Audiology Devices Market Size is Projected To Reach USD 13.1 Billion By 2031 Growing At A CAGR of 6.5% | Valuates Reports
BANGALORE, India, May 11, 2023 /PRNewswire/ -- Audiology Devices Market by Technology (Digital, Analog), by Product (Cochlear Implants, Hearing Aids, Other devices), by Sales channel (Retail Sales, Government purchases, E-commerce), by Age Group (Pediatric, Adult), by End User (Hospitals, Ambulatory Surgical Centers (ASCs), Research Institutes): Global Opportunity Analysis and Industry Forecast, 2021-2031. It is published in Valuates Reports under the Medical Devices & Equipment Category.
The global audiology devices market size was valued at USD 7.2 billion in 2021 and is projected to reach USD 13.1 billion by 2031, growing at a CAGR of 6.5% from 2022 to 2031.
Major Factors Driving The Growth Of The Audiology Devices Market Are
The popularity of audiology devices is predicted to increase as a result of the development of reasonably priced, wearable hearing aids.
Expanding technical advancements and the senior population's embrace of cutting-edge technology are further factors that are expected to fuel the Audiology Devices Market.
Furthermore, the growing government measures to promote baby and senior hearing screening will promote the industry's expansion throughout the predicted period.
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TRENDS INFLUENCING THE GROWTH OF AUDIOLOGY DEVICES MARKET
People over 65 are affected by hearing loss in a disproportionately high number of cases. Due to changes in the neurological pathway from the brain to the ear, hearing loss is more common in the elderly. To diagnose and cure hearing loss or disorders, audiology equipment is employed. Audiology tools, sometimes known as hearing aids, are used to track and research hearing problems in people. Age-related hearing loss or impairment is a major problem worldwide. This factor is expected to drive the growth of the Audiology Devices Market
The sector will develop throughout the projected period as a result of rising government measures to promote hearing screening among newborns and older persons. Prior to now, only air-conduction hearing aids were included in the definition of OTC hearing aids. We predict that the demand will be driven by the government's strong commitment to enhancing accessibility. This factor is expected to drive the growth of the Audiology Devices Market
Expanding technical advancements are also projected to fuel the market for audiology equipment. Even if its antique ancestors are still widely available, Bluetooth gadgets are growing in popularity due to their increased functionality. They are discrete, simple to use, digital, and compact but strong. The launch of the Bluetooth 5.0 series and the resulting rise in demand for Bluetooth hearing devices are mostly to blame for the market increase throughout the predicted period. The hearing aid industry is also changing as a result of artificial intelligence (AI). The leading players in the Audiology Devices Market are expected to benefit from a number of growth possibilities as a result of all these reasons.
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AUDIOLOGY DEVICES MARKET SHARE ANALYSIS
By technology, the analog category had the largest market share in 2021, accounting for about three-fifths of the revenue generated by audiology devices worldwide. During the predicted period, the same category would also exhibit the quickest CAGR of 6.6%. The research evaluates the digital sector as well.
By product, the cochlear implants category accounted for about half of the worldwide market share for audiology devices in 2021 and is anticipated to take control by 2031. During the predicted period, the same segment would likewise show the quickest CAGR of 6.8%. The paper also covers the topic of hearing aids.
By sales channel, the retail sales sector held the largest market share in 2021 and contributed about half of the revenue generated by audiology devices worldwide. During the predicted period, the same segment would also exhibit the quickest CAGR of 6.9%. The report also discusses the categories for government purchases and online shopping.
The adult age group accounted for more than half of the revenue generated by audiology devices globally in 2021, and it is anticipated that it will continue to hold the majority share throughout the projection period. The quickest CAGR, at 6.8% from 2022 to 2031, would, however, be reported for the pediatric group.
By end-user, the hospital sector had the largest market share in 2021, contributing about half of the revenue generated by audiology devices worldwide. On the other hand, the Ambulatory Surgical Centres (ASCs) category would exhibit the quickest CAGR of 7.1% from 2022 to 2031.
By geography, North America accounted for approximately two-fifths of the revenue generated by the global market for audiology devices in 2021. The fastest CAGR, 7.6%, will be seen in Asia-Pacific from 2022 to 2031. Europe and LAMEA are two of the other nations the research investigated.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Key players
- Demant A/S
- GN Store Nord A/S
- Sonova
- Starkey Laboratories
- Med-EL Medical Electronics
- Cochlear Ltd
- WS Audiology A/S
- MAICO Diagnostics GmbH
- Oticon Medical
- Inventis
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SIMILAR REPORTS
- Adult Ear Based Hearing Aid Market
- Hearing Screening Equipment Market
- Handheld Universal Hearing Screener Market
- 3D Printed Hearing Aids Market
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- Implantable Bone Conduction Hearing Aids Market
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- Cochlear Implants Market was valued at USD 1338 million in 2020 and is expected to reach USD 2017.5 million by the end of 2027, growing at a CAGR of 5.8% during 2021-2027.
- Pediatric Cochlear Implant Market
- Binaural Cochlear Implant Market was valued at USD 1436 million in 2022 and is anticipated to reach USD 1823.6 million by 2029, witnessing a CAGR of 3.4% during the forecast period 2023-2029. The influence of COVID-19 and the Netherlands-Ukraine War were considered while estimating market sizes.
- Cochlear Implant CI System Sales Market is estimated to be worth USD 1946.7 million in 2022 and is forecast to a readjusted size of USD 3583.6 million by 2029 with a CAGR of 9.0% during the forecast period 2023-2029.
- Neurorehabilitation Devices Market was valued at USD 1526.7 million in 2022 and is anticipated to reach USD 3095.1 million by 2029, witnessing a CAGR of 12.5% during the forecast period 2023-2029.
- Plasma Protein Therapeutics market size is estimated to be worth USD 28070 million in 2022 and is forecast to a readjusted size of USD 44730 million by 2029 with a CAGR of 6.8% during the forecast period 2023-2029.
- Rehabilitation Equipment Market size was valued at USD 19,506.10 million in 2021 and is estimated to reach USD 41,293.28 million by 2031, growing at a CAGR of 7.7% from 2022 to 2031.
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