The Worldwide Audiology Devices Industry is Expected to Reach $16 Billion by 2028

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Dec 06, 2022, 16:15 ET

DUBLIN, Dec. 6, 2022 /PRNewswire/ -- The "Global Audiology Devices Market Size, Share & Industry Trends Analysis Report By Technology (Digital and Analog), By Product, By Hearing Aids Type, By Distribution Channel, By End User, By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.

The Global Audiology Devices Market size is expected to reach $16 billion by 2028, rising at a market growth of 6.2% CAGR during the forecast period.

The electronic tools used by audiologists for the accurate diagnosis and therapy of hearing loss or impairment are known as audiology devices. A significant number of people are predicted to have some degree of hearing loss in the coming years, and a lot of them is expected to need hearing rehabilitation.

Additionally, because of unsafe listening habits, a big proportion of the population is at the risk of developing permanent and preventable hearing loss. This will likely further fuel the market for audio logical devices throughout the forecast period.

The market's expansion can also be attributed to factors, including the rising elderly population, occurrences of hearing diseases, and government programs that enable simple access to hearing aids. The prevalence of the geriatric population is increasing all over the world. Hearing loss and impairment are very common in elderly age of people. However, it is anticipated that the rate at which hearing impairments are treated will rise as market participants increasingly combine traditional devices with cutting-edge telemedicine.

A platform for online audiology was introduced by lively in 2019 and offers all customers hearing aids, testing, and round-the-clock online assistance. Additionally, the market is anticipated to benefit from ongoing technology advancements that improve the listening experience for consumers as well as the introduction of specialized devices made for veterans and serving military personnel. The development of new features, like Bluetooth connectivity, voice processing, contactless charging, and many others, together with technological improvements in areas like wireless devices, are anticipated to accelerate the growth of the market.

COVID-19 Impact Analysis

The outbreak of the COVID-19 pandemic has transformed how medical treatment is provided globally. Many hospitals and departments have been re-profiled for treating patients with COVID-19 as a result of the increasing demand brought on by the rising rate of hospitalization of COVID-19 patients. In order to reserve and redirect the limited capacity and resources, such as hospital beds and care experts, toward COVID-19 patient care, many elective procedures were canceled or postponed globally.

The redistribution of intensive care resources had a disproportionately negative impact on the delivery of ENT-related surgeries and services. Considering the proximity, test setup, and length of appointments, the Centers for Disease Control and Prevention claims that ENT clinics or audiology centers present a medium-to-high risk for COVID-19 infection.

Market Growth Factors

Increasing Cases Of Hearing Loss

Hearing loss affects people of all ages and is ranked third among physical conditions by The Hearing Loss Association of America (HLAA), behind arthritis and heart disease. People of all ages can experience gradual hearing loss, which ranges in severity from minor to severe.

Depending on the reason, it might be mild, severe, transitory, or permanent. The WHO defines hearing loss as the inability to hear as well in both ears as someone with a normal hearing threshold of 25 dB or better. The need for diagnosis and treatment is anticipated to rise with an increase in prevalence, which is anticipated to boost the market for audiology devices.

Rising Incidences Of Meniere's Disease

One of the major factors that are driving the growth of the audiology devices market is the rising prevalence of Meniere's disease all over the world. Meniere's disease can be referred as a chronic inner ear condition that affects hearing and balance. Vertigo and hearing loss are two symptoms of the inner ear ailment Meniere's disease. Meniere's illness typically only affects one ear.

Meniere's illness can strike at any age, but it typically manifests between the ages of 20 and 40. Although it's a chronic ailment, there are a number of therapies that can aid in the management of the symptoms and lessen the long-term effects on the patient's life.

Market Restraining Factors

High Initial Cost And The Final Price

A significant factor limiting market growth is the high cost of hearing aids, including cochlear implants as well as bone-anchored systems, particularly in price-sensitive regions. Healthcare providers generally lack the financial resources for investment in sophisticated technologies, particularly in developing nations.

Additionally, the staff needs to undergo comprehensive training programs in the proper handling and maintenance of bone-anchored devices and cochlear implants. Technology-advanced hearing aids must be developed through extensive R&D efforts.

Key Topics Covered:

Chapter 1. Market Scope & Methodology

Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints

Chapter 3. Competition Analysis - Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.2.4 Geographical Expansions
3.2.5 Approvals and Trails
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2018-2022)

Chapter 4. Global Audiology Devices Market by Technology
4.1 Global Digital Market by Region
4.2 Global Analog Market by Region

Chapter 5. Global Audiology Devices Market by Product
5.1 Global Hearing Aids Market by Region
5.2 Global Audiology Devices Market by Hearing Aids Type
5.2.1 Global Behind-the-ear (BTE) Market by Region
5.2.2 Global In-the-ear (ITE) & Others Market by Region
5.3 Global Cochlear Implants Market by Region
5.4 Global Diagnostic Devices Market by Region
5.5 Global BAHA/BAHS Market by Region

Chapter 6. Global Audiology Devices Market by Distribution Channel
6.1 Global Offline Market by Region
6.2 Global Online Market by Region

Chapter 7. Global Audiology Devices Market by End User
7.1 Global Hospitals & Clinics Market by Region
7.2 Global Ambulatory Surgical Centers Market by Region
7.3 Global Others Market by Region

Chapter 8. Global Audiology Devices Market by Region

Chapter 9. Company Profiles
9.1 Siemens AG
9.1.1 Company Overview
9.1.2 Financial Analysis
9.1.3 Segmental and Regional Analysis
9.1.4 Research & Development Expense
9.1.5 SWOT Analysis
9.2 Medtronic PLC
9.2.1 Company overview
9.2.2 Financial Analysis
9.2.3 Segmental and Regional Analysis
9.2.4 Research & Development Expenses
9.2.5 Recent strategies and developments:
9.2.5.1 Product Launches and Product Expansions:
9.2.6 SWOT Analysis
9.3 William Demant Holding A/S
9.3.1 Company Overview
9.3.2 Financial Analysis
9.3.3 Segmental and Regional Analysis
9.3.4 Research & Development Expense
9.3.5 Recent strategies and developments:
9.3.5.1 Partnerships, Collaborations, and Agreements:
9.3.5.2 Product Launches and Product Expansions:
9.3.5.3 Acquisition and Mergers:
9.4 GN Store Nord A/S (GN Hearing A/S)
9.4.1 Company Overview
9.4.2 Financial Analysis
9.4.3 Segmental and Regional Analysis
9.4.4 Recent strategies and developments:
9.4.4.1 Partnerships, Collaborations, and Agreements:
9.4.4.2 Product Launches and Product Expansions:
9.5 Sonova Holding AG
9.5.1 Company Overview
9.5.2 Financial Analysis
9.5.3 Segmental and Regional Analysis
9.5.4 Research & Development Expense
9.5.5 Recent strategies and developments:
9.5.5.1 Partnerships, Collaborations, and Agreements:
9.5.5.2 Acquisition and Mergers:
9.5.5.3 Approvals and Trails:
9.6 WS Audiology A/S
9.6.1 Company Overview
9.6.2 Financial Analysis
9.6.3 Regional Analysis
9.6.4 Research & Development Expenses
9.7 Natus Medical Incorporated (Archimed SAS)
9.7.1 Company Overview
9.7.2 Financial Analysis
9.7.3 Regional & Segmental Analysis
9.7.4 Research & Development Expenses
9.8 MED-EL GmbH
9.8.1 Company Overview
9.8.2 Recent strategies and developments:
9.8.2.1 Product Launches and Product Expansions:
9.8.2.2 Approvals and Trails:
9.9 Starkey Laboratories, Inc.
9.9.1 Company Overview
9.9.2 Recent strategies and developments:
9.9.2.1 Product Launches and Product Expansions:
9.9.2.2 Geographical Expansions:
9.10. Benson Medical Instruments
9.10.1 Company Overview