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Audiological Devices Landscape Is Slated To Reach A Valuation Of US$ 18.13 Billion By 2032

01-30-2023 02:03 PM CET | Health & Medicine

Press release from: Fact.MR

The market for audiology devices, which is now valued at USD 9.53 billion, is anticipated to grow at a CAGR of 7.1% over the forecast period and reach USD 18.93 billion by 2032.

In crowded settings, basic hearing aids occasionally don't work well. Frequency modulation, infrared, and induction loop technologies are used in hearing assistive technology (HAT) to reduce the effects of background noise, distance, and reverberation. Hearing aids are not necessary to utilise the HAT devices.

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Additional variables impacting product demand for audiology devices include the rising desire for low-cost items, technological developments like wireless devices, and the rising acceptance of such technologically advanced goods. Additionally, it is projected that the prevalence of disorders like Meniere's disease, which damage hearing, would increase, fueling market demand.

Innovation in developed countries' technologies and products

During the anticipated time frame, a favourable regulatory environment is anticipated to promote market expansion for audiology devices. In order to make over-the-counter hearing aids easily accessible to consumers through retail locations without the need for audiologist intervention, the FDA and the European Commission have developed favourable regulations.

Key Takeaway

• Hearing aids accounted for a market share of more than 64% of total revenue for audiology devices.
• The BAHA/BAHS segment is anticipated to grow the market for audiology devices.
• With a revenue share of more than 74%, retail establishments dominated the market for audiology equipment.
• Over the forecast years, the e-commerce segment is expected to grow at the fastest rate.
• The digital technology sector accounted for more than 92.6% of the total revenue on the global market for audiology devices.
• The adult market, which also received the largest revenue share, dominated the sector.
• North America dominated the global market for audiology devices, accounting for more than 41.55% of all sales.
• The fastest CAGR is predicted for the Asia Pacific region.
• 19% of the total revenue came from the Indian market.
• During the forecast period, the European market for audiology devices is anticipated to expand at a CAGR of 4.6%.

Recent Development

• A subsidiary of Demant A/S, Oticon Medical, was purchased by Cochlear Ltd. in April 2021. The deal, which cost USD 170 million, will help Cochlear Ltd. grow its clientele by adding 75,000 Oticon Medical hearing aid users.

Product Launch
• In October 2021, the health technology company Audibel unveiled the Arc-AI hearing aid. It is programmed to automatically adjust hearing volume and comes in a variety of designs, including behind-the-ear and fully in-canal styles.
• In January 2019, Lively introduced an online audiology platform that provides all customers with hearing aids, exams, and round-the-clock online support. All platform users can communicate with an audiologist via video conference and purchase hearing aids without needing to visit a clinic or retail location.
• In August 2019, Oticon unveiled two new digital hearing aids: the Oticon Xceed power hearing aid and the Oticon Xceed Play paediatric hearing aid. It is run on the Velox S platform and uses Oticon BrainHearing technology. the Opensound Optimizer and Opensound Navigator

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Prominent Audiological Devices Service Players

• William Demant Holding A/S
• GN Store Nord A/S
• Sonova
• Sivantos Pte. Ltd.

Key Segments Covered in the Audiological Devices Industry Survey

• By Product :
o Hearing Aids
o In-the-ear Hearing Aids (ITE)
o Receiver-in-the-ear Hearing Aids (RITE)
o Behind-the-ear Hearing Aids (BTE)
o Canal Hearing Aids (CHA)
o Cochlear Implants
o Bone-anchored Healing Aids
o Diagnostic Devices:
 Audiometers
 Octoscopes
 Tympanometers
• By Disease Type :
o Otosclerosis
o Meniere's Disease
o Acoustic Tumors
o Otitis Media
o Others
• By End-User :
o Hospitals
o Ambulatory Surgical Centers
o Clinics
• By Region :
o North America
o Europe
o Asia Pacific
o Latin America
o Middle East & Africa

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Competitive Landscape

A few key players are active on both a global and regional scale in the competitive environment for audiology devices on a worldwide scale, which is moderately fragmented. Major players are forming strategic alliances to enlarge their individual portfolios and gain a foothold on the global market.
AMBCO, Benson Medical Instruments, Cochlear, GN Store Nord, MED-EL, MedRX, Medtronic, Nurotron Biotechnology, Sivantos, WIDEX, Sonova, Starkey Hearing Technologies, and William Demant are a few of the companies active in the market.

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