Pune, India, Sept. 29, 2021 (GLOBE NEWSWIRE) -- The global audiology devices market size is projected to experience dynamic growth in the forthcoming years. The rising prevalence of hearing impairment will promote growth positively, states Fortune Business Insights in its report, titled, “Audiology Devices Market, 2021-2028".
The market is expected to gain traction, due to the rising geriatric population. As per World Health Organization, around 164.5 million old people suffer from hearing loss. This makes around 33% of the total global population. Thus the market is expected to rise during the forecast period.
Segmentation-
Based on the product type, the market is trifurcated into hearing aids, cochlear implants, and diagnostic devices. By end-users, it is divided into hospitals, ambulatory surgical centers, clinics, and others. The market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East by geography.
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COVID-19 Impact
The outbreak of the COVID-19 pandemic has crippled the global economy, and audiology manufacturers also suffered losses as nations around the world underwent a strict lockdown to curb the spread of the virus. All non-essential manufacturing was shut and a few of them retooled to manufacture masks, sanitizers, and personal protective equipment (PPE). However, the market is expected to revive during the forecast period.
Highlights of the report:
The report provides insights about the tangible intelligence into the trends, drivers, and various other aspects of the market and the holistic analysis of the factors restricting the growth of the audiology devices market. It also emphasizes on the granular assessment of the different market segments. And lastly, an in-depth evaluation of the regional prospects and the competitive dynamics influencing the market are given in the report.
Drivers & Restraints
Rising Hearing Impairment in Younger Population to Fuel Market Growth
Rising hearing impairment in the younger population due to the fact that young people often listen to loud music on their smartphones, and being overweight also affects hearing, a study by Hear it. Org suggests. This is expected to drive the audiology devices market growth. Moreover, another report by the World Health Organization, published in April 2021, states that by 2021 around 2.5 billion people are expected to suffer from hearing loss and around 700 will need hearing rehabilitation.
On the other hand, the high cost of audiology instruments and lesser acceptance of the devices in rural areas are the major market constraints.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/audiology-devices-market-101988
Regional Insights
North America to Dominate by Presence of Patient-Centric Audiology Instruments
North America is expected to hold major audiology devices market share owing to the increasing geriatric population, and patient-centric advancement in audiology instruments is expected to promote market growth.
Asia Pacific and the Middle East and Africa is projected to hold a significant market share owing to increasing hearing loss problems and increasing geriatric population in nations such as Japan. Moreover, constantly evolving healthcare infrastructure in these regions is anticipated to promote the regional market.
Competitive Landscape
Key Players to Focus on Collaborations to Energize the Market
Key players are deeply engaged in devising novel products and forming new collaborations. For instance, in December 2017, Cochlear Limited formed collaboration with Sensorian to widen their hearing implants portfolio. Such strategic moves are expected to strengthen the market prospects in the upcoming years.
Industry Development
June 2018: Signia announced the launch of Syletto connect. It is the first ultra-slim receiver to be used.
May 2018: Sivanstos Ptc Ltd announced its merger with WIDEX with an aim to invest in R&D of hearing aids devices.
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List of Key Players Covered in the Audiology Devices Market Report:
- Medtronic
- Med Rx
- Siemens
- WIDEX
- MAICO Diagnostic MED-EL
- Sivantos Pte Ltd
- Starkey
- Demant A/S
Global Audiology Devices Market Segmentation
By Type
• Hearing Aids
o Behind-the-ear (BTE) Aids
o Canal Hearing Aids
o In-The-Ear (ITE) Aids
• Cochlear Implants
• Diagnostic Devices
o Audiometers
o Otoscopes
o Tympanometers
• Other Assistive Devices
By End User
• Hospitals
• Ambulatory Surgical Centers
• Clinics
• Others
By Geography
• North America (USA, Canada)
• Europe (UK, Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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