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Audiology Devices Market Growth and Key Players 2024
Audiology Devices Market Growth
According to The Business Research Company's, The audiology devices market size has grown strongly in recent years. It will grow from $10.1 billion in 2023 to $10.88 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to economic factors, global health initiatives, aging population, awareness and education, occupational noise exposure.
The audiology devices market size is expected to see strong growth in the next few years. It will grow to $14.1 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to economic growth and affordability, changing lifestyles and noise exposure, expansion of healthcare services, regulatory changes and standards, occupational noise and hearing loss. Major trends in the forecast period include tinnitus management solutions, environmental adaptation and noise reduction, remote monitoring and telecare, smart hearing aids and ai integration, wearable and discreet designs.
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Market Drivers and Trends:
The surging prevalence of hearing loss is expected to propel the growth of the audiology devices market going forward. Hearing loss is a partial or total inability to hear sounds in one or both ears caused by various factors, including genetics, aging, noise exposure, injury or trauma to the ear, infections, and certain medications or illnesses. Audiology devices are used in managing and treating hearing loss by improving speech intelligibility and enhancing communication abilities; as a result, the surging prevalence of hearing loss increases the demand for the audiology devices market. For instance, in February 2023, according to an article published by the World Health Organization, a Switzerland-based public health organization, a total of 430 million people, or more than 5% of the world's population (432 million adults and 34 million children), will need rehabilitation for their incapacitating hearing loss. In addition, over 25% of people over the age of 60 have a hearing loss, and nearly 80% of those with permanent hearing loss reside in developing or underdeveloped nations. Moreover, over 700 million individuals are predicted to have hearing loss by 2050. Therefore, the surging prevalence of hearing loss is driving the growth of the audiology devices market.
Technological advancements in OTC hearing aid devices are the key trend gaining popularity in the market for audiology devices. Major companies involved in the audiology devices market are focused on technological advancements and innovating new products to sustain their position in the market. For Instance, In February 2022, GN Store Nord A/S, a Denmark-based manufacturer of hearing aid solutions, launched Jabra Enhance Plus, an OTC-class self-fitting hearing enhancement earbud. This earbud is designed with advanced hearing technology to help millions of Americans with mild-to-moderate hearing loss. The product also offers advanced features for hearing enhancement in a miniaturized and comfortable design. The earbuds have a smartphone app for personalized self-fitting and Bluetooth connectivity for seamless audio streaming and phone calls.
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Major Key Players of the Market:
Demant A/S; Cochlear Ltd.; Starkey Laboratories Inc.; GN Store Nord A/S; MED-EL Medical Electronics; MedRx Inc.; Widex AS; WS Audiology A/S; Inventis s.r.l.; MAICO Diagnostics GmbH; Sonova Holdings AG; Medtronic plc; Benson Medical Instruments; Horentek Hearing Diagnostic; Zhejiang Nurotron Biotechnology Co. Ltd.; Ambco Electronics; Natus Medical Incorporated; Audina Hearing Instruments Inc.; William Demant; RION Co. Ltd.; Elkon Pvt. Ltd.; Eargo Inc.; Lively Hearing Corporation; ZOUNDS Hearing Inc.; SeboTek Hearing Systems LLC; Arphi Electronics Private Limited; IN4 Technology Corporation; BHM-Tech Produktionsgesellschaft mbH; Nano Hearing Aids; LORECa s.r.o.; Earlens Corporation; Austar Hearing Science and Technology (Xiamen) Co. Ltd.; audifon GmbH & Co. KG
Audiology Devices Market 2024 Key Insights:
• The audiology devices market will grow to $14.1 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
• Rising Prevalence Of Hearing Loss Fuels Growth In Audiology Devices Market
• Revolutionizing Audiology Devices Market With Technologically Advanced Hearing Aid Earbuds
• North America was the largest region in the audiology devices market in 2023
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