Wilmington, Delaware, United States, May 26, 2023 (GLOBE NEWSWIRE) -- The global audiological devices market stood at US$ 10.2 billion in 2021 and the global market is projected to reach US$ 16.9 billion in 2031. Global audiological devices industry is anticipated to expand at a CAGR of 5.3% between 2022 and 2031.
The global audiological devices market boosts the demand for hearing care. Increasing government initiatives to raise awareness about hearing screening among infants and older adults will foster the growth of the industry during the forecast period.
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In October 2020, the U.S. FDA Reauthorization Act (FDARA) amended the regulatory framework for hearing aids to form the over-the-counter category by realigning the class of hearing aids by sound conduction technology. Earlier only hearing aids by air conduction technology were defined under the OTC hearing aids. Strong support from the government to improve accessibility is anticipated to drive the demand.
Rising technological advancements, such as the adoption of AI and ML and innovations in auditory products, are propelling industry growth, for instance, in October 2021, Audibel, a health-technology company, launched Arc-AI, an AI hearing aid, as it is programmed to automatically adjust hearing volume and is available in various styles, such as behind-the-ear and completely-in-canal styles. Lively launched an online audiology platform that provides hearing aids, tests, and 24/7 online support for all clients in January 2019. All users of the platform can communicate with an audiologist via video conference and receive hearing aid without the need to visit an office or retail store.
Key Takeaways of Market Report
- Global audiological devices market to generate absolute dollar opportunity worth US$ 16.9 billion until 2031.
- Global audiological devices market from 2022 to 2031 is 5.3%
- Global audiological devices market is currently valued at US$ 10.58 billion in 2022.
- Global audiological devices market stood at US$ 10.2 billion in 2021.
- Market value of the global audiological devices market management from 2018 to 2022 is 6.73%
- Europe is said to have a market share of 53%
- Asia Pacific market region is estimated to have a market share of 38%
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Global Audiological Devices Market: Growth Drivers
- Due to increased susceptibility to such illnesses with advancing age, the geriatric population’s growth will contribute to the rising prevalence of hearing impairment. Another factor in the growing patient population is the continuous and extended usage of devices for music listening and other activities. Numerous people have suffered temporary or permanent hearing loss due to occupational or recreational dangers like loud music at concerts, festivals, and other events. The increased incidence of hearing impairment is also attributed to other factors, such as genetics or the negative effects of certain medications. As a result, the market for audiological devices would be driven by the rising number of people with hearing loss. Cochlear implants are becoming more widely accepted, boosting the market's expansion.
- Research and development of increasingly sophisticated audiological devices will expand as the population with hearing impairment grows. Increasing amount of money is being spent on research and development to create improved audiological gadgets that are more aesthetically pleasing, more productive, and of higher quality. The advances will also encourage market competitiveness and lower production costs, lowering the price of audiological gadgets. Market participants will be able to reach out to low- and middle-income nations, given the availability of affordable audiological devices. Therefore, technological advances will present lucrative market prospects during the projection period.
Global Audiological Devices Market: Regional Landscape
- Europe held a leading share of the audiological devices market in 2021 and is projected to account for a sizable share of the global market. Massive commercialization of hearing products and cochlear devices has reinforced revenue growth of the regional market. Continuous R&D in hearing aids will open up new revenue possibilities in the Europe audiological devices market. Europe is said to have a market share of 53%.
- Asia Pacific is viewed as a potentially lucrative market. Rise in demand for products among people suffering from partial or complete hearing loss has spurred profitable opportunities for market players. Asia Pacific market region is estimated to have a market share of 38%.
Global Audiological Devices Market: Key Players
- Starkey Hearing Technologies
Merger
Starkey Hearing Technologies, a hearing aid manufacturer based in the United States, partnered with Orcam Technologies to provide assistive technology to hearing and visually impaired people.
- Natus Medical
Merger
Natus Medical Incorporated, a company based in the United States that makes devices for screening, detection, treatment, monitoring, and tracking disorders such as mobility and hearing, announced a partnership with ReSound. This partnership aims to broaden Otoscan’s reach and support the company’s goal of becoming the best practice solution for digital ear scanning.
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Global Audiological Devices Market: Segmentation
Product
Hearing Aids
- Behind-the-Ear (BTE) Aids
- Receiver-in-the-Ear (RITE) Aids
- In-the-Ear (ITE) Aids
- Canal Hearing Aids (CHA)
Cochlear Implants
Bone Anchored Hearing Aids
Diagnostic Devices
Audiometers
- Otoscopes
- Tympanometers
Disease Type
Otosclerosis
Meniere’s Disease
Acoustic Tumors
Otitis Media
Others
End-user
- Hospitals
- Ambulatory Surgery Centers
- Clinics
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