DUBLIN--(BUSINESS WIRE)--The "Audiological Devices Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030" report has been added to ResearchAndMarkets.com's offering.
Key Market Insights
Increase in life expectancy will spur the market revenue growth
The global audiological devices market accounted for US$ 11,574.1 Mn in 2021 and is anticipated to grow to US$ 18,649.0 Mn growing at a CAGR of 5.5% throughout the forecast period from 2022 to 2030. In 2021, in terms of volume market register sales of 18.50 Mn units and anticipated to reach 30.38 Mn Units expanding at a CAGR of 5.7%.
The audiological devices market is driven majorly by the increasing aging population and rising number of hearing disorders globally. The growth in the market is proliferated by increasing research and development activities in both developing and developed economies coupled with rapid technological advancements in the market.
The rising appeal of cosmetic appeal of modern devices and rising incidence of deafness, effective devices, and cost-effectiveness of the hearing devices are further boosting the market growth. Additionally increasing sales from high-quality care with modern and innovative hearing aids are further boosting the demand of the market. According to the statistics generated by Hearing Industry Association net unit sales in the United States grew by 3.7% with 4.0% growth in private sector and 0.92% for Department of Veteran Affairs.
In addition, hearing impairment is very prevalent, according to a report by World Health Organization (WHO), in 2012, 360 million people had hearing impairment which is more than 5% of world population, and out of these 32 million are children. According to WHO in 2017, 1/3rd of the adults above the age of 65 years have a disabling hearing impairment.
The main causes of hearing impairment in adults include ageing, exposure to excessive noise, and use of particular drugs. The market size is set to increase due to demographic trends such as increasing life expectancy. This trend is especially noticeable in low and middle income countries such as South Asia and sub-Saharan Africa region where the prevalence of hearing impairment is higher than other world regions.
Product Analysis
Hearing aid to dominate the market throughout the forecast period
Based on product, the audiological devices market is classified into hearing aid, hearing implants, diagnostic instruments and bone anchored hearing aid (BAHA) segments. Hearing aid segment dominated the global audiological devices market and accounted for more than 40% of revenue generated. This is due to rapid technological advancements, rising prevalence of hearing loss and increasing geriatric population among others.
In contrast, hearing implants segment anticipated to register fastest growth throughout the forecast period. According to a report by world health organization (WHO) in 2019, more than 460 million people have disabling hearing loss and out of 134 million babies born every year more than 150,000 are candidates for cochlear implants. This has created the demand for audiological devices and boosting the market growth in the segment.
Sales Channel Analysis
E-commerce segment expected to witness highest growth during the forecast period
On the basis of sales channel, the global audiological devices market is classified into retail, e-commerce and others. The retail segment dominated the market and is expected to remain dominant throughout the forecast period. This can be associated to the penetration of big retail stores coupled with consumers preference to buy devices from retail stores especially in countries such as the US, and China among others. According to a recent study, in 2016, in the US, more than 3 million units were sold out of which more than 75% were sold through private market.
On the flip side, e-commerce segment expected to expand with highest growth rate during the forecast period in the global audiological devices market. Owing to rising adoption of e-commerce medium to sell hearing aid products by manufacturers coupled with online support services and consultation. This in turn is propelling the market growth of the segment in global audiological devices market.
Regional Analysis
Rising environmental concerns to bolster the growth in Asia Pacific region
In 2021, North America region dominated the audiological devices market and accounted for around 40% of revenue generated globally followed by Europe. This is due to, rising number of incidence of hearing impairment and advancement in audiology systems. According to research study by American Hearing Research Foundation, in the US, approximately 0.2% of the population is suffering from hearing impairment and every year more than 45,000 new cases are diagnosed.
In contrast, Asia Pacific region expected to expand at a significant growth rate. Owing to the presence of large geriatric population especially in China, increasing research and development activities and government initiatives among others. According to report by WHO, in 2019, the prevalence of hearing loss in adults over the age 65 is highest in the Asia Pacific region. Thus the demand for global audiological devices is propelled.
List of Companies Covered:
- William Demant Holdings A/S
- Starkey Hearing Technologies
- Widex A/S
- GN ReSound Group
- Sonova Holdings AG
- Amplifon SpA
- Cochlear Limited
- GN Store Nord
- Siemens Healthcare
- MedRx
Key Industry Development:
- In January 2019, Prodways group announced the acquisition of Surdifuse-L. This in turn will help the companies to develop new product and increase their product portfolio in the market.
Market Segmentation Product Type
- Hearing Aid
- Hearing Implants
- Diagnostic Instruments
- Bone Anchored Hearing Aid (BAHA)
Technology
- Digital
- Analog
Sales Channel
- Retail
- E-commerce
- Others (Private & Public Initiatives, National Health Programs
Companies Mentioned
- William Demant Holdings A/S
- Starkey Hearing Technologies
- Widex A/S
- GN ReSound Group
- Sonova Holdings AG
- Amplifon SpA
- Cochlear Limited
- GN Store Nord
- Siemens Healthcare
- MedRx.
For more information about this report visit https://www.researchandmarkets.com/r/x271ka
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