New York, Oct. 12, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Audiological Devices Market’ for the forecast period, i.e. 2023 – 2033 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Audiological Devices Market Size:
By the end of 2033, the global audiological devices market is anticipated to generate substantial revenue of USD 17197 million, rising at a CAGR of ~6.1% over the forecast period. Additionally, the industry gained a remarkable USD 9599 million in sales in 2022. The market's expansion can be primarily attributed to the rising prevalence of hearing impairments worldwide. By 2050, one in four people, or over 2.5 billion people worldwide, will have mild to substantial hearing loss, according to recent research from the World Health Organization (WHO). Further, at least 700 million people are predicted to experience incapacitating hearing loss and need ear and hearing treatment.
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Additionally, healthcare professionals use audiological equipment to treat patients with hearing impairments. These tools include ear wax removal systems, curettes, otoscopes, earmold imprints, infection control tools, and more. Furthermore, the demand for audiological gadgets is anticipated to increase owing to expanding technological breakthroughs in that field and growing investment in the field of research and development field. It was noticed that global research and development spending has more than tripled in real terms since 2000, rising from USD 677 billion to USD 2.2 trillion in 2019.
Global Audiological Devices Market: Key Takeaways
- North America region gains the largest portion of the revenue
- E-commerce segment to dominate the revenue graph
- Hearing aids sub-segment remains prominent in the product segment
Rising Geriatric Population and Growing Adoption of Hearing Aids to Boost Market Growth
People over the age of 65 have a very high rate of hearing impairment. The process of losing hearing ability as time goes on is natural. As a result of changes in the neural pathway from the brain to the ear, hearing impairments are more common in older adults. Therefore, the rising geriatric population across the globe is estimated to propel market growth over the ensuing years. It was observed that the number of individuals aged 60 and older in the world is expected to double to 2.1 billion by 2050, and as hearing loss is more common as people age, over 25% of persons over the age of 60 have disabling hearing loss.
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In addition to this, a hearing aid is a discreet electronic device worn behind or in the ear. It amplifies particular sounds so that a person with hearing loss can listen, converse, and take part in daily activities to a greater extent. People with hearing aids can hear more clearly in both calm and noisy environments and hence the increasing adoption of hearing aids across the world is estimated to boost the market growth. As per the one of the reports around 7 million persons who are 60 or older currently wear hearing aids.
Global Audiological Devices Market: Regional Overview
The global audiological devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Cases of Hearing Impairments to Drive Growth in the North America Region
The market in North America region holds the largest market share of 39.32% in 2022. Further, the market in the region is estimated to gain a significant market share over the forecast period. The growth of the market can be attributed to the higher prevalence of hearing impairment in the region. According to one of the estimates, 1 in 20 Americans are currently deaf or hard of hearing and there are roughly 10 million people who have hearing loss, and there are about 1 million people who are functionally deaf.
Growing Geriatric Population to Drive Growth in the Asia Pacific Region
On the other hand, the market in Asia Pacific region is estimated to gain noteworthy market share over the forecast period owing to the growing geriatric population, backed by the rising prevalence of hearing impairment among the aged population in the region. It is believed that by 2050, one in four people in the Asia Pacific region is estimated to be older than 60. In addition to this, the doubling disposable income and increasing cost of treating these impairments in the region are estimated to drive the market growth over the forecast period.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Audiological Devices Packing Market, Segmentation by Product
- Hearing Aids – 48.73%
- Diagnostic Devices – 11.52%
- BAHA/BAHS – 12.51%
- Cochlear Implants – 27.24%
Out of these, with the biggest market share of 48.73% in 2022, the hearing aids segment is anticipated to have significant expansion over the forecast period. The betterment of people's life, technical innovation, and comfortability are attributed to the segment's expansion. For a fact, Starkey's Livio AI, introduced in 2018, is the first hearing aid to feature integrated sensors and artificial intelligence. This innovation enables the user to track physical activity and cognitive function as determined by the use of hearing aids.
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Global Audiological Devices Packing Market, Segmentation by Distribution Channel
- E-Commerce
- Retail Sales
Among these, the E-commerce segment is estimated to gain significant market share over the forecast period owing to increasing usage of mobile and the internet across the world. Moreover, the rising launch of mobile applications and easy availability of goods on e-commerce sites is predicted to boost segment growth. As per the estimation, in 2022, there will be around 6.6 billion smartphone users worldwide. This means, that nearly 84 percent of the world's population will be smartphone owners.
Global Audiological Devices Packing Market, Segmentation by Technology
- Analog
- Digital
Global Audiological Devices Packing Market, Segmentation by Age Group
- Adults
- Pediatrics
Few of the well-known market leaders in the global audiological devices market that are profiled by Research Nester are INVENTIS S.R.L., Demant A/S, Oticon Medical A/S, GN Store Nord A/S, MAICO Diagnostics GmbH, Sonova AG, WS Audiology A/S, Starkey Laboratories, Inc., Cochlear Limited, MED-EL Elektromedizinische Geräte GmbH, and others.
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Recent Developments in the Global Audiological Devices Market
- In August 2022, GN declares its intention to introduce the Jabra Enhance Plus, a little true wireless earbud that offers a 3-in-1 experience of calls, music, and hearing enhancement.
- In April 2022, For its brand, Signia, WS Audiology A/S received an iF Design award. For the third time, Signia received the prize owing to their Insio Charge & Go AX hearing aids. It is renowned for its comfort and discrete shape, contactless charging, and direct streaming from Android and iOS.
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