Audiology Devices Market Size, Share & Industry Analysis, By Type (Hearing Aids, Cochlear Implants, Diagnostic Devices, Other Assistive Devices), By End User (Hospitals, Ambulatory Surgical Centers, Clinics, Others) Others and Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
Audiology devices are the electronic devices used for the comprehensive audiological evaluations for medical diagnosis, monitoring, hearing conservation and hearing loss management. They are also used for comprehensive vestibular and balance assessments. Hearing impairment or frequent hearing loss is often associated with old age and is a growing problem globally. Aging or exposure to noise leads to wear and tear of the hair or nerve cells of the cochlea that sound signals to the brain. When these hair or nerve cells are damaged or missing, electrical signals aren't transmitted as efficiently, and hearing loss occurs. According to World Health Organization (WHO), about 164.5 million people above 65 years suffer from hear loss ( about 33% of the world’s population), which is expected to drive the market growth of audiology devices during the forecast period.
Key Market Driver -
Increasing prevalence of hearing impairment, and widespread acceptance of devices
Key Market Restraint -
High cost of the audiology devices
Global audiology devices market is projected to register a higher CAGR by the end of 2026. Rising prevalence of hearing impairment in geriatric population, rising incidence of hearing impairment in younger generation, technological advancements and widespread acceptance of audiology devices among the geriatric population are the factors driving the growth of audiology devices market. However, high cost and the social stigma associated with the appearance of these devices are the major restraints associated with the audiology devices market.
Market Segmentation:
By type, the market is segmented into hearing aids, cochlear implants, diagnostic devices, and other assistive devices. Based on end users, audiology devices market is segmented into hospitals, ambulatory surgical centers, clinics and others. From a geographical standpoint, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key Players Covered:
The major companies in the global audiology devices market include Medtronic, MedRx, Siemens, MAICO Diagnostics MED-EL, WIDEX, Sivantos Pte. Ltd., Starkey, Demant A/S and other prominent players.
Key Insights
- Pricing Analysis of Key Players in Major Countries/Regions
- New Product Launches in Audiology Devices Market
- Technological Advancements in Global Audiology Devices Market
- Recent Industry Developments Such As Partnerships, Mergers, and Acquisitions
Regional Analysis:
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The global audiology devices market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America followed by Europe leads the global audiology devices market due to rising prevalence of hearing impairment in the region and patient-centric advancements in audiology devices. Asia Pacific and Latin America are expected to register a fast market growth in the forecast period due to the increasing geriatric population and age related hearing problems, constantly improving healthcare infrastructure and increasing product awareness. Middle East and Africa is anticipated to register a comparatively higher CAGR by the end of the forecast period.
Segmentation
ATTRIBUTE | DETAILS |
By Type |
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By End User |
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By Geography |
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Audiology Devices Market Industry Developments
- In June 2018, Signia launched Styletto connect which is the first ultra slim receiver-in-the-canal hearing instrument
- In December 2017, Cochlear Limited entered into a strategic collaboration with Sensorian with an aim to expand cochlear implant portfolio
- In May 2018, Sivantos Pte. Ltd merged with WIDEX with an aim to invest more in R&D in the areas of hearing aids
- Ongoing
- 2023
- 2019-2022
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