Audiological Devices Market SWOT analysis, Profit & Regional Growth, Size outlook by 2031

Audiological Devices Market Outlook 2031
The global audiological devices market was valued at US$ 10.2 Bn in 2021

The global market is projected to expand at a CAGR of 5.3% from 2022 to 2031

The global audiological devices market is anticipated to exceed US$ 16.9 Bn by 2031

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Analysis of Global Audiological Devices Market
Audiological devices are the electronic devices used by audiologists for the correct diagnosis and treatment of hearing impairment or hearing loss. As per the data enlisted by World Health Organization, around 2.5 billion people are expected to possess some degree of hearing loss by the year 2050 and at least 700 million will require hearing rehabilitation. In addition, more than 1 billion adults are at the risk of permanent and avoidable hearing loss owing to the unsafe listening practices. This, in turn, is likely to fuel the audiological devices market during the forecast period.

Rise in Incidence of Hearing Loss to Drive Demand for Audiological Devices
According to The Hearing Loss Association of America (HLAA), hearing loss is considered to be the third most common physical condition after arthritis and heart disease, affecting people of all ages. Gradual hearing loss can affect people of all ages, differing from mild to profound. It can be mild or severe, temporary or permanent, depending on the cause. According to the WHO, a person who is unable to hear as well as someone with normal hearing thresholds of 25 dB or better in both ears is considered to have hearing loss. An increase in the prevalence is estimated to drive the requirement for diagnosis and treatment, which, in turn, is projected to boost the audiological devices market across the globe.

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Increase in Demand and Adoption of Hearing Aids to Lead Global Audiological Devices Market
The hearing aids segment held a major share of the global market, in terms of revenue, in 2021. The segment is anticipated to cross the value of US$ 10.8 Bn by 2031. Increasing severity of hearing loss and the cochlear implants are expected to drive the global audiological devices market during the forecast period.

Technological advancements in audiological products due to extensive research & development activities by key players are also fueling the market growth. According to WHO, people with hearing impairment generally communicate via spoken language and could benefit from hearing aids, cochlear implants, and other supportive devices as well as captioning. People with more substantial hearing loss could benefit from cochlear implants.

Rise in Incidence of Meniere's Disease to Fuel Global Audiological Devices Market
In terms of disease type, the Meniere's disease segment was valued over US$ 3.5 Bn in 2021. The segment is estimated to grow at a notable pace from 2022 to 2031. Meniere's disease is a disorder of the inner ear that causes severe dizziness (vertigo), ringing in the ears (tinnitus), hearing loss, and a feeling of fullness or congestion in the ear.

Meniere's disease usually affects only one ear. Attacks of dizziness may take place suddenly or after a short period of tinnitus or muffled hearing. Some people with Meniere's disease have vertigo so extreme that they lose their balance and fall. These episodes are called drop attacks. Meniere's disease segment is expected to account for a major share of the global audiological devices market during the forecast period.

According to American Hearing Research Foundation, in the U.S., approximately, 0.2% of the population suffers from Meniere's disease, and every year about 45,500 new cases are diagnosed.

Rise in Number of Hearing Care Clinics to Lead Global Audiological Devices Market
In terms of end-user, the clinics segment led the global audiological devices market in 2021. The segment is anticipated to account for 50.9% share of the market by 2031. The clinics segment is expected to expand at a CAGR of 5% from 2022 to 2031. An increase in demand for hearing products, cochlear devices, and diagnostic devices in ENT and other clinics is expected to drive the segment. Hearing care clinics provide audiology services that involves hearing and balance assessment.

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Regional Outlook of Global Audiological Devices Market
The global audiological devices market was dominated by Europe in 2021. The market in the region is anticipated to grow at a CAGR of 4.6% from 2022 to 2031, owing to the high prevalence of hearing impairment in people, along with technological advancements in audiological devices. In February 2019, the merger between Widex and Sivantos was approved by the European Commission. This merger enabled Widex to strengthen the research and development recourses in the audiological devices business. Additionally, this merger strengthens the company's innovation in hearing devices and enhanced its penetration in the market. Hence, Europe is expected to account for a major share of the global market during the forecast period.

The market for audiological devices in Asia Pacific is expected to grow at a rapid pace from 2022 to 2031, due to the lucrative presence of the geriatric population, improvement in healthcare infrastructure, rise in the incidence of deafness, and launch of innovative & advanced technologies by major manufacturers in the region. Middle East & Africa is one of the leading markets for hearing devices globally due to rise in the prevalence of hearing loss in the region. According to the WHO, in 2019, the Middle East & North Africa accounted for 3.5% of the total population with hearing loss, globally. It also stated that in 2018, 16 million people suffered from hearing loss, and the number is expected to reach 25 million by 2030 and 44 million by 2050.

Analysis of Key Players in Global Audiological Devices Market
The audiological devices market report concludes with the company profiles section, which includes information about key players in the global audiological devices market. Leading players analyzed in the report include AMBCO, Benson Medical Instruments, Cochlear, GN Store Nord, MED-EL, MedRX, Medtronic, Nurotron Biotechnology, Sivantos, WIDEX, Sonova, Starkey Hearing Technologies, and William Demant.

Each of these players has been profiled in the audiological devices market report based on parameters such as company overview, financial overview, business strategies, application portfolio, business segments, and recent developments.

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