in the prevalence of hearing impairments and the growing understanding of early detection and treatment of these illnesses are the primary factors driving the growth of the global market for audiology devices.
In price-sensitive regions, the high cost of hearing aids, including cochlear implantation and bone-anchored devices, is a significant factor limiting the market expansion. Healthcare professionals frequently lack the financial resources to invest in modern technologies, particularly in developing countries. The healthcare staff must also be trained for complete intensive training programs in the proper usage and upkeep of bone-anchored devices and cochlear implantation. All such factors are likely to hinder the market growth in the future.
The geriatric population is growing continously and noise-induced hearing loss is becoming more common with growing age. As a result the demand for smart hearing aids have also increased. These are the main drivers of the global market's expansion. Each day, more people experience hearing loss. Around 2.5 billion people will have some degree of hearing loss by the year 2050, according to the World Health Organization (WHO), and over 700 million people will have a hearing disability. Young adults are also at risk for hearing loss as a result of poor hearing habits. Manufacturers have now focused on launching new and advanced technologies in hearing aids to boost their market presence and benefit the patients. Patients can now acquire hearing aids and communicate with an audiologist via video conferencing without having to travel to hospitals or clinics thanks to telemedicine technology.
The market was negatively impacted by COVID-19. The outbreak created greater difficulties for patients sufferning from hearing impairments as they were unable to visit most healthcare facilities owing to high infection cases. In addition, the need for audiology equipment decreased had decreased due to less number of cochlear implant surgeries performed by the healthcare professionals. On the other side, the COVID-19 pandemic has accelerated telehealth's acceptance throughout the world. As more healthcare practitioners use tele-audiology to avoid dealing with patient traffic, the business is expected to expand.
The key players profiled in this report include Demant A/S, GN Store Nord A/S, Sonova, Starkey Laboratories, Inc., MED-EL Medical Electronics, Cochlear Ltd., WS Audiology A/S, MAICO Diagnostics GmbH, Ltd., Oticon Medical, and INVENTIS srl.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global audiology devices market analysis from 2021 to 2031 to identify the prevailing global audiology devices market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the global audiology devices market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global global audiology devices market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Technology
- Digital
- Analog
By Product
- Cochlear Implants
- Hearing Aids
- Other devices
By Sales channel
- Retail Sales
- Government purchases
- E-commerce
By Age Group
- Pediatric
- Adult
By End User
- Hospitals
- Ambulatory Surgical Centers (ASCs)
- Research Institutes
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- UAE
- South Africa
- Rest of LAMEA
Key Market Players
- Demant A/S
- GN Store Nord A/S
- Sonova
- Starkey Laboratories, Inc.
- MED-EL Medical Electronics
- Cochlear Ltd.
- WS Audiology A/S
- maico diagnostics gmbh
- oticon medical
- INVENTIS srl
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Table of Contents
Executive Summary
According to the report titled, “Global Audiology Devices Market," the global audiology devices market was valued at $7.2 billion in 2021, and is estimated to reach $13.1 billion by 2031, growing at a CAGR of 6.5% from 2022 to 2031.Understanding speech and a host of other tasks, like recognizing warning sirens and enjoying music, depend heavily on the capacity to hear. A wide range of cutting-edge hearing aids are available that can improve these functions, often rather drastically, when the aberrant or injured auditory system cannot be immediately repaired through surgical or medicinal procedures.
An audiology device is used by audiologists to diagnose hearing loss in patients and help people who experience hearing problems. The idea behind these gadgets is sound amplification. They can also be applied to aural monitoring and analysis. Sensorineural hearing loss, also known as occasional hearing loss, has existed from the beginning of time. Expanding populations and a rise in the incidence of impairment and hearing problems in younger generations have both been linked to the increased frequency of hearing impairments.
The market for audiology devices is expanding due to a number of factors, including the increasing prevalence of hearing loss and deafness worldwide. Additionally, as 25% of those with disabling hearing loss are older than 60, the prevalence of hearing loss rises with age. In the coming years, it is also projected that the burden of the ageing population would increase, driving up demand for audiology equipment. This is because presbycusis, another name for age-related hearing loss, develops over time as a person ages. Additionally, product development innovation is a significant component driving the rise of audiology devices. Other factors propelling the growth of the audiology devices market include the increased need for affordable equipment, technological advancements like wireless devices, and the expanding acceptability of such technologically advanced gadgets.
Manufacturers of medical technology are now breaking into the services sector by creating new digital services. These advancements in the field of audiology are moving the service capacities away from audiologists and towards manufacturers and technology solutions. Hearing aids now come with a range of special features that enable persons with hearing loss to interact with their environment via vibrating or flashing lights, and technology advancements have made them more automatic. Hearing aids now come with alarm sounds, doorbells, and smoke detectors, among other features. For example, if a person only has a high-frequency hearing loss, a sophisticated hearing aid would only be able to augment high-frequency sounds. In contrast, a less expensive type of hearing aid would enhance both mid- and high-frequency sounds regardless of the user's needs. The developments in diagnostic options and therapeutic options, such as PC-based and hybrid audiometers is anticipated to generate excellent opportunities in the market. Additionally, it is projected that the government's supporting regulatory framework for providing healthcare assistance in rural and emerging areas will hasten the market's future expansion. Patients now require more modern, technologically sophisticated hearing aids as cases of hearing impairment have become more common. Furthermore, industries in wealthy and industrialised countries have made enormous strides in their research and development efforts which is anticipated to boost the audiology devices sales in the upcoming years.
The audiology devices market is segmented into product, sales channel, age group, end user, and region. On the basis of technology, the market is classified into digital and analogue. On the basis of product, the market is classified into cochlear implants, hearing aids, and others. On the basis of sales channel, it is divided into retail sales, government purchases, and e-commerce. On the basis of age group, it is classified into pediatric and adult. On the basis of end user, it is divided into hospitals, ambulatory surgical centers (ASCs), and research institutes. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
The key players profiled in the study include Demant A/S, GN Store Nord A/S, Sonova, Starkey Laboratories, Inc., MED-EL Medical Electronics, Cochlear Ltd., WS Audiology A/S, MAICO Diagnostics GmbH, Oticon Medical, and INVENTIS srl. The players in the market have been actively engaged in the adoption of various strategies such as acquisition, product launch, and expansion to remain competitive and gain an advantage over the competitors in the market. For instance, in April 2022, Berlin Packaging acquired Panvetri to expand its presence in the Europe region.
Key Market Insights
- By technology, the analog segment had a dominant market share in 2021.
- By product, the cochlear implants sub-segment was the highest revenue in 2021.
- Based on sales channel, the retail segment had a dominant market share in 2021.
- By age group, the pediatric segment is anticipated to have the fastest growth in the forecast time period.
- Based on region, North America had a dominant share in the 2021.
Companies Mentioned
- Demant A/S
- GN Store Nord A/S
- Sonova
- Starkey Laboratories, Inc.
- MED-EL Medical Electronics
- Cochlear Ltd.
- WS Audiology A/S
- maico diagnostics gmbh
- oticon medical
- INVENTIS srl
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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