Audiology Devices Market size is expected to reach USD 17.43 Billion in 2030 and register a revenue CAGR of 5.3% during the forecast period.
Audiology Devices Market size is expected to reach USD 17.43 Billion in 2030 and register a revenue CAGR of 5.3% during the forecast period. Increasing geriatric population, high prevalence of hearing impairment disorders among infants and elderly population, rapid technological advancements, and favorable government regulations facilitating easy access to audiology devices are some important factors expected to drive the global audiology devices market revenue growth. Increasing prevalence of otic disorders is also expected to support market revenue growth.
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Audiology devices are electronic instruments used in the diagnosis and treatment of hearing loss, and they are extremely effective in treating hearing impairments, such as nerve deafness and congenital hearing loss. Communication is vital for improving relationships and maintaining independence, and hence, audiology devices are becoming increasingly popular around the world.
Adoption of audiological devices is rising owing to the increasing number of hearing loss cases and a spurt in research & development activities in developing and developed economies. Development of new products with high efficiency, affordable price rates, and technological advancements are some other market drivers contributing to the overall growth and development of global audiology devices market.
The global pharma & healthcare market report points out the key trends and developments taking place in this business space in the ongoing COVID-19 times. According to market experts, the pandemic has turned this industry upside down, with an unprecedented rise in demand and acute supply shortage. The report clearly depicts the current global economic landscape and the considerable situation of the healthcare industry. A substantial increase in demand for healthcare services worldwide, rising cases of the SARS-CoV-2 infection, increasing pharmaceutical research & development activities, and new drug pipelines are among the key factors that have driven the global pharma & healthcare industry growth in the recent past. Growing acceptance of telehealth and telemedicine services, rise in government initiatives for COVID-19 vaccine development, and escalating demand for advanced point-of-care diagnostics and home healthcare products have further bolstered the industry growth.
Companies Profiled in The Market Report:
Starkey Hearing Technologies, Sophono, Inc., Medtronic plc, Benson Medical Equipments (India) Pvt. Ltd., MED-EL, Advanced Bionics Corporation, Cochlear Limited, ReSound, MedRX Life Science Ltd., and Auditdata A/S.
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Some Key Highlights From the Report
- Cochlear implants segment accounted for largest revenue share in 2021, owing to increasing adoption of cochlear implants due to numerous advantages offered by them in comparison to other hearing aid devices. Cochlear implants are complex devices that work differently from other devices, by producing a mere sensation of sound. Over the past several years, rapid technological advancements in the area of signal processing and microelectronics have paved the way for development of cochlear implants with enhanced efficacy.
- Meniere’s disease segment is expected to account for largest revenue share in the global audiology devices market over the forecast period. Meniere’s disease leads to abnormal fluid retention in the ear, which causes problems such as hearing impairment and balance issues, to name a few. Patients with mild to moderate loss of hearing ability can benefit from using hearing devices.
- Audiology clinics segment is expected to register a significantly high revenue growth rate over the forecast period. Increasing cases of hearing loss globally, rising cases of injuries and hereditary disorders, and visits to audiology clinics are driving growth of the audiology clinics segment. Moreover, rising prevalence of congenital defects, increasing numbers of audiology professionals, and an expanding network of specialty clinics are boosting revenue growth of this segment.
- Market in North America is expected to account for largest revenue share in the global audiology devices market during the forecast period. Rising prevalence of deafness in the region, coupled with rapid technological advancements and favorable regulatory guidelines, have been the key market drivers for this regional market. The National Institute of Deafness and Other Communication Disorders (NIDCD) states that about 2 to 3 in every 1000 children in the U.S. suffer from an in-born detectable level of deafness on one or both ears.
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For this report, Reports and Data has segmented the global audiology devices market based on type, disease type, end-use, and region:
Type Outlook (Revenue, USD Billion; 2019-2030)
- Cochlear Implants
- Diagnostic Devices
- Tympanometers
- Otoscopes
- Audiometers
- Bone-Anchored Hearing Aids (BAHA)
- Technological Hearing Aids
- Digital Hearing Aids
- Analog Hearing Aids
- 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)
Disease Type Outlook (Revenue, USD Billion; 2019-2030)
- Meniere’s Disease
- Otitis Media
- Otosclerosis
- Tinnitus
- Acoustic Tumors
- Acoustic Trauma
End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Hospitals
- Audiology Clinics
- Rehabilitation Centers
- Ambulatory Surgical Centers (ASCs)
- Others
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- MEA
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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