Audiology Devices Market 2022-2028: Analysis, Status, Type, Application, Regions, Market Size by Players | Widex A/S, Rayovac, Ambco, Benson Medical, Amplicomms,

Rising Incidence of Hearing Impairments to Boost the Audiology Devices Market Growth

Market Overview:

Audiology devices are medical devices used by audiologists to diagnose and treat hearing loss or hearing impairment. Hearing loss or hearing impairment is often associated with age and is a growing problem worldwide. Hearing loss or hearing impairment affects people of all ages and can be caused by many different factors. Mixed, conductive, and sensorineural hearing loss are the three basic categories of hearing loss. A hearing aid makes some sounds louder so that person with hearing loss can listen, communicate, and participate in daily activities. Audiology devices are designed to improve hearing by making sound audible to a person with hearing loss. A hearing aid can help people hear in both quiet and noisy situations.

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Competitive Landscape:

Major players operating in the global audiology devices market are Cochlear Ltd., Tremetrix, AllHear, Advanced Bionics, MED-EL, Sophono, Sonova Holdings AG, Amplicomms, Benson Medical, Ambco, Rayovac, Widex, Microson Hearing Aids, & Starkey Hearing Technologies, among others.

Key Market Drivers:

Rising incidence of hearing loss or hearing impairment across the globe is expected to propel growth of the audiology devices market over the forecast period. For instance, according to the World Health Organization (WHO), over 5% of the world's population, or 430 million people, require rehabilitation to address their 'disabling' hearing loss. It is estimated that by 2050 over 700 million people, or one in every ten people, will have disabling hearing loss.

Moreover, increasing demand or adoption of audiology devices is expected to augment growth of the audiology devices market. For instance, in January 2021, Oticon, Inc. launched Oticon More, the first-ever hearing aid built with an on-board deep neural network, to give people with mild-to-severe hearing loss a fuller, more balanced and effortless hearing experience.

COVID-19 Impact Analysis:

Many elective surgeries were canceled or postponed (owing to the outbreak of COVID-19) to reserve or redirect the available medical supplies or resources toward COVID-19 patient care. ENT clinics and audiology centers pose a medium-to-high risk of COVID-19, and a majority of people who require audiology services (aged over 65 years) are also the ones at the highest risk of COVID-19. This in turn is expected to restrain growth of the market.

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Key Takeaways:

• The audiology devices market is expected to exhibit the forecast period due to the introduction of technologically advanced audiology devices. For instance, in August 2018, Starkey Hearing Technologies launched Livio AI, Healthable hearing aid to utilize integrated sensors and artificial intelligence and the first device to track physical activity and cognitive health as measured by hearing aid use in social situations.

• Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the audiology devices market owing to the increasing prevalence of hearing loss or hearing impairment, increasing adoption of audiology devices, rise in awareness among people, technologically advancements in audiology devices, and favorable initiatives taken by government bodies and private organizations.

• For instance, in April 2022, Signia announced the launch of Brilliant Sound Galaxy (BSG), the first of its kind interactive concept store in the Delhi, India where consumers can self-discover aspects of hearing, self-screen their hearing, experience hearing live with hearing aids and take an informed decision to enhance their hearing journey.

• According to the WHO, more than 63 million people in India are suffering from Significant Auditory Impairment; this places the estimated prevalence at 6.3% in the Indian population.

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This release was published on openPR.