Reports and Insights (R&I) has published a new report titled, “Audiology Devices Market: Opportunity Analysis and Future Assessment 2020 to 2028”
Global Audiology Devices Market, by Product Types (Hearing Aids, Cochlear Implants, BAHA/BAHS, Diagnostic Devices), By Technology (Digital Audiology Devices, Analog Audiology Devices), By Distribution Channel (Retail Sale, Government Purchases, & E-Commerce) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global audiology devices market in 2020 is estimated for more than US$ 10.6 Bn and expected to reach a value of US$ 16.5 Bn by 2028 with a significant CAGR of 5.7%.
As per the report, audiology devices refer to the devices which are mainly used to diagnose and to treat problems related to hearing or for hearing impairment. Hearing loss mainly occurs in old age people and it is increasing with a rapid growth rate. For instance, according to data published by WHO in March 2019, more than 466 million (which is 5% approx. of the total world population) of the population around the globe is suffering from hearing impairment or hearing loss. Out of these 466 million people, 34 million are children and estimated to touch 900 million milestones by the end of the year 2050.
According to the WHO, one-third of the population age more than 65 years are suffering from hearing impairment or hearing loss. According to the Hearing Loss Association of America, more than 48 million population in the U.S. is suffering from some degree of hearing loss and more than 50 million U.S. population is experiencing tinnitus i.e. a condition in which a person feels ringing in the year. According to NIH, around 10% of the U.S. population is experiencing tinnitus which lasts around 5 minutes and more than 28.8 million U.S. population can get benefits from the usage of hearing aids.
Some of the major factors that are expected to drive the growth of the market in the near future are the increasing population suffering from hearing loss mainly in the region such as the Asia Pacific and Africa, increasing product innovation, and favorable government regulations.
Furthermore, Reports and Insights (R&I) Study identifies that, In terms of regional segmentation, the market is segmented into six regions i.e. North America, Latin America, Asia Pacific, Europe, Middle East, and Africa.
In terms of revenue, the North America audiology devices market is accounted to hold the largest market share and expected to maintain its dominance throughout the forecast period (2019-2027). Owing availability of key players, technical advancement, and key innovations in the region.
Also due to the increasing number of audiologists in comparison to other regions. Asia Pacific region is expected to generate the highest growth rate in comparison to others mainly due to the betterment in healthcare infrastructure and increasing per capita income in the region.
R&I Study identifies some of the key participating players in the audiology devices market globally are Demant A/S, GN Store Nord A/S, Sonova, Starkey Hearing Technologies, Siemens AG, WS Audiology A/S, Maico Audiological Services, Natus Medical Incorporated, MED-EL, MedRx, Tremetrics, Benson Medical Instruments, Medtronic, Ambco, MicroTech, and others.
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