Audiological Devices Market Size
|2019 - 2029
|Base Year For Estimation
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
Audiological Devices Market Analysis
The Audiological Devices Market is expected to register a CAGR of 5.9% over the forecast period, 2022-2027.
COVID-19 pandemic had a substantial impact on patients with any disease, tele audiology helped the patient to combat its effect in patients with hearing problems via remote hearing screenings, diagnostic testing, intervention, and/or rehabilitation services. The strict lockdowns and government regulations intended to slow down the spread of COVID-19 resulted in the decline of the audiological devices market. As per the articles published in April 2021 titled 'Audiology in the time of COVID-19: practices and opinions of audiologists in the UK' in the National Library of Medicine, about 30% of respondents used tele audiology prior to COVID-19 restrictions; 98% had done at the time of Covid-19, and 86% would continue to do so even when restrictions are lifted. In wake of the COVID-19 outbreak, audiological devices Marketis improving along with the help of tele-audiology decreasing the potential of infectious exposures.
As per the articles published in February 2021 titled 'Challenges facing users of hearing aids during the COVID-19 pandemic' in Informa UK, the duration of daily device usage before the imposed lockdown was significantly higher than during the lockdown, potentially due to a shortage of batteries, limited access to repair & accessories, termination of speech therapy sessions among others. Thus, the COVID-19 outbreak affected the market's growth negatively for audiological devices market; however, the market is expected to grow due to the significant increase in the use of audiology devices globally.
Further, the high prevalence of hearing problems, widespread acceptance of novel devices amongst all ages, and rising noise pollution are among the major factors driving the growth of the studied market. In 2021, the World Health Organization (WHO) estimated that 1 in 5 or about 1.5 billion people have some degree of hearing loss. Of those, approximately one-third need hearing healthcare intervention, and 80% live in low- and middle-income nations. In a world report on hearing published in March 2021, it is estimated that approximately 16% globally (7-21% across different regions) of hearing loss in adults results from exposure to excessive noise in the workplace which is responsible for over 4 million disability-adjusted life years (DALYs). Such factors are likely to boost the adoption of the audiological devices market, thereby contributing to the studied market growth.
In addition, business strategic initiatives and rising awareness programs in the market are positively affecting the growth of the studied market. For instance, in September 2021 Malala Fund and Cochlear Foundation partnered to raise awareness about hearing loss in children and young people. Additionally, in July 2022 Inventis launched oldenburg international matrix speech test for evaluating the results obtained with hearing aids and cochlear implants. Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period. However, the high cost associated with the devices is likely to impede market growth.
Audiological Devices Market Trends
This section covers the major market trends shaping the Audiological Devices Market according to our research experts:
Hearing Aids segment is Expected to Witness Significant Growth Over the Forecast Period
Hearing aids are sound-amplifying devices used to amplify environmental sounds without modifying the hearing ability. These devices can be used in-the-ear, receiver-in-the-ear hearing aids (RITE), canal hearing aids (CHA), and behind-the-ear hearing aids (BTE). As per the article published in June 2022 titled 'Prevalence of Hearing Impairment by Age in the United States in National Library of Medicine, twenty-five percent of men in their late 50s had some level of hearing impairment, 50% in their late 60s, and 75% in their late 70s. For women, 25% had some level of Hearing Impairment in their early 60s, 50% in their early 70s, and 75% in their late 70s.
Furthermore, the launch of new products, rising awareness about hearing impairment, a continuous collaboration by major players, and market expansion are positively affecting the growth of the segment. For instance, In February 2022, Phonak announced the launch of the Virto line of custom-made hearing aids which includes the Virto P Black, in-the-ear (ITE) hearing device, and the super-discreet Virto P-Titanium. In January 2020 Eargo launched Eargo 6, sixth-generation FDA Class II exempt hearing aid. This new program will serve as an extension of the facility's existing meds-to-beds initiative.
North America is Expected to Dominate the Audiological Devices Market
North America is expected to dominate the market owing to factors such as the high prevalence of hearing impairment diseases, easy availability of technologically advanced products, rising audiological device manufacturers, and awareness about hearing impairment in this region. For instance, as per the Center for Hearing and Communication, hearing loss affected 48 million people, and tinnitus affected 50 million people in the United States in 2021.
Key product launches, high concentration of market players, or manufacturer's presence in the United States are some of the factors driving the growth of the audiological devices market in the country. For instance, in March 2022, Starkey and Special Olympics signed a global partnership agreement that increases access to hearing health services worldwide for individuals with intellectual disabilities. Therefore, owing to the aforesaid factors the growth of the studied market is anticipated in the North America Region.
Audiological Devices Industry Overview
The audiological devices market is fragmented in nature due to the presence of several companies operating globally as well as regionally. Most of the big companies are focusing on research and development to bring innovative products to the market. Some of the major players includes Audina Hearing Instruments, Inc., Amplifon, Cochlear Ltd., Horentek Hearing Diagnostic, GN Hearing A/S, Demant A/S, Sonova, Starkey Laboratories, Inc., Siemens, INVENTIS s.r.l., Natus Medical Incorporated among others.
Audiological Devices Market Leaders
Audina Hearing Instruments, Inc.
GN Hearing A/S
*Disclaimer: Major Players sorted in no particular order
Audiological Devices Market News
In August 2021, Phonak announces launch of ActiveVent, hearing aid receiver and CROS P, for unilateral hearing loss (UHL).
In February 2021 Cochlear Limited announced it is partnering with leading hearing health experts to conduct the largest ever international clinical study of an investigational cochlear implant that releases a glucocorticoid (anti-inflammatory) drug therapy directly to the cochlea. The CI-DEX Study is a pivotal, prospective, multi-centre, randomised, blinded study evaluating the effect of a glucocorticoid releasing cochlear implant in up to 120 adults in Australia and the United States with moderate to profound sensorineural hearing loss.
Audiological Devices Market Report - Table of Contents
1.1 Study Assumptions & Market Defination
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Driver
4.2.1 High Prevalence of Hearing Problems
4.2.2 Widespread acceptance of novel devices amongst the all population
4.2.3 Rising Noise Pollution
4.3 Market Restraints
4.3.1 High cost associated with devices
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Products
5.1.1 Hearing Aids
18.104.22.168 In-the-ear Hearing Aids (ITE)
22.214.171.124 Receiver-in-the-ear hearing Aids (RITE)
126.96.36.199 Canal hearing aids (CHA)
188.8.131.52 Behind-the-ear Hearing Aids (BTE)
5.1.2 Cochlear Implants
5.1.3 Bone Anchored Hearing Aids
5.1.4 Diagnostic Devices
5.1.5 Softwares & Accessories
5.2 By Diseases Type
5.2.2 Meniere's Disease
5.2.3 Acoustic Tumors
5.2.4 Otitis Media
5.3 By End User
5.3.3 Ambulatory Centers
5.4.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.4.4 Middle-East and Africa
188.8.131.52 South Africa
184.108.40.206 Rest of Middle-East and Africa
5.4.5 South America
220.127.116.11 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Audina Hearing Instruments, Inc.
6.1.3 Cochlear Ltd.
6.1.4 Horentek Hearing Diagnostic
6.1.5 GN Hearing A/S
6.1.6 Demant A/S
6.1.8 Starkey Laboratories, Inc.
6.1.10 INVENTIS s.r.l.
6.1.11 Natus Medical Incorporated
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Audiological Devices Market Research FAQs
What is the current Global Audiological Devices Market size?
The Global Audiological Devices Market is projected to register a CAGR of 5.90% during the forecast period (2024-2029)
Who are the key players in Global Audiological Devices Market?
Audina Hearing Instruments, Inc., Amplifon, Cochlear Ltd., Siemens and GN Hearing A/S are the major companies operating in the Global Audiological Devices Market.
Which is the fastest growing region in Global Audiological Devices Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Audiological Devices Market?
In 2024, the North America accounts for the largest market share in Global Audiological Devices Market.
What years does this Global Audiological Devices Market cover?
The report covers the Global Audiological Devices Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Audiological Devices Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Global Audiological Devices Industry Report
Statistics for the 2024 Global Audiological Devices market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Global Audiological Devices analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.