The global audiology devices market size is expected to reach USD 17.43 Billion in 2030 and register a revenue CAGR of 5.3% over the forecast period, according to latest report by Reports and Data.
The global audiology devices market size is expected to reach USD 17.43 Billion in 2030 and register a revenue CAGR of 5.3% over the forecast period, according to latest report by Reports and Data. Rising demand for cost-effective and efficient devices, technological advancements, particularly introduction of wireless devices, and growing awareness about benefits of these devices and their increasing acceptance among geriatric population are some key factors driving 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.
Some Key Highlights From the Report
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- 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.
Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the 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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Audiology Devices Market Segmentation:
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
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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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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