Dublin, May 18, 2023 (GLOBE NEWSWIRE) -- The "Audiology Devices Market by Technology, Product, Sales Channel, Age Group, End-user: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global audiology devices market is anticipated to reach $13,093.8 million by 2031, growing from $7,147.9 million in 2021, at a CAGR of 6.5% from 2022 to 2031.
Key Market Players
- Demant A/S
- GN Store Nord A/S
- Sonova
- Starkey Laboratories, Inc.
- MED-EL Medical Electronics
- Cochlear Ltd.
- WS Audiology A/S
- maico diagnostics gmbh
- oticon medical
- INVENTIS srl
Audiology devices are battery-powered devices that can modify and magnify sound waver from external environment. The sound is picked up by a microphone, which transforms it into sound waves. Then, electrical signals are created from the sound waves.
Patients with any level of hearing loss, from very moderate to total deafness, can obtain hearing functions that were not possible before, with the right chosen, fitted, and calibrated hearing equipment. The hearing sense is not returned to its original normal state by these devices since they typically do not restore the underlying defective auditory mechanisms. However, these gadgets can enhance or even completely replace the remaining hearing ability, which frequently results in considerable modifications to lifestyle.
An increase in awareness among individuals regarding hearing loss and its effects is resulting in more timely diagnosis and treatment. In addition, technological advancement has resulted in the development of sophisticated and user-friendly equipment, which is anticipated to further drive the market growth. The increase in the prevalence of hearing impairments and the growing understanding of early detection and treatment of these illnesses are the primary factors driving the growth of the global market for audiology devices.
In price-sensitive regions, the high cost of hearing aids, including cochlear implantation and bone-anchored devices, is a significant factor limiting the market expansion. Healthcare professionals frequently lack the financial resources to invest in modern technologies, particularly in developing countries. The healthcare staff must also be trained for complete intensive training programs in the proper usage and upkeep of bone-anchored devices and cochlear implantation. All such factors are likely to hinder the market growth in the future.
The geriatric population is growing continously and noise-induced hearing loss is becoming more common with growing age. As a result the demand for smart hearing aids have also increased. These are the main drivers of the global market's expansion. Each day, more people experience hearing loss.
Around 2.5 billion people will have some degree of hearing loss by the year 2050, according to the World Health Organization (WHO), and over 700 million people will have a hearing disability. Young adults are also at risk for hearing loss as a result of poor hearing habits.
Manufacturers have now focused on launching new and advanced technologies in hearing aids to boost their market presence and benefit the patients. Patients can now acquire hearing aids and communicate with an audiologist via video conferencing without having to travel to hospitals or clinics thanks to telemedicine technology.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global audiology devices market analysis from 2021 to 2031 to identify the prevailing global audiology devices market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the global audiology devices market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global global audiology devices market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Technology
- Digital
- Analog
By Product
- Cochlear Implants
- Hearing Aids
- Other devices
By Sales channel
- Retail Sales
- Government purchases
- E-commerce
By Age Group
- Pediatric
- Adult
By End User
- Hospitals
- Ambulatory Surgical Centers (ASCs)
- Research Institutes
For more information about this report visit https://www.researchandmarkets.com/r/nvlm7
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