Fact.MR – A Market Research and Competitive Intelligence Provider: As per the latest insights from Fact.MR, the global market for audiological devices is projected to grow at a CAGR of 5% over the forecast period 2021-2031.
Three out of Five Audiological Devices Sold Globally are Hearing Aids
The audiological devices market study by Fact.MR offers compelling insights into key growth drivers and restraints impacting the market through 2031. The survey offers audiological devices demand outlook and studies opportunities existing in key segments, including product and disease type. It also highlights key strategies adopted by market players to increase audiological devices sales.
Fact.MR – A Market Research and Competitive Intelligence Provider: As per the latest insights from Fact.MR, the global market for audiological devices is projected to grow at a CAGR of 5% over the forecast period 2021-2031.
Rising incidence of hearing impairment because of surge in geriatric population is driving the audiological devices market. According to a study by the World Health Organization (WHO), in 2019, around 466 million people were diagnosed with hearing disabilities across the globe. It is also found that around nine out of ten patients were adults, with male patients accounting for more than half the number.
Backed by the aforementioned factors, manufacturers are increasing investment in research and development activities to offer novel treatment solutions to the market. For instance, Sonovo, a company specializing in hearing care solutions is offering a wide range of solutions, ranging from hearing aids to wireless communications to address all kinds of hearing problems.
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Among various products, cochlear implants are gaining significant traction owing to their suitability for profoundly deaf patients. As per Fact.MR, cochlear implants are expected to account for over 1/5th of the market share and expand at 5.7% CAGR over the forecast period.
The Europe market for audiological devices is forecast to exhibit rapid growth, expanding at a CAGR of 4.5% over the forecast period, accounting for over 2/5th of the global sales. Meanwhile, demand outlook for Asia-Pacific market remains positive driven by technological developments, rise in geriatric population and emergence of new market players.
“Increasing cases of hearing loss among older population are contributing towards the market growth. Besides this, government initiatives undertaken to provide improved healthcare services are bolstering growth prospects. Driven by consumer willingness to spend on advanced healthcare solutions, leading players are expected to launch technologically advanced audiological devices,” says a Fact.MR analyst.
Key Takeaways from Audiological Devices Market Survey
- Europe is expected to emerge as one of the most lucrative markets owing to rising prevalence of hearing loss in the region.
- Asia Pacific market for audiological devices is forecast to reach US$ 3,434.6 Mn by the end of 2031.
- Based on end-use, clinics are projected to account for almost half of the overall market share through 2031.
- Based on end use, ambulatory surgical centres are estimated to reach a valuation of US$ 1.18 Bn by the end of 2031.
- The global market for audiological devices is anticipated to grow at a CAGR of 5% between 2021 and 2031.
Key Drivers
- Rising incidence of hearing impairment is accelerating the market growth.
- Advent of novel technological devices are boosting the market growth.
Key Restraints
- High cost associated with audiological devices is expected to restrict the market growth.
- Social stigma associated with the appearance of these devices may hamper the market sales.
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Competitive Landscape
Audiological devices manufacturers operating in the market are increasingly focusing on offering novel solutions to strengthen their global footprint.
For instance, in 2021, Eargo, Inc., a medical device company announced the launch of new Eargo 5, Eargo’s fifth generation device, FDA class II exempt hearing device designed to be customizable as per patients’ hearing preferences.
In 2021, Inventis announced the launch of Satellite Tele-audiology Solutions that allow patients to take a hearing test at home or in other settings outside the clinic.
Some of the leading players operating in the audiological devices market profiled by Fact.MR are:
- William Demant Holding A/S
- GN Store Nord A/S
- Sonova
- WIDEX A/S
- Sivantos Pte. Ltd.
More Valuable Insights on Audiological Devices Market
Fact.MR, in its new report, offers an unbiased analysis of the global audiological devices market, analyzing forecast statistics through 2021 and beyond. the survey reveals growth projections on audiological devices market with detailed segmentation:
- 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:
- -Audiometers
- -Octoscopes
- Tympanometers
Disease Type
- Otosclerosis
- Meniere’s Disease
- Acoustic Tumors
- Otitis Media
- Others
End-user
- Hospitals
- Ambulatory Surgical Centers
- Clinics
Region
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa (MEA)
Key Questions Covered in the Audiological Devices Market Report
- The market survey also highlights projected sales growth for audiological devices market between 2021 and 2031
- The report offers insight into audiological services demand outlook for forecast period 2021-2031
- Audiological devices market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
- Audiological devices market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
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Source: Fact.MR