Audiology Devices Market Size to Surpass USD 19.6 Billion by 2030

According to Vision Research Reports, the audiology devices market was valued at USD 11.7 billion in 2021 and it is predicted to surpass around USD 19.6 billion by 2030 with a CAGR of 5.9% from 2022 to 2030.

• The global audiological devices market was dominated by Europe in 2021. The market in the region is anticipated to grow at a CAGR of 4.6% from 2022 to 2031
• In terms of disease type, the Meniere’s disease segment was valued over US$ 3.5 Bn in 2021.
• The hearing aids segment held a major share of the global market, in terms of revenue, in 2021. The segment is anticipated to cross the value of US$ 10.7 Bn by 2030.
• In terms of end-user, the clinics segment anticipated 60% market share in 2021.
• The clinics segment is expected to expand at a CAGR of 5% from 2022 to 2030.

Audiology devices are electronic devices used by audiologists for the diagnosis and treatment of hearing impairment or hearing loss. They are also used for monitoring or studying hearing. Hearing impairment or frequent hearing loss is often associated with old age and is a growing problem globally. The high prevalence of hearing problems is precipitated by the growing ageing population and the rising incidence of impairment and loss of hearing among younger generations; these factors are therefore the key drivers for this market. Moreover, the cosmetic appeal of hearing devices and high prevalence of deafness is spurring the growth of this market. Additionally, technological advancement, cost-effective and efficient devices (such as wireless devices), and widespread acceptance of novel devices amongst the geriatric population is also expected to fuel market growth

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Increasing cases of hearing disorders, especially in geriatric population, rising purchasing capacity, investments in R&D, and government support for better healthcare infrastructure are expected to drive the market over the forecast period.

High comfort offered by newly introduced devices, improved connectivity, and better user interface are some of the factors attributing to high usage rate of audiology devices. Better quality of life along with acceptance of digital hearing aids are anticipated to further drive the market. In a study published in January 2019, it was observed that hearing aids reduce symptoms associated with dementia. However, usage is hampered due to the exclusion of hearing aids or exams for fitting hearing aids from the Original Medicare program.

Hearing aids segment led the market in 2018 and will hold its leading position in future. However, cochlear implants is expected to be the fastest-growing segment over the forecast period. Cochlear implants are widely used owing to their high effectiveness, in terms of sentence understanding.

Rise in Incidence of Hearing Loss to Drive Demand for Audiological Devices

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. Gradual hearing loss can affect people of all ages, differing from mild to profound. It can be mild or severe, temporary or permanent, depending on the cause. According to the WHO, a person who is unable to hear as well as someone with normal hearing thresholds of 25 dB or better in both ears is considered to have hearing loss. An increase in the prevalence is estimated to drive the requirement for diagnosis and treatment, which, in turn, is projected to boost the audiological devices market across the globe.

Increase in Demand and Adoption of Hearing Aids to Lead Global Audiological Devices Market

The hearing aids segment held a major share of the global market, in terms of revenue, in 2021. Increasing severity of hearing loss and the cochlear implants are expected to drive the global audiological devices market during the forecast period.

Technological advancements in audiological products due to extensive research & development activities by key players are also fueling the market growth. According to WHO, people with hearing impairment generally communicate via spoken language and could benefit from hearing aids, cochlear implants, and other supportive devices as well as captioning. People with more substantial hearing loss could benefit from cochlear implants.

Scope of The Report

Product Insights

The product segment is categorized into hearing aids, BAHA/BAHS, cochlear implants, and diagnostic devices. Hearing aids dominated the product segment while cochlear implants are anticipated to witness the fastest growth in the forecast period. Diagnostic devices include otoscopes, audiometers, and tympano meters.

Innovation in implantation techniques reduces the risk of infection, complications, operating time, and improves the patient's ability to hear. Demand for invisible-in-canal hearing aids and complete-in-canal hearing aids are expected to boost the industry's growth.

Sales Channel Insights

Based on the sales channel, the market is categorized into retail stores, government programs, and e-commerce. Retail stores dominated the market due to the presence of big retail store chains in countries such as the U.S.

In 2016, around 3.35 to 3.7 million hearing aids were sold in the U.S. market, consisting of 79% sold in the private market and 23.6% sold via the Veterans Administration (VA) hearing aid program. Many market players are adopting e-commerce to sell hearing aids products along with online service support and specialist consultation.

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Technology Insights

Based on technology, the market is segmented into digital and analog hearing aids. Digital hearing aids dominated the technology segment owing to fast adaptability. Analog hearing aids use an amplifier, and microphone to intensify the sound. Some analog hearing aids are programmable and include a microchip allowing program settings for the different listening environments. Such analog devices are preferred over digital technology due to the delivery of unadulterated sound at an affordable cost.

Many manufacturers offer digital hearing aids with Bluetooth connectivity integrated with in-the-ear (ITE) and behind-the-ear (BTE) models. The Open hearing aid range from Oticon can be connected with iPhone, iPad, and iPod touch devices and it allows users to stream audio directly into their hearing aids.

Regional Insights

North America dominated the overall market in terms of revenue share in the year 2018. The U.S. market growth can be attributed to the advancement in the audiology systems, an increase in the number of audiologists, and the introduction of innovative digital platforms by current providers. The launch of patient-centric audiology systems that facilitate easy product handling results in patient compliance further leading to market growth.

The Asia Pacific region is anticipated to expand at the highest CAGR over the forecast period. The market growth can be attributed to the increasing geriatric population and age-related hearing problems, constantly improving healthcare infrastructure, rising health care expenditures, and increasing product awareness.

Key Players

• William Demant Holdings A/S
• GN ReSound Group
• Starkey Hearing Technologies
• Widex A/S
• Sonova Holdings AG
• Phonak, Audioscan
• MedRx
• NHC/Amplifon

Market Segmentation

• By Product Outlook
  • Hearing Aids
  • Cochlear Implants
  • BAHA/BAHS
  • Diagnostic Devices
• By Technology Outlook
  • Digital
  • Analog
• By Sales Channel Outlook
  • Retail Sales
  • E-commerce
• By Regional Outlook
  • North America

• • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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