Audiology Devices Market Expected to Reach $13.1 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Global Audiology Devices Market," The global audiology devices market was valued at $7.2 billion in 2021, and is estimated to reach $13.1 billion by 2031, growing at a CAGR of 6.5% from 2022 to 2031.

The Hearing Loss Association of America (HLAA) ranks deafness, which affects people of all ages, third most common among physical ailments, after arthritis and heart disease. Gradual hearing loss, which can range in severity from modest to profound, can affect people of all ages. It could be minor, severe, temporary, or permanent depending on the cause. With an increase in number of patients,  the demand for diagnosis and treatment is growing, which is likely to drive the growth of the global audiology devices market size in the near future.

However, the market expansion is significantly constrained by the high cost of audiology equipment. Some products enable high-end capabilities such as AI and deep neural networks, which unnecessarily raises the cost of manufacturing a finished good. The high costs of audiology equipment is one of the key factors that is hampering the global market. A few number of multinational businesses dominate the market for audiology devices, which also raises the cost of related goods.

People of all ages may experience gradual hearing loss, which can range in severity from mild to severe. Depending on the reason, it could be slight, severe, transient, or permanent. Hearing loss, according to the WHO, is the inability to hear with both ears while having a normal hearing threshold of at least 25 dB. It is anticipated that when prevalence rises, there will be greater demand for diagnosis and treatment, which would increase the need for audiology equipment.

The audiology devices market share is segmented on the basis of product, sales channel, age group, end user, technology, and region. By product, it is classified into cochlear implants, hearing aids, and others. By sales channel it is classified into retail sales, government purchases, and e-commerce. By age group, it is classified into pediatric and adult. By end user, it is classified into hospitals, ambulatory surgical centers (ASCs), and research institutes. By technology, it is classified into digital and analog. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the audiology devices market report include Demant A/S, GN Store Nord A/S, Sonova, Starkey Laboratories, Inc., MED-EL Medical Electronics, Cochlear Ltd., WS Audiology A/S, MAICO Diagnostics GmbH, Ltd., Oticon Medical, and INVENTIS srl.

The report offers a comprehensive analysis of the global audiology devices market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the audiology devices market growth. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and the emergence of substitutes in the market.

Impact of COVID-19 on the Global Audiology Devices Industry

• A decrease in cochlear surgeries had an impact on the overall demand for hearing aids. For instance, Cochlear Ltd. reported a 42% decline in net profits for 2020
• The COVID-19 pandemic has positively impacted medical treatment throughout the world. Several hospitals and departments have been re-profiled for treating COVID-19 patients due to the increase in demand brought on by the rising rate of hospitalization for COVID-19 patients. In order to reserve and direct the limited capacity and resources, including hospital beds and care personnel, toward COVID-19 patient care, many elective treatments were postponed or canceled globally
• The transfer of intensive care resources had a negative impact on the delivery of ENT-related surgeries and services. Given the location, test design, and length of appointments, the Facilities for Disease Control and Prevention claims that ENT clinics or audiology centers pose a medium-to-high risk for COVID-19 infection

Key Findings of the Study

• On the basis of product, the cochlear implants sub-segment emerged as the global leader in 2021 and is predicted to continue its dominance during the forecast period.
• On the basis of sales channel, the retail sales sub-segment emerged as the global leader in 2021 and  is predicted to show the fastest growth in the upcoming years.
• On the basis of age group, the pediatric sub-segment emerged as the global leader in 2021.
• On the basis of end user, the hospitals sub-segment emerged as the global leader in 2021. Ambulatory surgical centers sub-segment is predicted to show the fastest growth in the upcoming years
• On the basis of technology, the digital sub-segment emerged as the global leader in 2021 and is predicted to show the fastest growth during the forecast period
• On the basis of region, Asia-Pacific registered the highest market share in 2021 and is projected to maintain its position during the forecast period