PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1299739
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1299739
Audiology Device Market size was valued at USD 9,335.0 Million in 2022, expanding at a CAGR of 7.6% from 2023 to 2030.
Audiology devices are used to treat and monitor abnormalities and hearing loss. Additionally, they are also utilized in balance assessments and comprehensive vestibular. Moreover, people above 65 are affected by hair loss in large percentages due to alterations in the neurological route from the brain to the ear. Further, in the treatment of hearing impairments audiology devices are intended for both diagnostic and therapeutic.
The rising prevalence of hearing inabilities such as complete and partial in people will likely drive the market demand for audiology devices to enhance the affected individual's quality of life. Additionally, the hearing aids such as audiology devices help to improve speech and hearing comprehension for people suffering from hearing loss. Thereby, such factors are projected to propel the demand for the audiology device market globally. However, audiology devices are quite expensive as a result many people cannot afford such devices.
Moreover, the rising demand for cost-effective products and technological advancements including wireless devices will likely offer lucrative opportunities for the global audiology devices market. The COVID-19 pandemic affected the audiology device market negatively. During the pandemic, only COVID-19-related emergencies were allowed in the hospitals and the fear of the spread of coronavirus that the routine checkups were delayed. The admission of patients who were suffering from hearing disabilities in clinics and hospitals was canceled or delayed. As a result, there was s significant fall in the demand for audiology devices.
The global audiology device market is segmented on the basis of product type, technology, sales channel, age group channel, and region.
The market is divided into four categories based on product type: hearing aids, BAHA/BAHS, cochlear implants, and diagnostic devices. The hearing aids sector is anticipated to grow over the forecast period due to the rising demand for complete-in-canal hearing aids and invisible-in-canal hearing aids.
The market is divided into two categories based on technology: digital and analog. The digital sector is expected to hold the largest market share because of the rapid adaptability of these devices.
The market is divided into three categories based on sales channels: retail stores, government purchases, and e-commerce. The retail stores' sector is likely to possess the market. The increasing initiative by the government for remote care and audiology care products is expected to boost the demand for this segment.
The market is divided into two categories based on age group channel: adults and pediatrics. The adult sector is likely to maintain its dominance. The awareness about available hearing devices & implants and rising geriatric population are major factors attributed to driving the segment growth.
Due to the increase in the number of hearing-related problems in the near future, the global market for audiology devices is made by local and international producers, making it a competitive sector globally. Additionally, market players sell their products through different platforms such as e-commerce websites, corporate websites, distributors, end consumers, and retailers. Key players are also adopting organic and inorganic growth strategies to enlarge their business expansion including mergers & acquisitions, R&D investment, partnerships, collaborations, and new product launches. For instance, in October 2021, Audibel, a health-technology company launched Arc-AI, an Artificial intelligence (AI) hearing aid a full line of AI-driven hearing aids that support the most advanced sound quality available.
This proposed research study on audiology device market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year.
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for audiology device market.
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the audiology device market.
Impact of COVID-19 on audiology device market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on audiology device market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the audiology device market, we have also included competitive landscape and key innovator analysis for the audiology device market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the audiology device market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global audiology device market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts.
The scope of this report covers the market by its major segments, which include as follows: