What’s The Growth Forecast For Audiology Devices Market Through 2023-2032?
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According to The Business Research Company’s report, the audiology devices market is set to increase from $9.37 billion in 2022 to $10.10 billion in 2023, with a 7.9% CAGR. By 2027, it’s projected to reach $13.15 billion at a 6.8% CAGR.
What was the major driver in the audiology devices market?
The rising incidence of hearing impairment will boost audiology device market growth. Hearing loss, caused by factors like genetics, aging, noise, injuries, infections, and medications, drives demand for audiology devices. For instance, a World Health Organization article in February 2023 stated that over 430 million people, including 432 million adults and 34 million children (over 5% of the global population), would require hearing loss rehabilitation. Additionally, more than 25% of those aged 60 and above experience hearing loss, with nearly 80% in developing nations. The projected figure for hearing loss cases is over 700 million by 2050, affirming the market’s growth driven by increasing hearing loss prevalence.
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What was the key trend in the audiology devices market?
Technological advancements in OTC hearing aid devices are the key trend gaining popularity in the market for audiology devices. Major companies involved in the audiology devices market are focused on technological advancements and innovating new products to sustain their position in the market. For Instance, In February 2022, GN Store Nord A/S, a Denmark-based manufacturer of hearing aid solutions, launched Jabra Enhance Plus, an OTC-class self-fitting hearing enhancement earbud. This earbud is designed with advanced hearing technology to help millions of Americans with mild-to-moderate hearing loss. The product also offers advanced features for hearing enhancement in a miniaturized and comfortable design. The earbuds have a smartphone app for personalized self-fitting and Bluetooth connectivity for seamless audio streaming and phone calls.
Which was the largest region in the audiology devices market?
North America was the largest region in the audiology devices market in 2022. Asia-Pacific is expected to be the fastest-growing region in the global audiology devices market report during the forecast period. The regions covered in the global audiology devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Who are the audiology devices market prominent players?
Major players in the audiology devices market are Demant A/S, Cochlear Ltd., Starkey Laboratories Inc., GN Store Nord A/S, MED-EL Medical Electronics, MedRx Inc., Widex AS, WS Audiology A/S, Inventis s.r.l., MAICO Diagnostics GmbH, Sonova Holdings AG, Medtronic, WS Audiology A/S, Benson Medical Instruments, Horentek Hearing Diagnostic, Zhejiang Nurotron Biotechnology Co. Ltd., Ambco Electronics, Natus Medical Incorporated, and Audina Hearing Instruments Inc.
Key audiology devices market segments
The global audiology devices market is segmented –
1) By Product: Hearing Aids, In-The-Ear Hearing Aids (ITE), Receiver-In-The-Ear Hearing Aids (RITE), Behind-The-Ear Hearing Aids (BTE), Canal Hearing Aids (CHA), Cochlear Implants, Bone Anchored Healing Aids, Diagnostic Devices
2) By Technology: Digital, Analog
3) By Diseases Type: Otosclerosis, Meniere’s Disease, Acoustic Tumors, Otitis Media, Other Diseases
4) By End User: Hospitals, Ambulatory Surgical Centers (ASCs), Research Institutes
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