Audiology Devices Market Size Projected to Generate a Revenue of $13,093.8 Mn by 2031Download Sample Reports Overview
The Global Audiology Devices Market Size is predicted to be valued at $13,093.8 million by 2031, surging from $7,147.9 million in 2021, at a CAGR of 6.5%
Impact Analysis of COVID-19 on the Audiology Devices Market
COVID-19 had a negative impact on the audiology devices market. Deaf or hard-of-hearing hospital patients encountered more challenges as a result of the pandemic. This is due to the fear of spread of coronavirus that the routine checkups were delayed and only COVID-19 related emergencies were allowed in the hospitals. As the hospitals, were overloaded with COVID-19 patients, the admission of patients with hearing disabilities in hospitals or clinics was delayed or cancelled. Furthermore, there was a fall in the demand for audiology equipment. On the other hand, the COVID-19 pandemic has pushed the global adoption of telehealth. The industry is predicted to grow as more healthcare professionals switch to tele-audiology to avoid dealing with patient traffic. When lockdown limits were implemented as required measures to contain the COVID-19 spread, the market for audiology devices temporarily suffered. One of the key actions taken during this was the suspension of a large number of elective procedures and outpatient visits, which reduced the demand for audiology devices in the market. This was due to the suspension of a large number of surgeries across various medical specialties during the initial lockdown period, which temporarily restrained market growth. Additionally, the companies are investing more in hearing devices with new product launches integrated with cutting-edge technologies to combat the pandemic's detrimental effects.
For instance, Cochlear Ltd. spent $195 million on the R&D of hearing devices in 2021. The cochlear implants segment accounted for the greatest revenue share in 2021, due to an increase in cochlear implant usage owing to its multiple benefits over conventional hearing aid systems.
Global Audiology Devices Market Analysis
People are now more likely to seek prompt diagnosis and treatment owing to the increase in knowledge regarding hearing loss and its effects. The market for audiology devices is expanding as a result of these factors. In addition, technical development has led to the creation of complex and user-friendly devices, which is expected to further boost the market expansion. The main reasons expected to drive the growth of the global audiology devices market include the rise in the prevalence of hearing impairments and the increase in awareness of early detection and treatment of these illnesses. The growth of this market is also being driven by the rising number of activities taken by governmental bodies and nonprofit organizations to raise awareness about hearing loss and its treatment.
The high price of hearing aids, including cochlear implantation and bone-anchored systems, is a significant factor projected to limit the market growth, especially in price-sensitive regions. Mainly in underdeveloped countries, healthcare practitioners typically lack the financial means to invest in highly developed technologies. These factors have led to negative impact on the audiology devices market share in the recent years.
The growing prevalence of hearing-related disorders such as partial or complete hearing loss is estimated to drive the audiology devices market size in the upcoming years. The hearing aids such as audiology devices improve the hearing and speech comprehension for the people with hearing loss. According to the World Health Organization (WHO), over 1.5 billion people suffer from hearing loss and this number is estimated to reach 2.5 billion by 2050. Additionally, more than 1 billion people aged between 12-35 years old are likely to face hearing loss issue owing to high exposure to loud sound. Also, WHO estimates further states that around $980 billion is estimated to be the unaddressed cost of hearing loss globally. As the audiology devices facilitates improved ease of listening environments and offers less interference from moderate amount of background noise. These factors are projected to drive the audiology devices market share during the analysis timeframe.
Global Audiology Devices Market, Segmentation
The global audiology devices market is segmented on the basis of technology, product, sales channel, age group, end user, and region.
The technology segment is further classified into digital and analog. Among these, the digital sub-segment is estimated to show the fastest growth during the forecast period. The growing popularity of digital audiology devices is majorly attributed to the life changing benefits of the digital audiology devices. The digital audiology devices are smart and they provide smooth interaction with the help of digital technologies. The digital audiology devices offer natural-sounding speech and clear audio that is enriched with depth and variation. Hence, the users can play with the volume and sound of digital hearing aids offering personalized specifications with different settings for the users. The digital hearing aids acts as a computerized brain with the presence of amplifier that brings quality and fine nuances to the patients. These factors are anticipated to propel the digital audiology devices industry share during the forecast period.
The product segment is further classified into cochlear implants, hearing aids, and other devices. Among these, the cochlear implants sub-segment accounted for highest market size in 2021. The popularity of cochlear implant can be attributed to its role in improving the hearing among people who are suffering from severe hearing loss. The cochlear implants help in improving the quality of life and communication among the patients. These implants can be placed on both ears (bilateral) or on single ear (unilateral). Also, adults, children, and infants even as young as 6 to 12 months old can find relief with cochlear implants. The cochlear implants offer enhanced ability to hear speech without the need for visual cues such as reading lips. These implants help in recognition of everyday environmental sounds and can effectively help in determining from where the sounds are coming.
The sales channel segment is further classified into retail sales, government purchases, and e-commerce. Among these, the retail sales sub-segment accounted for highest market size in 2021. This growth is majorly owing to various benefits offered by the retail sales of audiology devices to the users. For instance, retail sales help the companies in building rapport with their customers as the customers can see what they are buying as opposed to the online stores. The retail sales help the customers in buying only merchandise audiology devices as opposed to the wholesale. Also, with retail sales the customers can save their shipping costs, inspect the items carefully, and can receive instant gratification regarding their products. These aspects are anticipated to boost the popularity of retail sales in the coming years.
The age group segment is further classified into pediatric and adult. Among these, the pediatric sub-segment accounted for the largest share in the audiology devices market. According to the Centers for Disease Control and Prevention, 1 out of 4 cases of hearing loss in babies is caused due to maternal infections during pregnancy, head trauma, complications after birth, and others. Every 1 to 2 babies in every 1,000 are born with permanent hearing loss issue either in 1 or both the ears. Additionally, most of these babies are born in the families with no history of hearing loss. These factors are anticipated to drive the popularity of audiology devices in the pediatric sub-segment in the coming years.
The end user segment is further classified into hospitals, ambulatory surgical centers (ASCs), and research institutes. Among these, the ambulatory surgical centers (ASCs) sub-segment is estimated to show the fastest growth during the forecast period. The ambulatory surgical centers (ASCs) offer several benefits to the patients suffering from hearing loss issues. For instance, the audiology devices provided by the ambulatory surgical centers (ASCs) offers lower cost of care as ASCs stays can reduce the cos of audiology devices by 45-60% compared to hospital stays. ASCs offers convenience and accessibility as they are easily accessible to the patients with enhanced pre and post operative care.
The audiology devices market in Asia-Pacific is projected to witness the fastest growth during the forecast period, due to the region's aging population and rise in Age-Related Hearing Loss (ARHL) issues. By 2050, one in four persons in the Asia-Pacific region would be older than 60, predicts the Asian Development Bank (ADB). The problem of noise-induced hearing loss affects a significant portion of the population throughout Asia-Pacific. The need for audiology equipment for integrative tinnitus therapy and the steadily expanding patient population in Asia-Pacific are driving the market expansion. In addition, the full reimbursement program for hearing aids in India is projected to drive the regional market revenue growth.
Key Players in the Global Audiology Devices Market
Some of the leading audiology devices market players are
- Demant A/S
- GN Store Nord A/S
- Starkey Laboratories Inc.
- MED-EL Medical Electronics
- Cochlear Ltd.
- WS Audiology A/S
- MAICO Diagnostics GmbH Ltd.
- Oticon Medical
- INVENTIS s.r.l.
In June 2022, the largest directory of trusted hearing clinics in the U.S., have stated the benefits of new and advanced hearing aid technology that will offer top-of-the-line sound processing with enhanced frequency response.