New York, USA, April 03, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global audiology devices market is predicted to rise at a tremendous CAGR of 6.5%, thereby garnering a revenue of $13,093.8 million in the 2022-2031 timeframe. This integrated report presents a brief outlook of the current framework of the audiology devices market including its cardinal features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2031. All the necessary market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Market
Drivers: Increasing adoption of cutting-edge equipment among the elderly population is expected to become the primary growth driver of the audiology devices market in the forecast period. Moreover, growing number of persons with hearing disabilities across the world is expected to help the market grow substantially in the forecast period.
Opportunities: New products launched by manufacturers is predicted to offer numerous growth opportunities to the market in the forecast period. Along with this, increase in incidences of hearing loss is estimated to push the market forward.
Restraints: Market analysts are however skeptical about the full-paced growth of this market owing to high prices of audiology devices, which might prove to be a restraint for the audiology devices market.
Request an Exclusive PDF Sample of the Audiology Devices Market (Including Tables, TOC, and Figures)
Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The audiology devices market, too, has been significantly affected by the pandemic. Due to the onslaught of the pandemic, there was a decline in demand for cochlear implant surgeries which reduced the growth rate of the market.
Segments of the Market
The report has divided the audiology devices market into certain segments based on technology, product, sales channel, age group, end user, and region.
Technology: Analog Sub-segment to be the Most Dominant
The analog sub-segment is expected to be highly dominant sub-segment by 2031. Analog devices are quite cheaper as compared is predicted to boost the growth of this sub-segment in the forecast period.
Product: Cochlear Implants Sub-segment to Have a Significant Market Share
The cochlear implants sub-segment is expected to have a significant market share during the 2022-2031 timeframe. The increased public awareness of cochlear implants as minimally invasive treatments is predicted to push the sub-segment forward in the forecast period.
Sales Channel: Retail Sales Sub-segment to Grow Rapidly
The retail sales sub-segment is expected to be one of the most dominant sub-segments by 2031. Presence of large retail chains like CVS, Walgreens, Walmart, and Amazon is predicted to boost the growth of this sub-segment in the forecast period.
Age Group: Adult Sub-segment to Generate a Huge Revenue
The adult sub-segment is expected to flourish immensely during the analysis timeframe. The increasing number of cases of hearing loss issues among the global geriatric population is predicted to push the sub-segment forward in the forecast period.
End User: Ambulatory Surgical Centers (ASCs) Sub-segment to Flourish Immensely
The ambulatory surgical centers (ASCs) sub-segment is expected to propel ahead during the 2022-2031 timeframe. ASCs provide advanced surgical care to patients in closely supervised, highly specialized setting. This has resulted in an increase in their popularity which is predicted to push the sub-segment forward in the forecast period.
Ask an Expert Analyst or Schedule a call to Get the Latest Trends on Audiology Devices Market
Market in the North-America Region to be the Most Profitable
By regional analysis, the audiology devices market in North America region is expected to become the most profitable sub-segment. Higher prevalence of hearing loss among the geriatric population of this region is expected to be the main growth driver of the market in the forecast period.
Prominent Market Players
Some of the prominent players of the audiology devices market are
- Demant A/S
- MED-EL Medical Electronics
- MAICO Diagnostics GmbH Ltd
- GN Store Nord A/S
- Cochlear Ltd
- Oticon Medical
- Sonova
- WS Audiology A/S
- INVENTIS srl
- Starkey Laboratories Inc
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market.
For instance, in June 2022, Demant, a leading hearing aid manufacturing company based in Denmark, announced the acquisition of ShengWang, a Chinese hearing aid manufacturing giant. This acquisition is expected to help the acquiring company i.e., to increase its footprint in the Asian market in the coming period.
Finally, the report also summarizes many crucial aspects of the audiology devices market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
More about Audiology Devices Market:
- Hearing Reimagined: The Latest Breakthroughs in Audiology Devices
- Global Audiology Devices Market to Experience Noteworthy Growth by 2031 with the Increasing Cases of Hearing Impairment
