Global Audiology Devices Market - 2023-2030
Global Audiology Devices Market reached US$ YY million in 2022 and is expected to reach US$ YY million by 2030, growing at a CAGR of YY% during the forecast period 2023-2030.
Hearing loss is more likely in elderly people due to alterations in the neurological route from the brain to the ear. Audiology devices are used to detect and treat hearing loss or abnormalities. Audiology devices are commonly known as hearing aids and are used to monitor and study hearing issues in people.
Hearing aids, cochlear implants, and bone-anchored auditory implants all help people with hearing loss. A hearing aid amplifies sound using a built-in microphone, amplifier, and speaker. These are sound-amplifying devices designed to aid people who have a hearing impairment.
Market Dynamics: Drivers & Restraints
Increase in the number of device launches
The increase in the number of highly advanced device launches is expected to drive market growth due to their ability to provide hearing solutions with high efficiency.
For instance, on September 25, 2023, ELEHEAR, a provider of AI-powered hearing aids and audio solutions, introduced its first OTC hearing aid devices, these include the ELEHEAR Alpha and ELEHEAR Alpha Pro.
On August 7, 2023, Unitron launched Moxi V-RS, a new rechargeable hearing device, that operates on the company’s recently launched Vivante platform.
Additionally, on October 17, 2022, Lexie Hearing launched the Lexie B2 Hearing Aids, Powered by Bose, adding a third hearing aid model to its suite of audiologist-quality hearing aid products. Furthermore, the increase in the number of patients with hearing loss, and technological advancements of the products also drive the market growth.
Restraint
High costs associated with the devices
The average cost of cochlear implants can range from $30,000 to $50,000 without insurance. Thus, most people cannot afford the devices due to their high cost, which can hamper the market growth.
Segment Analysis
The global audiology devices market is segmented based on technology, product type, indication, distribution channel and region.
Cochlear implants segment accounted for 56.3% of the market share
Cochlear implants segment has been holding a significant position in the market share. Cochlear implants are electronic devices that improve hearing in people who have severe hearing loss due to damage to the inner ear. The increase in the launches of advanced cochlear devices is expected to drive the growth of the segment.
For instance on August 18, 2023, Cochlear Limited, introduced its next-generation Cochlear Osia System with the ability to have an MRI at 3.0 T, designed to improve hearing outcomes for people with conductive hearing loss.
For instance, in August 2021, Cochlear Limited launched the Nucleus Kanso 2 Sound Processor in Singapore. The new launch reflects Cochlear’s ongoing commitment to innovation in hearing technology to provide amplified access to smartphone connectivity and help to improve hearing performance in people with hearing loss. Thus, the increased launches of advanced products that help with hearing are expected to drive the segment growth.
Geographical Analysis
North America is expected to hold a significant position in the global audiology devices market share
North America has been a dominant force in the audiology devices market owing to the increase in the number of hearing issues. The increase in the aged population and the presence of a number of medical device manufacturers in the region also act as the driving factors of the market growth in the region. It is expected to continue throughout the forecast period.
For instance, according to the report published by the National Council on Aging, Inc. in 2023, it is estimated that 48 million Americans currently experience hearing loss to some degree. The number of Americans with hearing loss is expected to increase by 30 million in the next four decades.
Additionally, according to the article published by the National Institute of Health in March 2022, Otosclerosis affects more than three million Americans. Many cases of otosclerosis are thought to be inherited. Otosclerosis is a condition in which the bones inside the ear cause gradual hearing loss. Thus, increase in the number of cases with hearing loss increases the demand for the audiology devices, which is expected to drive the market growth.
COVID-19 Impact Analysis
The pandemic has significantly impacted the global audiology device market. Patients with routine consultation and follow-up care were interrupted due to hospitals delivering only emergency services. Therefore, many patients were neglected from hearing disorder treatment as it is considered as a non-emergency treatment. Thus, COVID-19 has impacted negatively on the market growth.
Competitive Landscape
The leading companies with a significant market share include Oticon Medical, Med-EL, Starkey Hearing Technologies, Phonak, Advanced Bionics, Audina Hearing Instruments, Inc., Coselgi, Sonova AG, WS Audiology A/S, and BHM-Tech Produktionsgesellschaft mbH among others.
Key Developments
• On August 29, 2023, Lucid Hearing launched its Tala over-the-counter (OTC) hearing aid product line. Texas-based Lucid Hearing designed Tala with Bluetooth-compatible wireless streaming.
• On June 21, 2023, Sonova launched its first OTC hearing aid with an ""In-Clinic Care Package"" Option.
• On November 1, 2022, Cochlear Limited received the U.S. Food and Drug Administration (FDA) approval for the CochlearTM Nucleus 8 Sound Processor.
Why Purchase the Report?
• To visualize the global audiology devices market segmentation based on technology, product type, indication, distribution channel and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of audiology devices market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.
The global audiology devices market report would provide approximately 69 tables, 71 figures, and 186 Pages.
Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies
- 1. Methodology and Scope
- 1.1. Research Methodology
- 1.2. Research Objective and Scope of the Report
- 2. Definition and Overview
- 3. Executive Summary
- 3.1. Snippet by Technology
- 3.2. Snippet by Product Type
- 3.3. Snippet by Indication
- 3.4. Snippet by Distribution Channel
- 3.5. Snippet by Region
- 4. Dynamics
- 4.1. Impacting Factors
- 4.1.1. Drivers
- 4.1.1.1. Increase in the number of device launches
- 4.1.1.2. YY
- 4.1.2. Restraints
- 4.1.2.1. High costs associated with the devices
- 4.1.3. Opportunity
- 4.1.4. Impact Analysis
- 5. Industry Analysis
- 5.1. Porter's Five Force Analysis
- 5.2. Supply Chain Analysis
- 5.3. Pricing Analysis
- 5.4. Regulatory Analysis
- 5.5. Russia-Ukraine War Impact Analysis
- 5.6. DMI Opinion
- 6. COVID-19 Analysis
- 6.1. Analysis of COVID-19
- 6.1.1. Scenario Before COVID
- 6.1.2. Scenario During COVID
- 6.1.3. Scenario Post COVID
- 6.2. Pricing Dynamics Amid COVID-19
- 6.3. Demand-Supply Spectrum
- 6.4. Government Initiatives Related to the Market During Pandemic
- 6.5. Manufacturers Strategic Initiatives
- 6.6. Conclusion
- 7. By Technology
- 7.1. Introduction
- 7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Technology
- 7.1.2. Market Attractiveness Index, By Technology
- 7.2. Digital *
- 7.2.1. Introduction
- 7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 7.3. Analog
- 8. By Product Type
- 8.1. Introduction
- 8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Type
- 8.1.2. Market Attractiveness Index, By Product Type
- 8.2. Hearing Aids *
- 8.2.1. Introduction
- 8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 8.3. Cochlear Implants
- 8.4. Bone Conduction Devices
- 8.5. Diagnostic Devices
- 9. By Indication
- 9.1. Introduction
- 9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Indication
- 9.1.2. Market Attractiveness Index, By Indication
- 9.2. Otosclerosis *
- 9.2.1. Introduction
- 9.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 9.3. Meniere’s Disease
- 9.4. Acoustic Tumors
- 9.5. Otitis Media
- 9.6. Others
- 10. By Distribution Channel
- 10.1. Introduction
- 10.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 10.1.2. Market Attractiveness Index, By Distribution Channel
- 10.2. Retail Sales *
- 10.2.1. Introduction
- 10.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 10.3. Online Stores
- 10.4. Government Purchases
- 10.5. E-Commerce
- 10.6. Others
- 11. By Region
- 11.1. Introduction
- 11.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
- 11.1.2. Market Attractiveness Index, By Region
- 11.2. North America
- 11.2.1. Introduction
- 11.2.2. Key Region-Specific Dynamics
- 11.2.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Technology
- 11.2.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Type
- 11.2.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Indication
- 11.2.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 11.2.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.2.7.1. U.S.
- 11.2.7.2. Canada
- 11.2.7.3. Mexico
- 11.3. Europe
- 11.3.1. Introduction
- 11.3.2. Key Region-Specific Dynamics
- 11.3.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Technology
- 11.3.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Type
- 11.3.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Indication
- 11.3.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 11.3.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.3.7.1. Germany
- 11.3.7.2. UK
- 11.3.7.3. France
- 11.3.7.4. Italy
- 11.3.7.5. Spain
- 11.3.7.6. Rest of Europe
- 11.4. South America
- 11.4.1. Introduction
- 11.4.2. Key Region-Specific Dynamics
- 11.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Technology
- 11.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Type
- 11.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Indication
- 11.4.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 11.4.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.4.7.1. Brazil
- 11.4.7.2. Argentina
- 11.4.7.3. Rest of South America
- 11.5. Asia-Pacific
- 11.5.1. Introduction
- 11.5.2. Key Region-Specific Dynamics
- 11.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Technology
- 11.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Type
- 11.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Indication
- 11.5.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 11.5.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.5.7.1. China
- 11.5.7.2. India
- 11.5.7.3. Japan
- 11.5.7.4. Australia
- 11.5.7.5. Rest of Asia-Pacific
- 11.6. Middle East and Africa
- 11.6.1. Introduction
- 11.6.2. Key Region-Specific Dynamics
- 11.6.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Technology
- 11.6.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Type
- 11.6.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Indication
- 11.6.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 12. Competitive Landscape
- 12.1. Competitive Scenario
- 12.2. Market Positioning/Share Analysis
- 12.3. Mergers and Acquisitions Analysis
- 13. Company Profiles
- 13.1. Oticon Medical *
- 13.1.1. Company Overview
- 13.1.2. Product Portfolio and Description
- 13.1.3. Financial Overview
- 13.1.4. Key Developments
- 13.2. Med-EL
- 13.3. Starkey Hearing Technologies
- 13.4. Phonak
- 13.5. Advanced Bionics
- 13.6. Audina Hearing Instruments, Inc.
- 13.7. Coselgi
- 13.8. Sonova AG
- 13.9. WS Audiology A/S
- 13.10. BHM-Tech Produktionsgesellschaft mbH
- LIST NOT EXHAUSTIVE
- 14. Appendix
- 14.1. About Us and Services
- 14.2. Contact Us
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