Audiology Devices Market Size To Reach USD 15.75 Billion by 2028 | Top Key Players Starkey Hearing Technologies, Sophono, Rayovac

Factoring contributing to the high CAGR are high prevalence of hearing disorders among young and old population. Moreover, product launches and technological progressions have fueled the growth of audiology devices market.

Based on current analysis the global audiology devices market was valued at USD 10.11 Billion in 2020 and is expected to reach USD 15.75 Billion by 2028, at a CAGR 5.6% audiological device are classified as supporting devices that help improve hearing capacity of an individual suffering hearing impairment and to monitor and study hearing. Deafness is caused because of damage in the ears or harm caused to hearing associated nerves. These impairments happen due to exposure to loud noise, age-related factor, congenital effects and other injuries. As per severity, sensorineural, conductive and mixed hearing loss are classified into mild, severe and moderate. Communication is the most important skill one can have to build and maintain a relationship and be able to put forward important opinions and suggestions. Major market driving factors for the growth of this market, are increasing existence of hearing impairment in old as well as young peers, government interventions for development of healthcare structure of the world, higher spending power and improved standard of living. Development of new products with high efficiency and affordable price rates, technological progressions are some other market drivers contributing to the overall growth and development of the global audiology market.

Adoption of audiological devices is rising owing to increasing number of hearing loss cases and outburst in research and development in developing and developed economies. Development of new products with high efficiency and affordable price rates, technological progressions are some other market drivers contributing to the overall growth and development of the global audiology market. Multiplying prevalence of deafness in the geriatric populated is predicted to drive during the forecast period. North America is expected to dominate the audiology devices market followed by Europe due to increased rate of deafness and higher amount available as disposable personal income.

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Market Overview:

The pharma and healthcare industry has undergone a revolutionary change owing to the COVID-19 pandemic with individuals increasing their focus on health and wellness. Companies operating in the industry have invested heavily in clinical trials and research studies to develop medications to cater to the growing unmet clinical demand on a global level. Implementation of cutting-edge technology in healthcare sector and increasing investment in research and development have contributed significantly to revenue growth of the market in the recent past. In addition, availability of favorable health insurance and reimbursement policies have also positively impacted the healthcare sector with more and more individuals opting to get treatment at hospital and clinical facilities. Rapid development of novel drugs and pharmaceuticals, increasing incidence of lifestyle and chronic diseases, establishment of state-of-the-art healthcare facilities, and rising availability of over-the-counter medications have significantly contributed to the revenue growth of the market.

The report has gather vital information about recent mergers and acquisitions, joint ventures, collaborations, partnerships, brand promotions, R&D activities, and government and corporate deals, among others through extensive primary and secondary research. The report also offers detailed analysis of each competitor along with their financial standing, global market position, product portfolio, manufacturing and production capacity, and business expansion plans.

The report offers a comprehensive overview of the regional bifurcation of the market with respect to market share, market size, revenue growth, import/export, production and consumption patterns, macro and micro economic growth factors, regulatory framework, investment and funding opportunities, and presence of key players in each region including North America, Asia Pacific, Latin America, Europe, and Middle East & Africa. The report offers a country-wise analysis to further discuss the revenue growth and lucrative growth opportunities for the Global Audiology Devices market in these key regions.

Key findings from the report

• The clinic segments, referred to the end use, is leading the audiology devices market. Rising number of audiology clinic visits by patients affected, genetic disorders, congenital defects, hearing issues, or ENT specialists have been projected to trigger the market growth of audiology devices in the market

• Asia-Pacific market to register highest CAGR of 6.6% due to increasing prevalence of hearing disability in the growing economies of India and China

• World Wide Healing is a nonprofit organization providing hearing treatment to the poor in emerging economies of Asia. This organization provides with hearing aids manufactured in North America and Europe. Growing healthcare sector and increasing awareness among the people regarding hearing disabilities is expected to favor the growth of audiology devices market

• Cochlear implants segments are likely to experience highest market share of 42% in the market, among devices, these implants prove to be an ideal substitute for hearing. Cochlear implants provide more than 70% of better understanding of the sentence constructed, as compared to conventional hearing aids

• Approximately, 466 million people all over the world disabling hearing loss among which roughly 34 million of them are children aged between 0-16 years of age. It is projected that over 900 million will suffer from hearing impairment in coming 2 to 3 decades

• Rayovac, a Europe based company debuted its active core technology for the first time offering longest durable high-quality battery in the hearing devices. Regional players are developing advanced products to establish a strong position in the global market

• Furthermore, technological progressions, collaborations, product launches, mergers and acquisitions in the audiology devices market is expected to cater the growth and development of audiology devices market

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Segments covered in this market study

This report about global medical foods market forecasts revenue growth at a global, regional and country level also, provides an analysis on the industry trends in each of the sub segments from 2020 to 2028. For the purpose of this study, the market is segmented on the basis of type, disease type, end use and regions:

Type (Revenue in USD Million; 2020–2028)

• Cochlear implants
• Diagnostics devices
• Tympanometers
• Otoscopes
• Audiometers
• Bone-anchored hearing aids
• Technological hearing aids
• Digital Hearing Aids
• Analog Hearing Aids
• Hearing aids
• In-the-ear Hearing Aids (ITE)
• Receiver-in-the-ear hearing Aids (RITE)
• Behind-the-ear Hearing Aids (BTE)
• Canal Hearing Aids (CHA)

Disease type (Revenue in USD Million; 2020–2028)

• Meniere’s Disease
• Otitis Media
• Osteosclerosis
• Tinnitus
• Acoustic Tumors
• Acoustic Trauma

End use (Revenue in USD Million; 2020–2028)

• Hospitals
• Audiology Clinics
• Rehabilitation Centers
• Others

Regional Outlook (Revenue in USD Million; 2020–2028)

• North America
o U.S.
o Canada
• Europe
o Germany
o France
o UK
o Spain
o Italy
o Rest of the Europe
• Asia Pacific
o China
o India
o Japan
o Rest of Asia-Pacific
• Middle East & Africa
• Latin America
o Brazil

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