Audiology devices are used by audiologists to diagnose hearing loss in patients and help people who experience hearing problems. These devices operate on the principle of sound amplification. They can also be used for aural monitoring and analysis. Sensorineural hearing loss, also known as occasional hearing loss, was common in prehistoric times and remains so today.
The increasing prevalence of hearing problems among people is expected to increase the need for diagnosis and treatment, which is likely to boost the global audiology devices market. Moreover, increasing technological advancements and use of advanced healthcare devices among the ageing population are anticipated to drive the market growth. Additionally, a supportive regulatory framework for offering healthcare facilities by government bodies in emerging and rural areas is anticipated to accelerate the growth of the global market in the future.
Newest Insights in the Audiology Devices Market
The prevalence of hearing loss and impairment has become more common among populations, particularly among the elderly, and this is the main factor expected to drive the market expansion. As per a report by Research Dive, the global audiology devices market is anticipated to surpass a revenue of $13,093.8 million in the 2022–2031 timeframe. The North America audiology devices market is predicted to experience dominant growth in the years to come. This is because the region has a huge demand for audiology devices due to an increase in audiologists, a rise in individuals with hearing impairment, and the use of cutting-edge digital platforms by manufacturers to provide the highest quality hearing aids in the region.
How are Market Players Responding to the Rising Demand for Audiology Devices?
Market players are expanding their product offerings, improving product quality, increasing production capacity, and collaborating with other market players to cater to the increasing need for new, technologically improved hearing devices. Some of the foremost players in the audiology devices market are GN Store Nord A/S, Demant A/S, Sonova, MED-EL Medical Electronics, Cochlear Ltd., Starkey Laboratories, Inc., WS Audiology A/S, Oticon Medical, INVENTIS SRL, MAICO Diagnostics GmbH, Ltd., and others. These players are focused on implementing strategies such as mergers and acquisitions, novel developments, collaborations, and partnerships to reach a leading position in the global market. For instance:
- In August 2022, GN Hearing, the leader in hearing aid technology, launched ReSound OMNIA, a new hearing aid platform that will advance hearing technology and enhance how people communicate with their environment. ReSound OMNIA provides much improved hearing in noisy conditions than any prior ReSound hearing aid.
- In September 2022, Widex, the world's sixth-largest producer of hearing aids, launched the new Widex Moment Sheer hearing aid solution to assist hearing healthcare professionals in helping patients' hearing and overall wellness.
- In January 2023, Eargo, Inc., a medical device firm dedicated to improving the quality of life of people suffering from hearing loss, introduced the Eargo 7, its 7th generation device, at CES. The Eargo 7 provides Sound Adjust+ with Clarity Mode, the company's first product to be sold as an OTC (over-the-counter) self-fitting hearing aid. This feature seeks to help fulfill consumers' basic need to hear more clearly in noisy surroundings and give those with hearing loss the most natural Eargo hearing experience yet.
COVID-19 Impact on the Global Audiology Devices Market
The unpredicted rise of the coronavirus pandemic in 2020 significantly impacted the global audiology devices market. A decrease in cochlear surgeries had an impact on the overall demand for hearing aids. The COVID-19 pandemic had a significant influence on global health care as doctors and nurses had to switch their preferences from treating patients with other illnesses to coronavirus infections. In addition, numerous hospitals and departments were re-profiled to treat COVID-19 patients due to an increase in demand caused by an increase in the rate of hospitalization of COVID-19 patients. In order to reserve and redirect the restricted capacity and resources, including hospital beds and care personnel, towards COVID-19 patient care, many elective treatments were postponed or cancelled globally. The relocation of intensive care resources has an adverse impact on the delivery of ENT-related surgeries & services. Such factors have had a negative effect on the expansion of the audiology devices market during the pandemic.