Global Audiology Devices Market, By Product (Bone Anchored Aids for Hearing, Cochlear Implants, Hearing Aids, Diagnostic Devices, Tympanometers, Audiometers, Otoscopes), Type (RITE (Receiver-in-the-Ear) Aids, ITE (In-the-Ear) Aids, BTE (Behind-the-Ear) Aids Canal Hearing Aids), Technology (Digital, Analogue), Sales Channel (Retail Sales, Government Purchases, E-Commerce), Disease Type (Otosclerosis, Meniere’s Disease, Acoustic Tumors, Otitis Media, Others), End-User (Hospitals, Ambulatory Surgical Centers (ASCs), Research Institutes) – Industry Trends and Forecast to 2029.
Market Analysis and Size
The audiology devices market is largely influenced by the growing focus of manufacturers creating products that incorporate cutting-edge technology and collaborating with other organizations to facilitate faster endorsement and advertising of their products. Moreover, the growing inclination for the remote devices owing to its advantages and acknowledgment by the more established populace are projected to affect the growth of the market positively during the forecast period.
- Data Bridge Market Research analyses that the audiology devices market is expected to reach the value of USD 139.93 million by the year 2029, at a CAGR of 5.45% during the forecast period. The “Bone Anchored Aids for Hearing” accounts for the largest product segment in the audiology devices market, which is expected to grow with a CAGR of 6.5% within the forecast period of 2022 to 2029.
Market Definition
Audiology devices are electronic devices that audiologists use to diagnose and treat hearing loss and impairment. These devices can also be used to test or monitor hearing. The size, shape, features, and hearing conditions of these devices vary. The audiology devices are intended for both diagnostic and therapeutic purposes in the treatment of hearing impairments.
Audiology Devices Market Dynamics
Drivers
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High Prevalence of Hearing Problems
The rising incidence of impairment and loss of hearing among populations especially amongst ageing population is the most significant factor driving the growth for this market. Growing population across the globe also results in increased percentage of the people with hearing issues which is expected to accelerate the overall growth of the market.
The technological advancement, cost-effective and efficient devices (such as wireless devices), and widespread acceptance of novel devices amongst the geriatric population is also expected to fuel market growth. Moreover, the supportive government initiatives for easy access to hearing aid also cushions the market’s growth within the forecasted period.
Opportunities
Furthermore, the improved diagnostic performance and treatment decisions such as the advancements in PC-based audiometers and hybrid audiometers can easily be integrated with standard computers and operating systems, which extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Moreover, a positive regulatory scenario will further expand the audiology devices market's growth rate in the future.
Restraints/Challenges
On the other hand, a social disgrace associated with deafness is expected to obstruct market growth. Also, the high prices associated with hearing impairment solutions especially surgery based are projected to challenge the audiology devices market in the forecast period of 2022-2029.
This audiology devices market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the audiology devices market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Audiology Devices Market
COVID-19 had a negative effect on the market. Deaf or hard-of-hearing hospital patients faced additional challenges as a result of the pandemic. Moreover, the demand for the audiology devices showcased the downward curve. The limitations associated with treatments also restrict the growth of the market. However, the COVID-19 pandemic has accelerated the adoption of the telehealth across the globe. Many healthcare professionals are switching to the tele-audiology to avoid the patient traffic which is projected to create favorable circumstances for the market.
Recent Developments
- In July 2020, The Cochlear Nucleus Kanso 2 Sound Processor, Nucleus 7 Sound Processor for Nucleus 22 Implant recipients, and Custom Sound Pro fitting software have all been approved by the US FDA.
- In February 2021, GN Hearing (Denmark) has introduced ReSound Key, a hearing aid line that expands global access to the company's proven and award-winning hearing technology.
- In October 2020, Starkey (US) has teamed up with OrCam Technologies (Israel) to provide hearing and vision-impaired people with assistive technology. In collaboration with Starkey's Livio Edge AI hearing aids, OrCam was able to use the advanced computer vision and machine learning methods they had developed to transmit the visual world through audio.
Global Audiology Devices Market Scope
The audiology devices market is segmented on the basis of product, type, technology, sales channels, disease type and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Bone Anchored Aids for Hearing
- Cochlear Implants
- Hearing Aids
- Diagnostic Devices
- Tympanometers
- Audiometers
- Otoscopes
On the basis of product, the audiology devices market is segmented into bone anchored aids for hearing, cochlear implants, hearing aids, diagnostic devices, tympanometers, audiometers and otoscopes. The bone anchored aids for hearing is anticipated to witness highest growth within the product segment.
Type
- RITE (Receiver-in-the-Ear) Aids
- ITE (In-the-Ear) Aids
- BTE (Behind-the-Ear) Aids
- Canal Hearing Aids
On the basis of type, the audiology devices market is segmented into RITE (Receiver-in-the-Ear) Aids, ITE (In-the-Ear) Aids, BTE (Behind-the-Ear) Aids and Canal Hearing Aids. The canal hearing aids is sub-segmented into ITC (In-the-Canal), CIC (Completely-in-Canal) and IIC (Invisible-in-Canal).
Technology
- Digital
- Analogue
On the basis of technology, the audiology devices market is segmented into digital and analogue. The digital hearing aids is projected to dominate the technology segment owing to its fast adaptability.
Sales Channel
- Retail Sales
- Government Purchases
- E-Commerce
On the basis of level of sales channel, the audiology devices market is segmented into retail sales, government purchases and e-commerce.
Disease Type
- Otosclerosis
- Meniere’s Disease
- Acoustic Tumors
- Otitis Media
- Others
On the basis of disease type, the audiology devices market is segmented into otosclerosis, meniere’s disease, acoustic tumors, otitis media and others
End-User
- Hospitals
- Ambulatory Surgical Centers (ASCs)
- Research Institutes
On the basis of end-user, the audiology devices market is segmented into hospitals, ambulatory surgical centers (ASCs) and research institutes.
Audiology Devices Market Regional Analysis/Insights
The audiology devices market is analyzed and market size insights and trends are provided by country, product, type, technology, sales channels, disease type and end user as referenced above.
The countries covered in the audiology devices market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the audiology devices market because of the advancement in the audiology systems, an increase in the number of audiologists, and the introduction of innovative digital platforms by current providers within the region.
Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to the increasing geriatric population and age-related hearing problems, constantly improving healthcare infrastructure, rising health care expenditures, and increasing product awareness in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed Base and New Technology Penetration
The audiology devices market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for audiology devices market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the audiology devices market. The data is available for historic period 2010-2020.
Competitive Landscape and Audiology Devices Market Share Analysis
The audiology devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to audiology devices market.
Some of the major players operating in the audiology devices market are Demant A/S, GN Store Nord A/S, Sonova, Starkey Laboratories, Inc., Siemens, Natus Medical Incorporated, MED-EL Medical Electronics, MedRx, Benson Medical, Medtronic, MicroTech, Cochlear Ltd., WS Audiology A/S, Advanced Bionics AG and affiliates, Auditdata, and Nurotron Biotechnology Co. Ltd., among others.
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