DUBLIN--(BUSINESS WIRE)--The "Global Audiology Devices Market Size, Share & Industry Trends Analysis Report By Technology (Digital and Analog), By Product, By Hearing Aids Type, By Distribution Channel, By End User, By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Audiology Devices Market size is expected to reach $16 billion by 2028, rising at a market growth of 6.2% CAGR during the forecast period.
The electronic tools used by audiologists for the accurate diagnosis and therapy of hearing loss or impairment are known as audiology devices. A significant number of people are predicted to have some degree of hearing loss in the coming years, and a lot of them is expected to need hearing rehabilitation.
Additionally, because of unsafe listening habits, a big proportion of the population is at the risk of developing permanent and preventable hearing loss. This will likely further fuel the market for audio logical devices throughout the forecast period.
The market's expansion can also be attributed to factors, including the rising elderly population, occurrences of hearing diseases, and government programs that enable simple access to hearing aids. The prevalence of the geriatric population is increasing all over the world. Hearing loss and impairment are very common in elderly age of people. However, it is anticipated that the rate at which hearing impairments are treated will rise as market participants increasingly combine traditional devices with cutting-edge telemedicine.
A platform for online audiology was introduced by lively in 2019 and offers all customers hearing aids, testing, and round-the-clock online assistance. Additionally, the market is anticipated to benefit from ongoing technology advancements that improve the listening experience for consumers as well as the introduction of specialized devices made for veterans and serving military personnel. The development of new features, like Bluetooth connectivity, voice processing, contactless charging, and many others, together with technological improvements in areas like wireless devices, are anticipated to accelerate the growth of the market.
Market Growth Factors
Increasing Cases Of Hearing Loss
Hearing loss affects people of all ages and is ranked third among physical conditions by The Hearing Loss Association of America (HLAA), behind arthritis and heart disease. People of all ages can experience gradual hearing loss, which ranges in severity from minor to severe.
Depending on the reason, it might be mild, severe, transitory, or permanent. The WHO defines hearing loss as the inability to hear as well in both ears as someone with a normal hearing threshold of 25 dB or better. The need for diagnosis and treatment is anticipated to rise with an increase in prevalence, which is anticipated to boost the market for audiology devices.
Rising Incidences Of Meniere's Disease
One of the major factors that are driving the growth of the audiology devices market is the rising prevalence of Meniere's disease all over the world. Meniere's disease can be referred as a chronic inner ear condition that affects hearing and balance. Vertigo and hearing loss are two symptoms of the inner ear ailment Meniere's disease. Meniere's illness typically only affects one ear.
Meniere's illness can strike at any age, but it typically manifests between the ages of 20 and 40. Although it's a chronic ailment, there are a number of therapies that can aid in the management of the symptoms and lessen the long-term effects on the patient's life.
Market Restraining Factors
High Initial Cost And The Final Price
A significant factor limiting market growth is the high cost of hearing aids, including cochlear implants as well as bone-anchored systems, particularly in price-sensitive regions. Healthcare providers generally lack the financial resources for investment in sophisticated technologies, particularly in developing nations.
Additionally, the staff needs to undergo comprehensive training programs in the proper handling and maintenance of bone-anchored devices and cochlear implants. Technology-advanced hearing aids must be developed through extensive R&D efforts.
Scope of the Study
Market Segments Covered in the Report:
By Technology
- Digital
- Analog
By Product
- Hearing Aids
- Cochlear Implants
- Diagnostic Devices
- BAHA/BAHS
By Distribution Channel
- Offline
- Online
By End User
- Hospitals & Clinics
- Ambulatory Surgical Centers
- Others
By Geography
- North America
- Europe
- Asia Pacific
- LAMEA
Key Market Players
- Siemens AG
- Medtronic PLC
- William Demant Holding A/S
- GN Store Nord A/S
- Sonova Holding AG
- WS Audiology A/S
- Natus Medical Incorporated
- MED-EL GmbH
- Starkey laboratories, Inc.
- Benson Medical Instruments
For more information about this report visit https://www.researchandmarkets.com/r/sh7en5
