Global Audiology Devices Market 2023-2030

Global Audiology Devices Market 2023-2030

Global audiology devices market is anticipated to grow at a CAGR of 6.8% during the forecast period. The factors such as the high prevalence of hearing disorders, increasing incidence of impairment, and loss of hearing in the younger generations are anticipated to show a positive impact on the growth of the audiology devices market during the forecast period. Audiology devices are devices that are used for the diagnosis and treatment of hearing impairment or loss and used for monitoring and studying hearing. Frequent hearing loss is often associated with old age and is a rising problem across the globe. Moreover, factors including a large prevalence of deafness, and the cosmetic appeal of hearing devices fuel the growth of the market.

Additionally, advancement in technology, cost-effective devices, and widespread acceptance of novel devices in the aging population is anticipated to boost the growth of the audiology devices industry. However, the high cost of devices used in surgeries and individuals refraining from wearing hearing aids due to social disgrace associated with deafness, and the high price of hearing impairment solutions mainly surgery based is anticipated to hamper the growth of the market. Rising awareness related to the availability of enhanced hearing aids fuel the growth of the market.

Various associations and organizations are implementing programs to grow awareness and accessibility to audiology devices. For instance, the Hearing Loss Association of America (HLAA) works in collaboration with policymakers to assist customers by improving awareness regarding hearing loss and audiology diagnostics devices that propel the market growth during the forecast period. Hearing loss occurs mainly owing to various reasons that include chronic ear infections, excessive exposure to noise, complication at the time of birth, and genetic mutations. Thus, to overcome these difficulties people have started preferring audiology devices including cochlear implants that considerably enhance the person's hearing ability. Therefore, this factor propels the growth of the industry during the forecast period.

Segmental Outlook

The global audiology devices market is segmented based on technology and products. Based on technology, the market is divided into digital hearing aids and analog hearing aids. Analog hearing aids are anticipated to have a moderate growth rate as this technology uses an amplifier and microphone to intensify the sound. The analog hearing aids are programmable including a microchip that offer program setting for various listening environment. Based on the product, the market is segmented into cochlear implants, bone-anchored hearing aid open systems, diagnostic devices, and hearing aids. Diagnostics devices are expected to have a considerable growth rate in the audiology devices market during the forecast period. Diagnostic devices offer images that assist surgeons at the time of surgical procedures that raise the surgery success rate.

Bone Anchored Hearing Aid Open System will be the largest segment by Products

Based on the product, the market is segmented into cochlear implants, bone-anchored hearing aid open systems, diagnostic devices, and hearing aids. Bone-anchored hearing aid open system is expected to hold a significant market share in the audiology devices market during the forecast period. It is an innovative technology that is approved by the FDA for the treatment of hearing loss. This technology is preferred by people suffering from chronic otitis media, acoustic neuroma, and cholesteatoma that fuel the growth of the segment.

Regional Outlooks

The global audiology devices market is further segmented based on geography including North America, Europe, Asia-Pacific, and the Rest of the World. North America is expected to have the largest market share in the audiology devices market during the forecast period due to advancements in audiology systems, the introduction of innovative digital platforms, and rising in the number of audiologists. Moreover, the introduction of a patient-centric audiology system that offers easy product handling that results in patient compliance fuels the growth of the audiology devices market over the forecast period. The European market is expected to hold a considerable growth rate owing to the increasing prevalence of hearing impairment, large market penetration of advanced products along with the presence of reimbursement policies and awareness related to the diagnosis.

Asia-Pacific will augment with the fastest rate in the audiology devices market

The market in Asia-Pacific is expected to be the fastest-growing region mainly owing to rising aging populations and improving healthcare infrastructure. Moreover, factors such as increasing awareness regarding the products, age-related hearing problems, and growing healthcare expenditure fuel the growth of the market in the region. The favorable government support and funding for cochlear implants, for instance, various initiatives undertaken by the government of India that include newborn screening programs for early diagnosis and treatment of hearing loss propels the growth of the market.

Market Players Outlook

The major players in the audiology devices market include Demant A/S, Starkey Hearing Technologies, Starkey Laboratories, Inc., SonovaHolding AG, Sivantos Pte. Ltd., WIDEX A/S, Medtronic PLC, Benson Medical Instruments, WS Audiology A/S, and MicroTech.