Audiology Devices Market

Global Audiology Devices Market Size (2023 to 2028)

The global audiology devices market is expected to grow at a CAGR of 6.64% during the forecast period. As a result, the market size was valued at USD 10.25 billion in 2023 and is expected to reach USD 14.14 billion by 2028. 

The audiology devices are helpful to people who have sensorineural hearing loss where the patient's ear hair is damaged and cannot correctly receive sound waves or convert them into electronic impulses for the brain's neurons to pick them up. Therefore, audiology devices are a piece of technology placed behind the ear. They can receive and amplify sounds to a higher frequency and convert them to electronic impulses for the residual ear follicles to pick up the sound and send it to the brain. However, audiology devices have restrictions as they can only help with hearing loss due to accidents, medication, etc. They cannot aid in complete hearing loss. 

Impact of COVID-19 on the global audiology devices market:

The COVID-19 pandemic brought crisis and function difficulty to many sectors of the world. The stringent lockdown guidelines and restrictions on production and distribution resulted in losses for most industries, leading to an economic recession. The healthcare sector was among the most significantly affected sectors during the pandemic. The lack of medical resources and professionals and the rising admissions of patients with covid lead to panic. The healthcare industry had to completely shift its focus on the covid patients to provide relief to patients. As a result, all the other medical surgeries, diagnostics, and procedures that were not urgent were postponed. One of the most significantly delayed treatments was from the ENT department. as there was a severe risk of infection in the ENT treatment procedures and because most of the patients of ENT were above 65 years of age and were prone to catching the virus all ENT activities needed to be shut down. The audiology devices market suffered due to the closure of medical clinics and unattended hospital aids. The market had to turn to explore the standard or no-touch treatment procedures. The market players were exploring digital hearing care solutions and mobile audiometry to provide consumers with remote aid. 

MARKET DRIVERS:

The audiology devices market is driven by the growing geriatric population around the world, leading to more need for hearing assistance.

The audiology devices are helpful in the diagnosis and treatment of hearing aids and are excellent support for audiologists. The market is growing due to the rise in the cases of hearing impairments even among the younger populations due to modern lifestyle and prevalent sound pollution worldwide. Additionally, attending aids advancement into remote services like telemedicine and consulting an audiologist through video conferencing without needing to be physically present boosts the market, especially in the post covid era. The technological advancements in the devices used, like developing wireless hearing aids and HAT devices Hearing Assistive Technology), are pushing the market to grow.

The prevalence of ear conditions in the world propels the audiology devices market growth.

Every day more people around the world face hearing impairment. World Health Organization (WHO) predicts that by the year 2050, around 2.5 billion people will have some degree of hearing loss, and over 700 million people will have a hearing disability. Young adults also risk hearing loss due to unhealthy hearing habits. Many hearing impairment problems go untreated and unattended every year. The rising government initiatives toward building better healthcare systems and the investments towards the same are expected to raise the market's prominence.

MARKET RESTRAINTS:

The significant drawbacks of the audiology devices market are the high costs associated with hearing aid devices, the social stigma associated with the appearance of a hearing aid, and the way people look at the individuals who use it.  

This research report on the global audiology devices market has been segmented and sub-segmented based on product, technology, sales channel, and region.

Audiology Devices Market – By Product:

• Cochlear Implants
• Diagnostic Devices
• BAHA/BAHS
• Hearing Aids

Based on the product, the hearing aids segment dominated the audiology devices market in 2022 and is expected to hold a significant share due to their easy access and awareness among the population; however, the cochlear implants segment is expected to grow drastically during the forecast period owing to the demand for in-canal hearing aids. In addition, diagnostic hearing aids are likely to contribute lucratively to market growth.

Audiology Devices Market – By Technology:

• Analog
• Digital

Digital hearing aids use different devices and Bluetooth technology to connect to the hearing aid devices and are convenient to use. Therefore, the rise in the demand for digital devices due to their adaptive nature has led them to dominate the market.

However, digital devices lack analog devices in some functions, like using an amplifier to better your hearing experience. Therefore, the population may prefer analog aid instead of digital. 

Audiology Devices Market – By Sales Channel:

• E-Commerce
• Retail Sales

Although there is a high adoption rate for e-commerce stores due to the digitalization of the world, retail stores dominate the market due to their sheer number of existing stores. A big chain of retail stores in the U.S. sells hearing aid devices. Therefore, they dominate the market and are expected to keep dominating it during the forecast period while the e-commerce segment grows lucratively.

Audiology Devices Market – By Region:

• North America
• Europe
• Asia-pacific
• Latin America
• Middle East and Africa

Regarding share, North America dominated the global market in 2022 and is expected to continue dominating during the forecast period. This dominance is due to the development of audiology systems, an increase in the number of audiologists, and the introduction of cutting-edge digital platforms by existing suppliers, which can all be credited with expanding the U.S. industry. In addition, introducing patient-centered audiology systems that make it simple to handle the product results in patient compliance is further fueling market expansion.

The Asia Pacific region is expected to have a significant CAGR during the forecast period. The market's expansion may be ascribed to factors such as the rising elderly population and age-related hearing issues, the ever-improving healthcare system, rising healthcare costs, and rising consumer product awareness in developing countries like China, India, and Japan, etc. 

TOP COMPANIES IN THIS MARKET:

Widex A/S, Sonova Holdings AG, Phonak, Audioscan, MedRx, GN ReSound Group, Starkey Hearing Technologies, William Demant Holdings A/S, NHC/Amplifon, Medtronic, Siemens, MAICO Diagnostics MED-EL, and Sivatos Pte. Ltd are a few of the noteworthy players in the global audiology devices market and profiled in this report.

RECENT HAPPENINGS IN THIS MARKET:

• In June 2022, Envoy Medical Corporation, a provider of cutting-edge technologies for hearing loss across the spectrum, announced today that its application for an Investigational Device Exemption (IDE) to launch a clinical trial with its fully implanted Acclaim® cochlear implant had been approved by the U.S. Food and Drug Administration (FDA). The Mayo Clinic in Rochester, Minnesota, will host the single-center Early Feasibility Study for the Acclaim by Envoy Medical. Due to the lack of any components that hearing aids must wear externally, The Acclaim differs from current commercially available cochlear implants. The FDA gave it a Breakthrough Device Designation in 2019. The Acclaim would be the first cochlear implant of its sort created to be fully implanted and use the ear, rather than a microphone, to pick up the sound if the FDA approved it.
• In July 2022, Widex Moment is a revolutionary new hearing aid that amplifies the environment around its wearer, utilizing Pure Sound Technology. This unique "sound experience," aptly called PureSound, processes sound more quickly than ever before to guarantee that the patient may hear every detail. In addition, these devices' AI technology continuously adjusts itself in real-time according to the listening environment.