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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.
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.
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.
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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.
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