USD 9.60 billion
Audiology Devices Market Size, Share, Growth Analysis, By Product(Hearing Aids, Cochlear Implants, BAHA/BAHS, Diagnostic Devices), By Technology(Digital, and Analog), By Sales channel(Retail Sales, E-commerce, Government Purchases), By Age Group(Adult and Paediatrics), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2156 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|Tables:
115
|Figures:
79
Audiology Devices Market Insights
Global Audiology Devices Market size was valued at USD 9.60 billion in 2022 and is poised to grow from USD 10.29 billion in 2023 to USD 17.95 billion by 2031, growing at a CAGR of 7.20% during the forecast period (2024-2031).
The electronic equipment utilised for complete audiological examinations for medical diagnosis, monitoring, hearing conservation, and management of hearing loss are called audiology devices. Comprehensive tests of the vestibular system and balance are also performed using them.
An increasing issue worldwide, hearing loss or impairment is frequently linked to ageing. The hair or nerve cells of the cochlea that transmit sound impulses to the brain deteriorate with age or exposure to noise. Hearing loss results from the ineffective transmission of electrical signals caused by damaged or missing hair or nerve cells.
The market for audiology devices worldwide is anticipated to show CAGR.. The market for audiology devices is expanding as a result of factors such as increasing geriatric population hearing impairment prevalence, increasing incidence of hearing impairment in younger generation, technological advancements, and widespread acceptance of audiology devices among the geriatric population. The market for audiology devices is, however, significantly constrained by their high price and the social stigma associated with their look.
US Audiology Devices Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Hearing Aids
Fastest Growth
Hearing Aids
Growth Rate
7.20% CAGR
Global Audiology Devices Market ($ Bn)
Country Share for North america Region (%)
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Audiology Devices Market Segmental Analysis
Global Audiology Devices Market is segmented based on the Product, Technology, Sales channel, Age Group channel and region. Based on Product Global Audiology Devices Market is segmented into Hearing Aids, Cochlear Implants, BAHA/BAHS, Diagnostic Devices. Based on the Technology Audiology Devices Market into Digital, and Analog. Based on the Sales channel Audiology Devices Market into Retail Sales, E-commerce, Government Purchases. Based on the Age Group channel Audiology Devices Market into adults, and Paediatrics. Based on region, Audiology Devices Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Audiology Devices Market Analysis by Product
The audiology devices market is segmented into the following market segments: Cochlear Implants, BAHA/BAHS, and Diagnostic Devices. Hearing Aids (Behind-the-Ear and In-the-Ear & Other). The behind-the-ear segment recorded the largest revenue share of the market in the hearing aids category. Because these devices are the most widely used and are simple to deploy, the category is expected to continue to rise. As a result, these hearing aids are becoming increasingly popular.
Audiology Devices Market Analysis by Technology
The audiology device market into two segments, Digital and Analog, based on technology. The digital sector of the market for audiology devices attracted the biggest revenue share. Enhanced and quick flexibility is accelerating the segment's expansion. In order to assist persons who have hearing loss, hearing aids are devices that amplify sound. A microphone that captures sound, an amplifier circuit that amplifies the sound, a small loudspeaker that sends the amplified sound into the ear canal, and batteries that power the electronic circuits are all typical components found in most hearing aids.
Global Audiology Devices Market By Product
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Audiology Devices Market Regional Insights
During the projected period, North America is expected to continue to dominate the global market for audiology devices and generate the majority of its revenues. This dominance is attributed to the rising incidence of hearing loss in the region, the prevalence of hearing disorders like acute otitis media, the availability of user-friendly, rechargeable, and portable audiology devices, and rising government initiatives to raise public awareness of the prevalence of hearing disorders and their diagnosis, all of which are anticipated to support the growth of the North American audiology devices market. The expansion of the Audiology Devices market in this area is also anticipated to benefit from factors such as high disposable income, an advanced healthcare infrastructure, increasing knowledge of disease progression and innovative treatments, and high disposable income.
During the forecast period, the fastest CAGR is anticipated to be experienced in the Asia Pacific region. Age-related hearing issues are becoming more prevalent, and this is tied to both. There is a big ageing population in Asian countries like China and India, which makes for profitable expansion. In addition, the region's growth is being fuelled by rising health care costs, rising health care spending, and increased consumer product awareness.
Global Audiology Devices Market By Region
- Largest
- Fastest
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Audiology Devices Market Dynamics
Audiology Devices Market Drivers
Rising Incidences of Meniere’s Disease is Bolstering Demand for Audiology Devices
- The Hearing Loss Association of America (HLAA) ranks hearing loss third among physical diseases, behind arthritis and heart disease, affecting people of all ages. Gradual hearing loss, which can range in severity from mild to severe, can affect people of all ages. It could be minor, severe, temporary, or permanent depending on the cause.
- The increased incidence of Meniere's disease throughout the world is one of the key causes boosting the market for audiology equipment. A persistent inner ear ailment that impairs hearing and balance is known as Meniere's disease. Meniere's disease is an inner ear condition characterised by vertigo and hearing loss.
Audiology Devices Market Restraints
High Initial Cost to Hinder Market Growth
- The high cost of hearing aids, including bone-anchored devices and cochlear implants, is a significant factor limiting market growth, especially in price-sensitive regions. In general, healthcare providers, especially those in underdeveloped countries, lack the financial means to invest in sophisticated technologies. The staff must also go through extensive training sessions in the safe use and maintenance of cochlear implants and bone-anchored devices. Extensive R&D efforts are required to create hearing aids with cutting-edge technology.
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Audiology Devices Market Competitive Landscape
The global market for audiology equipment has a moderately fragmented competitive landscape, with a few major manufacturers active on both a global and regional scale. Strategic alliances are being formed by major organisations to broaden their individual portfolios and establish solid footing on the international market.
Audiology Devices Market Top Player's Company Profiles
- Sonova Holding AG
- William Demant Holding A/S
- GN Store Nord A/S
- Starkey Hearing Technologies
- Sivantos Pte. Ltd.
- Widex A/S
- Cochlear Limited
- Oticon Medical AB
- Med-El Medical Electronics
- Advanced Bionics LLC
- Natus Medical Incorporated
- IntriCon Corporation
- MAICO Diagnostics GmbH
- Benson Medical Instruments Co. Ltd.
- Hui'er Hearing
- Resound
- Phonak
- Siemens Healthcare GmbH
- Interacoustics A/S
- Welch Allyn
Audiology Devices Market Recent Developments
- In March 2022, The Jabra Enhance Plus is a tiny true wireless earbud that provides a 3-in-1 experience for calls, music, and hearing improvement. GN announces its intention to launch it.
- In August 2022, the company WS Audiology A/S was honoured with an iF Design award for its brand, Signia. Insio Charge & Go AX hearing aids helped Signia win the prize for the third time. It is well known for its ease of use, stealthy design, contactless charging, and direct streaming from Android and iOS.
Audiology Devices Key Market Trends
- According to The Hearing Loss Association of America (HLAA), hearing loss is considered to be the third most common physical condition after arthritis and heart disease, affecting people of all ages. The development of PC-based audiometers and hybrid audiometers, among other advancements in diagnostic performance and treatment choices, can be easily linked with common computers and operating systems, opening up lucrative opportunities for market participants. The future growth rate of the market for audiology devices will also be boosted by a favourable regulatory environment.
Audiology Devices Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the electronic equipment that audiologists use to properly diagnose and treat hearing loss or impairment is known as an audiological instrument. By the year 2027, the World Health Organization projects that 700 million people would need hearing rehabilitation and that around 2.5 billion people will have some degree of hearing loss. More than 1 billion adults are also at danger of suffering from permanent and preventable hearing damage as a result of their risky listening habits. As a result, the market for audiological devices is anticipated to grow throughout the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 9.60 billion |
| Market size value in 2031 | USD 17.95 billion |
| Growth Rate | 7.20% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Audiology Devices Market Recent Developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Audiology Devices Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Audiology Devices Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Audiology Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Audiology Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Audiology Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Audiology Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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