The 2023 report on the “Audiology Devices Market” presents a thorough and accurate examination of different factors pertaining to business expansion prospects, challenges, risk elements, and trends in all geographical regions. This report delivers current information on the most recent technological developments, along with SWOT and PESTLE analysis, and valuable insights on market size.
Global Audiology Devices Market is valued approximately USD 11.05 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 5.80% over the forecast period 2022-2028. A device meant to improve hearing by making sound perceptible to a person with hearing loss is known as an audiology device. Hearing aids are categorized as medical equipment in the majority of nations and are subject to their own legislation. The increased prevalence of hearing impairment due to the huge elderly population are majorly driving market expansion. Hearing loss caused by ageing is caused by changes in the inner ear and auditory nerve.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
According to the research issued by the United Nations Department of Economic and Social Affairs, there were around 703 million individuals aged 65 and over worldwide in 2019, with the number expected to quadruple to 1.5 billion by 2050. The growing number of such people is projected to drive the industry even further. Another cause of hearing loss is exposure to loud noise. Noise pollution has been identified as the leading cause of Noise-Induced Hearing Loss (NIHL) in humans, particularly adults and children. According to WHO, the use of personal audio devices may expose nearly 50% of persons aged 12-35 years to harmful levels of sound. Furthermore, around 40% of persons in that age group may be exposed to harmful levels of sound at entertainment venues. Increased hearing loss owing to increased noise pollution is expected to enhance the demand for hearing devices. Furthermore, continual technical advancements to improve client hearing experiences, as well as the advent of specialty devices tailored for veteran and current military people, are projected to bring up new potential for the sector.
The expensive cost of such gadgets, on the other hand, is a big impediment to the market. However, technological improvements such as wireless devices, as well as the introduction of new features like as voice processing, Bluetooth connectivity, contactless charging, and many more, are projected to drive the industry’s growth.
The key regions considered for the Global Audiology Devices Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America emerged as the market leader. The progress of audiology equipment, an increase in the number of audiologists, and the launch of novel digital platforms by existing providers are all factors driving market expansion in the United States. The introduction of patient-centric audiology systems that permit easier product handling leads to increased patient compliance, which drives market growth. Over the projection period, the Asia Pacific region is expected to grow at the fastest CAGR. The growing senior population and age-related hearing issues, continually improving healthcare infrastructure, rising health-care expenditures, and increased product awareness all contribute to market growth.
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Major market players included in this report are:
William Demant Holdings A/S
GN ReSound Group
Starkey Hearing Technologies
Widex A/S
Sonova Holdings AG
Phonak, Audioscan
MedRx
NHC/Amplifon
Cochlear Limited
Sonova Holding AG
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product:
Hearing Aids
Cochlear Implants
By Technology:
Digital
Analog
By Sales Channel:
Retail
E-commerce
By Region:
North America
U.S.
Canada
Europe
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UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Some of the Key Questions Answered in this Report:
- What are the essential drivers of the world market? How huge will the market and increase price in upcoming years?
- What are the principal market tendencies that affecting the increase of the world market?
- Key vogue elements have an effect on market share in the world’s pinnacle regions?
- Who are the most vital market contributors and what techniques being they pursuing in the international market?
- What are the market possibilities and threats to which gamers are uncovered in the world market?
- Which enterprise trends, drivers and challenges are riding that growth?
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