Dublin, March 23, 2023 (GLOBE NEWSWIRE) -- The "Audiological Devices: Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Audiological Devices Market to Reach $21.6 Billion by 2030
In the changed post COVID-19 business landscape, the global market for Audiological Devices estimated at US$11.9 Billion in the year 2022, is projected to reach a revised size of US$21.6 Billion by 2030, growing at a CAGR of 7.7% over the analysis period 2022-2030. Hearing Aids, one of the segments analyzed in the report, is projected to record 7.7% CAGR and reach US$14.3 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Cochlear Implants segment is readjusted to a revised 8.8% CAGR for the next 8-year period.
The U.S. Market is Estimated at $3.2 Billion, While China is Forecast to Grow at 12.6% CAGR
The Audiological Devices market in the U.S. is estimated at US$3.2 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$5.2 Billion by the year 2030 trailing a CAGR of 12.6% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4% and 6% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 5.3% CAGR.
Select Competitors (Total 169 Featured) -
- Advanced Bionics Corporation
- AUDITDATA A/S
- Bernafon AG
- Cochlear Limited
- GN ReSound A/S
- Natus Medical Inc.
- Oticon A/S
- Oticon Medical AB
- Phonak AG
- Sivantos Pte. Ltd.
- Sonic Innovations Inc.
- Sonova Holding AG
- Starkey Hearing Technologies
- Widex A/S
- William Demant Holding A/S
What`s New for 2023?
- Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
- Global competitiveness and key competitor percentage market shares
- Market presence across multiple geographies - Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to digital archives and Research Platform
- Complimentary updates for one year
Looking Ahead to 2023
The global economy is at a critical crossroads with a number of interlocking challenges and crises running in parallel. The uncertainty around how Russia`s war on Ukraine will play out this year and the war`s role in creating global instability means that the trouble on the inflation front is not over yet. Food and fuel inflation will remain a persistent economic problem. Higher retail inflation will impact consumer confidence and spending. As governments combat inflation by raising interest rates, new job creation will slowdown and impact economic activity and growth.
Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand. With slower growth and high inflation, developed markets seem primed to enter into a recession. Fears of new COVID outbreaks and China's already uncertain post-pandemic path poses a real risk of the world experiencing more acute supply chain pain and manufacturing disruptions this year. Volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced. Year 2023 is expected to be tough year for most markets, investors and consumers. Nevertheless, there is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 337 |
| Forecast Period | 2020 - 2027 |
| Estimated Market Value (USD) in 2020 | $11 Billion |
| Forecasted Market Value (USD) by 2027 | $17.3 Billion |
| Compound Annual Growth Rate | 6.7% |
| Regions Covered | Global |
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Impact of Covid-19 and a Looming Global Recession
- Audiology Devices - A Review
- Recent Market Activity
- Growth Drivers and Restraints
- Growth Drivers
- Growth Restraints
- Outlook
- Hearing Aids Market Review
- Cochlear Implants - The Fastest Growing Product Segment
- Developed Markets - Traditional Revenue Contributors
- Emerging Markets - Underpenetrated with Immense Growth Potential
- Overcoming Social Stigma - Critical to Boost Penetration
- Hearing Loss - Global Landscape
- A Snapshot of Global Hearing Loss Statistics
- Rising Prevalence of Age-Related Hearing Loss
- Increasing Hearing Impairment among Younger Population
- Audiological Devices - Global Key Competitors Percentage Market Share in 2022 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Innovations Drive Penetration of Hearing Aids
- Next-Generation Hearing Aids to Extend Functionality beyond Hearing
- Wearables/Hearables - An Emerging Alternative
- PSAPs Draw Attention
- Smart Glasses - Heralding a New Revolution
- RIC/RITE Hearing Aids Gain Share
- Hearing Aid Suppliers Eye Rechargeable Batteries
- Market Ramps Up Miniaturization
- Digital Technology Takes Precedence
- Binaural Fittings Market to Grow
- Consumers Demand More Value-Added Features
- Customization - The Driving Force behind Product Specialization
- Growing Need to Curb Healthcare Costs to Spur Demand for Audiology Devices
- E-Commerce Boom to Buoy Growth in Hearing Aids Market
- Hearing Aids and the World of Connectivity
- Exciting Possibilities Afforded by Hearing Aid Compatible Smartphones
- Mobile Hearing Apps Ecosystem Continues to Expand
- Disposable Hearing Aids
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
A selection of companies mentioned in this report includes
- Advanced Bionics Corporation
- AUDITDATA A/S
- Bernafon AG
- Cochlear Limited
- GN ReSound A/S
- Natus Medical Inc.
- Oticon A/S
- Oticon Medical AB
- Phonak AG
- Sivantos Pte. Ltd.
- Sonic Innovations Inc.
- Sonova Holding AG
- Starkey Hearing Technologies
- Widex A/S
- William Demant Holding A/S
For more information about this report visit https://www.researchandmarkets.com/r/eujunx
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
