The global audiology devices market size is expected to reach USD 16.09 billion by 2030 according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.
According to the WHO, more than 1.5 billion individuals (almost 20% of the worldwide populace) are living with hearing loss. 430 million of them have incapacitating hearing loss. It is estimated that by 2050, there could be almost 700 million individuals suffering from debilitating hearing loss worldwide. Worldwide, around 34 million kids have deafness or hearing loss. Around 30% of individuals around 60 years old have hearing loss.
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Around 7.1% of 45 years aged people in the U.S. suffering from hearing challenges utilizes a portable hearing assistant. The high cost of treatment is one of the major issues faced by patients suffering from hearing ailments.
Due to the higher treatment costs, this problem is left untreated. Around 22 % of women and men aged 45+ respectively in the U.S. are still facing difficulties in hearing even after using audiology devices. These are some of the factors responsible for the increasing market demand for audiology device systems worldwide.
Various technological advancements have been made in cochlear implants. As per the latest innovations in cochlear implants, now these implants are expected to work on the capacity to hear and figure out speech. The advancements made with cochlear implants now allow individuals suffering from serious hearing loss in one ear and typical (or gentle to direct) hearing in the other ear, as well as children, to use audiology devices.
Audiology Devices Market Report Highlights
Polaris Market research has segmented the audiology devices market report based on the product type, type of hearing loss, patient type, and region:
Audiology Devices Product Type Outlook (Revenue - USD Billion, 2018 - 2030)
Audiology Devices Type of Hearing Loss Outlook (Revenue - USD Billion, 2018 - 2030)
Audiology Devices Patient Type Outlook (Revenue - USD Billion, 2018 - 2030)
Audiology Devices Regional Outlook (Revenue - USD Billion, 2018 - 2030)