Audiology Devices Market Share, Size, Trends, Industry Analysis Report, By Product (Diagnostic Devices, Hearing Aids Devices, Hearing Implants); By Type of Hearing Loss; By Patient Type; By Region; Segment Forecast, 2022 - 2030

Report Summary

The global audiology devices market was valued at USD 10.27 billion in 2021 and is expected to grow at a CAGR of 5.3% during the forecast period. The major factors responsible for the growth of the global market are the development of the geriatric populace, the increasing use of smart hearing aids, and the rising incidence of noise-induced hearing loss. Due to telemedicine technology, patients can now speak with an audiologist by means of video conferencing and receive hearing aid without the need to visit hospitals or clinics.

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The other factors responsible for the development of the audiology market are the rising interest in smart audiology device systems, progression in advancements like remote devices, and the rising acknowledgment of such mechanically upgraded audiology device systems.

Due to the Covid-19 outbreak, remote diagnosis and treatment by the use of telemedicine technology were considered one of the most effective no-contact services for audiology patients (who were commonly at the most elevated risk for COVID-19 infection and mortality because of their old age). Likewise, audiology device manufacturers are launching products that include versatile audiometry functions.

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Industry Dynamics

Growth Drivers
Around the world, the rising occurrence of hearing loss has made it critical to diagnose and treat hearing. In youngsters, untreated hearing loss adversely influences language improvement, learning, and social commitment. Essentially, adults with hearing loss frequently experience issues following everyday discussions. For individuals near old age, untreated hearing loss has been connected to a few physical and mental issues.

Developing economies like India, South Korea, Africa, and the Middle East nations offer significant growth opportunities to significant industry players. This can be credited to their low entry barriers, developing healthcare infrastructure, and rise in expenses on healthcare services. This, along with the rising competition in the business sectors, has attracted vital key players in the audiology devices market.

Report Segmentation

The market is primarily segmented based on product type, type of hearing loss, patient type, and region.

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The behind-the-ear segment to witness the largest market share followed by the cochlear implants and in-the-ear hearing aids devices

The behind the ears section is supposed to hold a huge revenue share in the global audiology devices market. The behind-the-ear audiology device is mainly used by patients due to its high effectiveness and simple use. It is also considered one of the most preferred audiology devices by the vast majority of individuals of any age who are suffering from hearing issues. It is also suitable for any type of hearing loss, which increases the patient pool for the device.

Cochlear implants are expected to observe the quickest development in the conjecture period. The advancement in implantation procedures and the working time of the implants are some of the factors that are supposed to increase the demand for cochlear implants during the forecast period. In-the-Ear hearing audiology devices are also expected to rule the product fragment. The demand for undetectable in-the-ear hearing aids and complete-in-trench portable hearing assistants are some of the factors responsible for supporting market development.

Sensorineural hearing loss segment to garner largest market share

The sensorineural hearing loss section is expected to represent the largest market share during the forecast period. This is primarily due to a surge in the geriatric population and innovations in the sector. The higher vulnerability of the older populace to sensorineural hearing loss makes geriatrics a vital section of the general patient pool.

Adult Patient Type to witness the fastest growth

The market is fragmented into adults & pediatrics, given the patient type. The adult patients portion represented the most elevated development rate during the conjecture time frame. Adults have higher susceptibility towards hearing loss compared to pediatrics, accounting for a significant addressable population. Thus, the development of this population segment is expected to ensure a continuous and intensified demand for audiology devices.

The demand in North America is expected to witness significant growth

North America is expected to register the largest revenue share during the forecast period. The U.S. market development is supported by the increasing number can be advancements in audiology systems, an expansion in the number of audiologists, and the manufacturing of computerized implants by current suppliers.

The Asia Pacific area is expected to extend at the most noteworthy CAGR over the estimated period. Growth is due to the rising geriatric populace and age-related hearing issues, continually further developing medical services framework, rising medical services uses, and expanding product awareness.

The Indian market has captured one of the significant revenue shares. Surging noise pollution levels have led to an increment in the number of cases experiencing hearing impairment and disorders, thereby raising the demand for audiology devices in India.

Metro cities of India have registered a high prevalence of auditory disorders, particularly noise-borne hearing loss, among the construction laborers, which emphatically influences the business income. Moreover, the presence of several associations like the Indian Speech and Hearing Association (ISHA) is raising awareness among individuals about early diagnosis and the advantages of timely treatment.

Competitive Insight

Key players operating in the audiology devices market are underlining their endeavors upon vital acquisitions to reinforce capacities of examination and improvement that help them in giving imaginative answers for the clients and hence acquiring an upper hand.

Some of the major players operating the audiology devices market include Sonova Group, Demant A/S, GN Store Nord A/S, Cochlear Ltd., RION Co., Ltd., Starkey, Nurotron Biotechnology Co., Ltd., and MED-EL, others.

Recent Developments

• In February 2021, GN Hearing (Denmark) sent off ReSound Key, a portable hearing assistant line-up that gives more prominent admittance to its demonstrated and grant-winning hearing innovation around the world.
• In July 2020, Cochlear received FDA endorsement for its “Nucleus Sound Processor”, for its Nucleus 22 Implant beneficiaries, and sound software.
• In October 2020, Starkey (US) joined forces with OrCam Technologies (Israel) to give assistive advances to hearing and outwardly hindered individuals. This association improved OrCam's capacity to apply the high-level PC vision and AI strategies that they had created to send the visual world through sound, as a team with Starkey's Livio Edge AI listening devices.
• In January 2019, GN hearing launched the most intuitive and customized hearing solution that improves clients’ experience. This new product launch permits an organization to broaden its current product contributions in the market.
• In March 2019, Sivantos and Widex finished the merger to form “WS Audiology” forming a different arrangement of portable hearing assistant products with brands like Signia and Rexton.

Audiology devices market report scope