Audiology Devices Market by Technology (Digital and Analog), Product (Cochlear Implants, Hearing Aids, and Others), Sales Channel (Retail Sales, Government Purchases, and E-commerce), Age Group (Pediatric and Adult), End User (Hospitals, Ambulatory Surgical Centers (ASCs), and Research Institutes), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031

LS : Medical Devices & Supplies

RA00521

Pages: 240

Mar 2023

Global Audiology Devices Market Analysis

The Global Audiology Devices Market Size was $7,147.9 million in 2021 and is predicted to grow with a CAGR of 6.5%, by generating revenue of $13,093.8 million by 2031.

Global Audiology Devices Market Synopsis

Audiology devices are electronic equipment that identify and manage hearing loss or impairments. In addition, hearing is monitored and studied using hearing aids. Age-related hearing loss or impairment is majorly a concern on a global scale. Also, growing technical advancements, and the adoption of cutting-edge equipment among the elderly population is further expected to drive audiology devices market in the forecast time period. Hearing gadgets now come with sensor devices that make them easier to use. Furthermore, a lot of companies are making wireless hearing aids, which are gaining popularity in the market for audiology devices. The incidence of hearing loss and impairment among populations, particularly among the elderly, has increased, and this is the main factor projected to drive the market expansion. The number of persons with hearing disabilities rises along with the global population, which is expected to drive the market growth.

Market expansion is anticipated to be hampered by the negative stigma with deafness. Throughout the forecast period, high costs for hearing impairment treatments, particularly those based on surgery, are expected to be a challenge for the market for audiology devices.

Improvements in diagnostic ability and treatment choices, such as advancements in PC-based and hybrid audiometers, offer lucrative opportunities to market participants. In addition, a supportive regulatory framework for providing healthcare aids by government in developing regions and rural areas is anticipated to accelerate the market for audiology devices future growth.

According to regional analysis, the North America audiology devices market dominated the global audiology devices in 2021. The regional market share growth can be linked to technical improvements in audiology systems, a rise in the number of audiologists, growing number of patients with hearing impairment and the adoption of cutting-edge digital platforms by the manufacturers for manufacturing highest quality hearing aids.

Audiology Devices Overview

The audiology devices are used to help audiologists diagnose hearing impairment in patients and assist those who have hearing difficulties. These devices work on the principle of sound amplification. They can be used for aural monitoring or analysis as well. In prehistoric times, sensorineural hearing loss or sporadic hearing loss was widespread, and it is still widespread today. The increased frequency of hearing impairments has been attributed to expanding populations as well as an increase in the prevalence of impairment and hearing issues among younger generations.

COVID-19 Impact on Global Audiology Devices Market

The audiology devices manufacturing business suffered owing to the delay in cochlear surgeries caused by the COVID-19 pandemic. The total demand for hearing devices was impacted by a reduction in cochlear procedures. For instance, Cochlear Ltd. reported a 42% decrease in net profits in 2020. During the prevalence of COVID-19 pandemic, the global medical care was severely impacted as the healthcare professionals, worldwide, had to shift their preference from other diseases to the coronavirus-infected patients. Several hospitals and departments were re-profiled for treating patients with COVID-19 due to the rise in demand brought on by the increase in the rate of hospitalization of COVID-19 patients. Many elective treatments were canceled or delayed globally in order to reserve and redirect the limited capacity and resources, including hospital beds and care professionals, toward COVID-19 patient care. The provision of ENT-related procedures and services was adversely affected by the shift of intensive care resources. According to The Centers for Disease Control and Prevention, ENT clinics or audiology centers were a major source of medium-to-high risk for COVID-19 infection, and thus, the healthcare authorities were bound to restrict the treatment of any patient visiting, other than emergency, ENT department. Such factors have negatively impacted the audiology devices market size growth in the pandemic period.

Increase in Incidences of Hearing Loss to Drive the Demand for Audiology Devices

The increasing need for diagnosis and treatment is expected to rise with an increase in prevalence of hearing issues among people, which is anticipated to boost the global market for audiology devices. For instance, according to a report published by the World Health Organization, in 2021, approximately 1.5 billion of patients were suffering from hearing loss issue, globally. The organization states that people with hearing loss typically communicate verbally and the use of cochlear implants, and other assistive technologies may be helpful. Cochlear implants may help those who have more serious hearing loss. For instance, according to the National Institute of Deafness and Other Communication Disorders, in 2019, approximately 15% of American adults or nearly 37.5 million adult population suffered from some trouble hearing. Also, in 2019, approximately 736,900 cochlear implants were implanted worldwide. In the U.S., nearly 118,100 devices were implanted in adults and 65,000 in children. Such factors are expected to drive the audiology devices market share growth in the forecast time period. Also, the market is expected to boost as a result of technological developments in audiological equipment brought on by intensive R&D efforts by leading players.

To know more about global audiology devices market drivers, get in touch with our analysts here.

High Prices for Audiology Devices and Limited Access to Treatments for Hearing Loss to Restrain the Market Growth

The high cost of audiology devices is a significant factor projected to restrict the market growth. High-end features, including AI and deep neural networks, are enabled in some hearing aids, which unnecessarily increase the cost of making the final product. Some lower and middle-class customers may not be able to pay the high prices for audiology equipment. The market for audiology devices is dominated by a small number of multinational corporations, which also increases the price of related products. Patients with hearing loss can either undergo surgery or receive an implant to permanently cure them but the entire surgical procedure is highly expensive. In addition, the success rate of clinical trials for new audiology devices is increasing, but many upcoming audiology devices are still in the early stages of R&D and will take time to enter the market and benefit the patients. These factors are anticipated to hamper the audiology devices market growth during the forecast period.

New Products Launched by Manufacturers to Provide Growth Opportunity for Audiology Devices Market

As the prevalence of hearing impairment cases among people has increased, the need for new and technically advanced hearing aids has also grown among the patients. Also, there are tremendous advancements in research and development activities by the manufacturers in developed and industrialized nations. The launch of innovative, high-quality, affordable goods as well as technological advancements are important additional elements supporting the expansion and growth of the worldwide audiology industry. For instance, according to a news published on Yahoo Sports, January 04, 2023, The Eargo 7, a seventh-generation hearing aid, has been launched by Eargo, Inc., a medical device firm with a goal to enhance the quality of life for people with hearing loss. The Eargo 7 is the company's first product to be sold as an over the counter (OTC) self-fitting hearing aid. It features Sound Adjust+ with Clarity Mode, which aims to help address consumers' fundamental need to hear more clearly in noisy environments and give those with hearing loss the most natural Eargo hearing experience yet. Such factors are likely to boost the market growth in the anticipated time period.

To know more about global audiology devices market opportunities, get in touch with our analysts here.

Global Audiology Devices Market, by Technology

By technology, the market has been divided into digital and analog. Among these, the analog sub-segment accounted for the highest market share in 2021 and is expected to have the fastest growth during the forecast period.