PUBLISHER: Acute Market Reports | PRODUCT CODE: 1128625
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1128625
Audiological Devices Market - Growth, Future Prospects and Competitive Analysis, 2022 - 2030
Key Market Insights
Increase in life expectancy will spur the market revenue growth
The global audiological devices market accounted for US$ 11,574.1 Mn in 2021 and is anticipated to grow to US$ 18,649.0 Mn growing at a CAGR of 5.5% throughout the forecast period from 2022 to 2030. In 2021, in terms of volume market register sales of 18.50 Mn units and anticipated to reach 30.38 Mn Units expanding at a CAGR of 5.7%.
The audiological devices market is driven majorly by the increasing aging population and rising number of hearing disorders globally. The growth in the market is proliferated by increasing research and development activities in both developing and developed economies coupled with rapid technological advancements in the market. The rising appeal of cosmetic appeal of modern devices and rising incidence of deafness, effective devices, and cost-effectiveness of the hearing devices are further boosting the market growth. Additionally increasing sales from high-quality care with modern and innovative hearing aids are further boosting the demand of the market. According to the statistics generated by Hearing Industry Association net unit sales in the United States grew by 3.7% with 4.0% growth in private sector and 0.92% for Department of Veteran Affairs.
In addition, hearing impairment is very prevalent, according to a report by World Health Organization (WHO), in 2012, 360 million people had hearing impairment which is more than 5% of world population, and out of these 32 million are children. According to WHO in 2017, 1/3rd of the adults above the age of 65 years have a disabling hearing impairment. The main causes of hearing impairment in adults include ageing, exposure to excessive noise, and use of particular drugs. The market size is set to increase due to demographic trends such as increasing life expectancy. This trend is especially noticeable in low and middle income countries such as South Asia and sub-Saharan Africa region where the prevalence of hearing impairment is higher than other world regions.
Product Analysis
Hearing aid to dominate the market throughout the forecast period
Based on product, the audiological devices market is classified into hearing aid, hearing implants, diagnostic instruments and bone anchored hearing aid (BAHA) segments. Hearing aid segment dominated the global audiological devices market and accounted for more than 40% of revenue generated. This is due to rapid technological advancements, rising prevalence of hearing loss and increasing geriatric population among others.
In contrast, hearing implants segment anticipated to register fastest growth throughout the forecast period. According to a report by world health organization (WHO) in 2019, more than 460 million people have disabling hearing loss and out of 134 million babies born every year more than 150,000 are candidates for cochlear implants. This has created the demand for audiological devices and boosting the market growth in the segment.
Sales Channel Analysis
E-commerce segment expected to witness highest growth during the forecast period
On the basis of sales channel, the global audiological devices market is classified into retail, e-commerce and others. The retail segment dominated the market and is expected to remain dominant throughout the forecast period. This can be associated to the penetration of big retail stores coupled with consumers preference to buy devices from retail stores especially in countries such as the US, and China among others. According to a recent study, in 2016, in the US, more than 3 million units were sold out of which more than 75% were sold through private market.
On the flip side, e-commerce segment expected to expand with highest growth rate during the forecast period in the global audiological devices market. Owing to rising adoption of e-commerce medium to sell hearing aid products by manufacturers coupled with online support services and consultation. This in turn is propelling the market growth of the segment in global audiological devices market.
Regional Analysis
Rising environmental concerns to bolster the growth in Asia Pacific region
In 2021, North America region dominated the audiological devices market and accounted for around 40% of revenue generated globally followed by Europe. This is due to, rising number of incidence of hearing impairment and advancement in audiology systems. According to research study by American Hearing Research Foundation, in the US, approximately 0.2% of the population is suffering from hearing impairment and every year more than 45,000 new cases are diagnosed.
In contrast, Asia Pacific region expected to expand at a significant growth rate. Owing to the presence of large geriatric population especially in China, increasing research and development activities and government initiatives among others. According to report by WHO, in 2019, the prevalence of hearing loss in adults over the age 65 is highest in the Asia Pacific region. Thus the demand for global audiological devices is propelled.
List of Companies Covered:
William Demant Holdings A/S
Starkey Hearing Technologies
Widex A/S
GN ReSound Group
Sonova Holdings AG
Amplifon SpA
Cochlear Limited
GN Store Nord
Siemens Healthcare
MedRx
Key Industry Development:
In January 2019, Prodways group announced the acquisition of Surdifuse-L. This in turn will help the companies to develop new product and increase their product portfolio in the market.
Historical & Forecast Period:
This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Audiological Devices market are as follows:
- Research and development budgets of manufacturers and government spending
- Revenues of key companies in the market segment
- Number of end users and consumption volume, price and value.
- Geographical revenues generate by countries considered in the report
Micro and macro environment factors that are currently influencing the Audiological Devices market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
ATTRIBUTE DETAILS
Research Period 2020-2030
Base Year 2021
Forecast Period 2022-2030
Historical Year 2020
Unit USD Million
Segmentation
Product Type
Hearing Aid
Hearing Implants
Diagnostic Instruments
Bone Anchored Hearing Aid (BAHA)
Technology
Digital
Analog
Sales Channel
Retail
E-commerce
Others (Private & Public Initiatives, National Health Programs)
Region Segment (2020-2030; US$ Million)
North America
U.S.
Canada
Rest of North America
UK and European Union
UK
Germany
Spain
Italy
France
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
GCC
Africa
Rest of Middle East and Africa
Global Impact of COVID-19 Segment (2020-2021; US$ Million )
Pre COVID-19 situation
Post COVID-19 situation
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Audiological Devices market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2030.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Audiological Devices market?
- Which is the largest regional market for Audiological Devices market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Audiological Devices market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Audiological Devices market worldwide?
Table of Contents
1. Preface
- 1.1. Report Description
- 1.1.1. Purpose of the Report
- 1.1.2. Target Audience
- 1.1.3. Key Offerings
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.3.1. Phase I - Secondary Research
- 1.3.2. Phase II - Primary Research
- 1.3.3. Phase III - Expert Panel Review
- 1.3.4. Assumptions
- 1.3.5. Approach Adopted
2. Executive Summary
- 2.1. Market Snapshot: Global Audiological Devices Market
- 2.2. Global Audiological Devices Market, By , 2021 (US$ Million)
- 2.3. Global Audiological Devices Market, By Product Type , 2021 (US$ Million)
- 2.4. Global Audiological Devices Market, By Technology , 2021 (US$ Million)
- 2.5. Global Audiological Devices Market, By Sales Channel , 2021 (US$ Million)
- 2.6. Global Audiological Devices Market, By Geography, 2021 (US$ Million)
- 2.7. Impact of Covid 19
- 2.8. Attractive Investment Proposition by Geography, 2021
- 2.9. Competitive Analysis
- 2.9.1. Market Positioning of Key Audiological Devices Market Vendors
- 2.9.2. Strategies Adopted by Audiological Devices Market Vendors
- 2.9.3. Key Industry Strategies
3. Audiological Devices Market: Business Outlook & Market Dynamics
- 3.1. Introduction
- 3.2. Global Audiological Devices Market Value, 2020 - 2030, (US$ Million)
- 3.3. Market Dynamics
- 3.3.1. Market Drivers
- 3.3.2. Market Restraints
- 3.3.3. Key Challenges
- 3.3.4. Key Opportunities
- 3.4. Impact Analysis of Drivers and Restraints
- 3.5. See-Saw Analysis
- 3.6. Porter's Five Force Model
- 3.6.1. Supplier Power
- 3.6.2. Buyer Power
- 3.6.3. Threat Of Substitutes
- 3.6.4. Threat Of New Entrants
- 3.6.5. Competitive Rivalry
- 3.7. PESTEL Analysis
- 3.7.1. Political Landscape
- 3.7.2. Economic Landscape
- 3.7.3. Technology Landscape
- 3.7.4. Legal Landscape
- 3.7.5. Social Landscape
4. Audiological Devices Market: By , 2020-2030, USD (Million)
- 4.1. Market Overview
- 4.2. Growth & Revenue Analysis: 2021 Versus 2030
- 4.3. Market Segmentation
5. Audiological Devices Market: By Product Type , 2020-2030, USD (Million)
- 5.1. Market Overview
- 5.2. Growth & Revenue Analysis: 2021 Versus 2030
- 5.3. Market Segmentation
- 5.3.1. Hearing Aid
- 5.3.2. Hearing Implants
- 5.3.3. Diagnostic Instruments
- 5.3.4. Bone Anchored Hearing Aid (BAHA)
6. Audiological Devices Market: By Technology , 2020-2030, USD (Million)
- 6.1. Market Overview
- 6.2. Growth & Revenue Analysis: 2021 Versus 2030
- 6.3. Market Segmentation
- 6.3.1. Digital
- 6.3.2. Analog
7. Audiological Devices Market: By Sales Channel , 2020-2030, USD (Million)
- 7.1. Market Overview
- 7.2. Growth & Revenue Analysis: 2021 Versus 2030
- 7.3. Market Segmentation
- 7.3.1. Retail
- 7.3.2. E-commerce
- 7.3.3. Others (Private & Public Initiatives, National Health Programs)
8. North America Audiological Devices Market, 2020-2030, USD (Million)
- 8.1. Market Overview
- 8.2. Audiological Devices Market: By , 2020-2030, USD (Million)
- 8.3. Audiological Devices Market: By Product Type , 2020-2030, USD (Million)
- 8.4. Audiological Devices Market: By Technology , 2020-2030, USD (Million)
- 8.5. Audiological Devices Market: By Sales Channel , 2020-2030, USD (Million)
- 8.6.Audiological Devices Market: By Region, 2020-2030, USD (Million)
- 8.6.1.North America
- 8.6.1.1. U.S.
- 8.6.1.2. Canada
- 8.6.1.3. Rest of North America
- 8.6.1.North America
9. UK and European Union Audiological Devices Market, 2020-2030, USD (Million)
- 9.1. Market Overview
- 9.2. Audiological Devices Market: By , 2020-2030, USD (Million)
- 9.3. Audiological Devices Market: By Product Type , 2020-2030, USD (Million)
- 9.4. Audiological Devices Market: By Technology , 2020-2030, USD (Million)
- 9.5. Audiological Devices Market: By Sales Channel , 2020-2030, USD (Million)
- 9.6.Audiological Devices Market: By Region, 2020-2030, USD (Million)
- 9.6.1.UK and European Union
- 9.6.1.1. UK
- 9.6.1.2. Germany
- 9.6.1.3. Spain
- 9.6.1.4. Italy
- 9.6.1.5. France
- 9.6.1.6. Rest of Europe
- 9.6.1.UK and European Union
10. Asia Pacific Audiological Devices Market, 2020-2030, USD (Million)
- 10.1. Market Overview
- 10.2. Audiological Devices Market: By , 2020-2030, USD (Million)
- 10.3. Audiological Devices Market: By Product Type , 2020-2030, USD (Million)
- 10.4. Audiological Devices Market: By Technology , 2020-2030, USD (Million)
- 10.5. Audiological Devices Market: By Sales Channel , 2020-2030, USD (Million)
- 10.6.Audiological Devices Market: By Region, 2020-2030, USD (Million)
- 10.6.1.Asia Pacific
- 10.6.1.1. China
- 10.6.1.2. Japan
- 10.6.1.3. India
- 10.6.1.4. Australia
- 10.6.1.5. South Korea
- 10.6.1.6. Rest of Asia Pacific
- 10.6.1.Asia Pacific
11. Latin America Audiological Devices Market, 2020-2030, USD (Million)
- 11.1. Market Overview
- 11.2. Audiological Devices Market: By , 2020-2030, USD (Million)
- 11.3. Audiological Devices Market: By Product Type , 2020-2030, USD (Million)
- 11.4. Audiological Devices Market: By Technology , 2020-2030, USD (Million)
- 11.5. Audiological Devices Market: By Sales Channel , 2020-2030, USD (Million)
- 11.6.Audiological Devices Market: By Region, 2020-2030, USD (Million)
- 11.6.1.Latin America
- 11.6.1.1. Brazil
- 11.6.1.2. Mexico
- 11.6.1.3. Rest of Latin America
- 11.6.1.Latin America
12. Middle East and Africa Audiological Devices Market, 2020-2030, USD (Million)
- 12.1. Market Overview
- 12.2. Audiological Devices Market: By , 2020-2030, USD (Million)
- 12.3. Audiological Devices Market: By Product Type , 2020-2030, USD (Million)
- 12.4. Audiological Devices Market: By Technology , 2020-2030, USD (Million)
- 12.5. Audiological Devices Market: By Sales Channel , 2020-2030, USD (Million)
- 12.6.Audiological Devices Market: By Region, 2020-2030, USD (Million)
- 12.6.1.Middle East and Africa
- 12.6.1.1. GCC
- 12.6.1.2. Africa
- 12.6.1.3. Rest of Middle East and Africa
- 12.6.1.Middle East and Africa
13. Company Profile
- 13.1. William Demant Holdings A/S
- 13.1.1. Company Overview
- 13.1.2. Financial Performance
- 13.1.3. Product Portfolio
- 13.1.4. Strategic Initiatives
- 13.2. Starkey Hearing Technologies
- 13.2.1. Company Overview
- 13.2.2. Financial Performance
- 13.2.3. Product Portfolio
- 13.2.4. Strategic Initiatives
- 13.3. Widex A/S
- 13.3.1. Company Overview
- 13.3.2. Financial Performance
- 13.3.3. Product Portfolio
- 13.3.4. Strategic Initiatives
- 13.4. GN ReSound Group
- 13.4.1. Company Overview
- 13.4.2. Financial Performance
- 13.4.3. Product Portfolio
- 13.4.4. Strategic Initiatives
- 13.5. Sonova Holdings AG
- 13.5.1. Company Overview
- 13.5.2. Financial Performance
- 13.5.3. Product Portfolio
- 13.5.4. Strategic Initiatives
- 13.6. Amplifon SpA
- 13.6.1. Company Overview
- 13.6.2. Financial Performance
- 13.6.3. Product Portfolio
- 13.6.4. Strategic Initiatives
- 13.7. Cochlear Limited
- 13.7.1. Company Overview
- 13.7.2. Financial Performance
- 13.7.3. Product Portfolio
- 13.7.4. Strategic Initiatives
- 13.8. GN Store Nord
- 13.8.1. Company Overview
- 13.8.2. Financial Performance
- 13.8.3. Product Portfolio
- 13.8.4. Strategic Initiatives
- 13.9. Siemens Healthcare
- 13.9.1. Company Overview
- 13.9.2. Financial Performance
- 13.9.3. Product Portfolio
- 13.9.4. Strategic Initiatives
- 13.10. MedRx
- 13.10.1. Company Overview
- 13.10.2. Financial Performance
- 13.10.3. Product Portfolio
- 13.10.4. Strategic Initiatives
List of Tables
- TABLE 1 Global Audiological Devices Market By , 2020-2030, USD (Million)
- TABLE 2 Global Audiological Devices Market By Product Type , 2020-2030, USD (Million)
- TABLE 3 Global Audiological Devices Market By Technology , 2020-2030, USD (Million)
- TABLE 4 Global Audiological Devices Market By Sales Channel , 2020-2030, USD (Million)
- TABLE 5 North America Audiological Devices Market By , 2020-2030, USD (Million)
- TABLE 6 North America Audiological Devices Market By Product Type , 2020-2030, USD (Million)
- TABLE 7 North America Audiological Devices Market By Technology , 2020-2030, USD (Million)
- TABLE 8 North America Audiological Devices Market By Sales Channel , 2020-2030, USD (Million)
- TABLE 9 UK and European Union Audiological Devices Market By , 2020-2030, USD (Million)
- TABLE 10 UK and European Union Audiological Devices Market By Product Type , 2020-2030, USD (Million)
- TABLE 11 UK and European Union Audiological Devices Market By Technology , 2020-2030, USD (Million)
- TABLE 12 UK and European Union Audiological Devices Market By Sales Channel , 2020-2030, USD (Million)
- TABLE 13 Asia Pacific Audiological Devices Market By , 2020-2030, USD (Million)
- TABLE 14 Asia Pacific Audiological Devices Market By Product Type , 2020-2030, USD (Million)
- TABLE 15 Asia Pacific Audiological Devices Market By Technology , 2020-2030, USD (Million)
- TABLE 16 Asia Pacific Audiological Devices Market By Sales Channel , 2020-2030, USD (Million)
- TABLE 17 Latin America Audiological Devices Market By , 2020-2030, USD (Million)
- TABLE 18 Latin America Audiological Devices Market By Product Type , 2020-2030, USD (Million)
- TABLE 19 Latin America Audiological Devices Market By Technology , 2020-2030, USD (Million)
- TABLE 20 Latin America Audiological Devices Market By Sales Channel , 2020-2030, USD (Million)
- TABLE 21 Middle East and Africa Audiological Devices Market By , 2020-2030, USD (Million)
- TABLE 22 Middle East and Africa Audiological Devices Market By Product Type , 2020-2030, USD (Million)
- TABLE 23 Middle East and Africa Audiological Devices Market By Technology , 2020-2030, USD (Million)
- TABLE 24 Middle East and Africa Audiological Devices Market By Sales Channel , 2020-2030, USD (Million)
List of Figures
- FIG. 1 Global Audiological Devices Market: Market Coverage
- FIG. 2 Research Methodology and Data Sources
- FIG. 3 Market Size Estimation - Top Down & Bottom-Up Approach
- FIG. 4 Global Audiological Devices Market: Quality Assurance
- FIG. 5 Global Audiological Devices Market, By , 2021
- FIG. 6 Global Audiological Devices Market, By Product Type , 2021
- FIG. 7 Global Audiological Devices Market, By Technology , 2021
- FIG. 8 Global Audiological Devices Market, By Sales Channel , 2021
- FIG. 9 Global Audiological Devices Market, By Geography, 2021
- FIG. 10 Global Audiological Devices Market, By , 2021 Vs 2030, %
- FIG. 11 Global Audiological Devices Market, By Product Type , 2021 Vs 2030, %
- FIG. 12 Global Audiological Devices Market, By Technology , 2021 Vs 2030, %
- FIG. 13 Global Audiological Devices Market, By Sales Channel , 2021 Vs 2030, %
- FIG. 14 U.S. Audiological Devices Market (US$ Million), 2020 - 2030
- FIG. 15 Canada Audiological Devices Market (US$ Million), 2020 - 2030
- FIG. 16 Rest of North America Audiological Devices Market (US$ Million), 2020 - 2030
- FIG. 17 UK Audiological Devices Market (US$ Million), 2020 - 2030
- FIG. 18 Germany Audiological Devices Market (US$ Million), 2020 - 2030
- FIG. 19 Spain Audiological Devices Market (US$ Million), 2020 - 2030
- FIG. 20 Italy Audiological Devices Market (US$ Million), 2020 - 2030
- FIG. 21 France Audiological Devices Market (US$ Million), 2020 - 2030
- FIG. 22 Rest of Europe Audiological Devices Market (US$ Million), 2020 - 2030
- FIG. 23 China Audiological Devices Market (US$ Million), 2020 - 2030
- FIG. 24 Japan Audiological Devices Market (US$ Million), 2020 - 2030
- FIG. 25 India Audiological Devices Market (US$ Million), 2020 - 2030
- FIG. 26 Australia Audiological Devices Market (US$ Million), 2020 - 2030
- FIG. 27 South Korea Audiological Devices Market (US$ Million), 2020 - 2030
- FIG. 28 Rest of Asia Audiological Devices Market (US$ Million), 2020 - 2030
- FIG. 29 Brazil Audiological Devices Market (US$ Million), 2020 - 2030
- FIG. 30 Mexico Audiological Devices Market (US$ Million), 2020 - 2030
- FIG. 31 Rest of Latin America Audiological Devices Market (US$ Million), 2020 - 2030
- FIG. 32 GCC Audiological Devices Market (US$ Million), 2020 - 2030
- FIG. 33 Africa Audiological Devices Market (US$ Million), 2020 - 2030
- FIG. 34 Rest of Middle East and Africa Audiological Devices Market (US$ Million), 2020 - 2030
