Dublin, Aug. 14, 2023 (GLOBE NEWSWIRE) -- The "Hearing Diagnostic Devices and Equipment Global Market Opportunities and Strategies to 2032" report has been added to ResearchAndMarkets.com's offering.
This upward trajectory is set to persist, with an anticipated CAGR of 10.0% from 2027 onwards, propelling the market's value to an impressive $5,311.3 million by 2032.
With a remarkable ascent, the hearing diagnostic devices and equipment market has achieved a valuation of nearly $1,995.2 million in 2022, propelled by a steady compound annual growth rate (CAGR) of 6.5% since 2017. The journey ahead promises even greater strides, as the market is projected to elevate its worth from $1,995.2 million in 2022 to a substantial $3,302.2 million by 2027, demonstrating an impressive growth rate of 10.6%.
The dynamic landscape of the hearing diagnostic devices and equipment market is being reshaped by trends that are steering industry strategies in innovative directions. Among the strategies gaining prominence are the adoption of artificial intelligence, the implementation of remote hearing screening, and the seamless integration of wireless technology with hearing diagnostic devices. The advent of the digital otoscope, coupled with escalating investments and burgeoning collaborations, further signifies the evolving strategies driving this market.
As the industry players strive for growth and relevance, they are employing strategies aimed at enhancing business operations and fortifying capabilities. This is being achieved through the introduction of new products that cater to the evolving needs of consumers. Additionally, partnerships and collaborations are being harnessed to augment business potential and establish a stronger market presence.
In light of the burgeoning opportunities within this dynamic market, industry insiders are being advised to capitalize on pivotal trends. The utilization of artificial intelligence, the focus on remote hearing screening, and the integration of wireless technology with diagnostic devices are among the recommended avenues.
To amplify growth, companies are encouraged to amplify investments, extend their footprint into emerging markets, retain their stronghold in developed regions, and foster collaborative partnerships. Moreover, providing competitively priced offerings, participating actively in industry events, leveraging B2B promotions, and targeting fast-growing end-users are key steps that can optimize the potential within this thriving landscape.
Growth in the historic period resulted from increased geriatric population, increased noise pollution, strong economic growth in emerging markets and growth in the number of healthcare facilities. Factors that negatively affected growth in the historic period were political uncertainties and low healthcare reimbursements.
Going forward, increase in hearing loss prevalence, rise in healthcare expenditure and increase in healthcare access will drive the growth. Factors that could hinder the growth of the hearing diagnostic devices and equipment market in the future includes lack of awareness and high cost of devices.
The hearing diagnostic devices and equipment market is segmented by type into otoacoustic emission (OAE), audiometers, otoscopes, tympanometers and other types. The otoacoustic emission (OAE) market was the largest segment of the hearing diagnostic devices and equipment market segmented by type, accounting for 59.4% of the total in 2022. Going forward, the audiometers segment is expected to be the fastest growing segment in the hearing diagnostic devices and equipment market segmented by type, at a CAGR of 11.4% during 2022-2027.
The hearing diagnostic devices and equipment market is also segmented by indication into conductive hearing loss, sensorineural hearing loss, combination hearing loss and other indications. The sensorineural hearing loss market was the largest segment of the hearing diagnostic devices and equipment market segmented by indication, accounting for 45.8% of the total in 2022
The global hearing diagnostic devices and equipment market is fairly fragmented, with a large number of players. The top ten competitors in the market made up to 32.46% of the total market in 2021. This may be due to the existence of a number of local players in the market serving customers in particular geographies.
Demant A/S was the largest competitor with a 15.27% share of the market, followed by WS Audiology with 7.13%, Natus Medical Incorporated with 3.93%, Hill Rom with 1.31%, Grason Stadler with 1.13%, MAICO Diagnostic with 0.96%, Amplivox with 0.89%, Interacoustics with 0.77%, Vivosonic with 0.75% and Inventis with 0.32%.
Opportunity Analysis
- The top opportunities in the hearing diagnostic devices and equipment market segmented by type will arise in the otoacoustic emission (OAE) segment, which will gain $736.2 million of global annual sales by 2027.
- The top opportunities in the hearing diagnostic devices and equipment market segmented by indication will arise in the sensorineural hearing loss segment, which will gain $626.4 million of global annual sales by 2027.
- The top opportunities in the hearing diagnostic devices and equipment market segmented by end user will arise in the hospitals segment, which will gain $853.3 million of global annual sales by 2027.
- The hearing diagnostic devices and equipment market size will gain the most in the USA at $371.5 million.
- Going forward, the sensorineural hearing loss segment is expected to be the fastest growing segment in the hearing diagnostic devices and equipment market segmented by indication, at a CAGR of 11.0% during 2022-2027.
- The hearing diagnostic devices and equipment market is also segmented by end user into hospitals, clinics, personal use and ambulatory care settings. The hospitals market was the largest segment of the hearing diagnostic devices and equipment market segmented by end user, accounting for 65.6% of the total in 2022.
- Going forward, the personal care segment is expected to be the fastest growing segment in the hearing diagnostic devices and equipment market segmented by end user, at a CAGR of 11.0% during 2022-2027.
- North America was the largest region in the hearing diagnostic devices and equipment market, accounting for 37.5% of the total in 2022. It was followed by Asia Pacific, Western Europe and then the other regions.
- Going forward, the fastest-growing regions in the hearing diagnostic devices and equipment market will be South America and Africa where growth will be at CAGRs of 14.6% and 13.9% respectively. These will be followed by Middle East and Asia Pacific where the markets are expected to grow at CAGRs of 13.5% and 12.2% respectively.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 329 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $1995.2 Million |
| Forecasted Market Value (USD) by 2031 | $5311.3 Million |
| Compound Annual Growth Rate | 10.3% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
6. Introduction and Market Characteristics
6.1. General Market Definition
6.2. Summary
6.3. Hearing Diagnostic Devices And Equipment Market Definition And Segmentations
6.4. Market Segmentation By Type
6.4.1. Otoacoustic Emission (OAE)
6.4.2. Audiometers
6.4.3. Otoscopes
6.4.4. Tympanometers
6.4.5. Other Types
6.5. Market Segmentation By Indication
6.5.1. Conductive Hearing Loss
6.5.2. Sensorineural Hearing Loss
6.5.3. Combination Hearing Loss
6.5.4. Other Indications
6.6. Market Segmentation By End-User
6.6.1. Hospitals
6.6.2. Clinics
6.6.3. Personal Care
6.6.4. Ambulatory Care
7. Major Market Trends
7.1. Adoption Of Artificial Intelligence
7.2. Remote Hearing Screening
7.3. Integration Of Wireless Technology With Hearing Diagnostic Devices
7.4. Digital Otoscope
7.5. Rising Investments
7.6. Increasing Collaborations
8. Price Of Products And Distributors/Suppliers
8.1.1. Price Of Products In The USA
8.1.2. Distributors/ Suppliers
8.1.3. Price Of Products In Europe
8.1.4. Distributors/ Suppliers
9. Global Market Size and Growth
9.1. Market Size
9.2. Historic Market Growth, 2017 - 2022, Value ($ Million)
9.2.1. Market Drivers 2017 - 2022
9.2.2. Market Restraints 2017 - 2022
9.3. Forecast Market Growth, 2022 - 2027, 2032F Value ($ Million)
9.3.1. Market Drivers 2022 - 2027
9.3.2. Market Restraints 2022 - 2027
10. Global Hearing Diagnostic Devices And Equipment Market Segmentation
10.1. Global Hearing Diagnostic Devices And Equipment Market, Segmentation By Type, Historic And Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
10.2. Global Hearing Diagnostic Devices And Equipment Market, Segmentation By Indication, Historic And Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
10.3. Global Hearing Diagnostic Devices And Equipment Market, Segmentation By End User, Historic And Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
11. Hearing Diagnostic Devices And Equipment Market, Regional and Country Analysis
11.1. Global Hearing Diagnostic Devices And Equipment Market, By Region, Historic and Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
11.2. Global Hearing Diagnostic Devices And Equipment Market, By Country, Historic and Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
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