Audiology Devices Market size is anticipated to cross USD 17.19 Billion by the end of 2033, growing at a CAGR of 6% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of audiology devices was USD 9.5 Billion.The growth of the market can be attributed to the rising prevalence of hearing disabilities across the globe. As Hearing threshold of 20dB or more in both ears is said to have hearing loss. The World Health Organization has stated that 430 million people have hearing loss throughout the world and require hearing rehabilitation and the number is projected to surge to 700 by 2050. Moreover, the significant growth in the aging population across the globe is also predicted to augment the market size further in the years to come.
In addition to these, factors that are believed to fuel the market growth of audiology devices include the worldwide rise in cases of hearing loss. For instance, by the year 2050, around 2 billion people are estimated to have some level of hearing loss while almost 34 million children are living with hearing disabilities. Additionally, the growing number of government awareness campaigns on hearing screening among aged adults and newborns is predicted to present the potential for audiology devices market expansion over the projected period. In addition to this, the surge in technological advancements, along with the elevated adoption of AI in auditory products, and the rising trend of wireless hearing aids which are capable to link users with devices such as televisions and smartphones is estimated to boost the market growth further throughout the projected time frame.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~6% |
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Base Year Market Size (2022) |
~ USD 9.5 Billion |
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Forecast Year Market Size (2033) |
~ USD 17.19 Billion |
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Regional Scope |
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Product (Hearing Aids, Diagnostic Devices, BAHA/BAHS, Cochlear Implants)
The global audiology devices market is segmented and analyzed for demand and supply by product into hearing aids, diagnostic devices, BAHA/BAHS, and cochlear implants. Out of these four types of segments, the hearing aids segment is estimated to gain the largest market share at 48.73%. The growth of the segment can be attributed to the increasing enhancement in people’s lives, along with technological advancement, and ease of comfort. For instance, Starkey Laboratories, Inc.’s Livio AI, which was launched in 2018, is the first to incorporate integrated sensors and artificial intelligence, allowing the user to monitor physical activity and cognitive performance as measured by hearing aid use. Furthermore, escalating demand for complete-in-canal hearing aids and invisible-in-canal hearing aids is another major factor that is estimated to propel the segment growth further throughout the forecast period.
Technology (Analog, Digital)
The global audiology devices market is also segmented and analyzed for demand and supply by technology into analog and digital. Amongst these two segments, the digital segment is expected to garner a significant share. The growth of the segment can be attributed to the proliferating digitalization and automation of hearing aids which is raising the demand for advanced digital hearing aid devices. On the other hand, the analog segment is projected to witness notable CAGR during the forecast period, owing to the use of a technologically enhanced microphone that creates intensifying sound. In addition to this, some analog hearing aids are configurable, using a microchip that allows a person to manage settings for different listening circumstances. Such analog devices are favored over digital technologies since they offer clear sound at a competitive price.
Our in-depth analysis of the global market includes the following segments:
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By Technology |
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By Product |
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By Age Group |
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Distribution Channel |
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North American Market Forecast
The North American audiology devices market is projected to hold the largest revenue share by the end of 2033. The growth of the market can be attributed majorly to the higher prevalence of hearing impairment backed by the rising geriatric population. According to the National Institute of Deafness and Other Communication Disorders, it is noticed that 2 to 3 out of 1000 children are born with hearing loss in one and both ears in the USA. Moreover, the prevalence is also very up-scaled in the adults of the region. As per the data published by the same source, it is stated that 37.5 (15%) million Americans aged between 18 and above have reported troubled hearing. In addition to this, the growing count of audiologists, along with the surge in the advancement of audiology systems are also estimated to boost the market size during the forecast period in the region. Moreover, the launching of modern smart hearing aids by the existing players is another significant factor that is anticipated to push the market growth further throughout the forecast period in the region.
APAC Market Statistics
Further, the Asia Pacific audiology devices market is projected to display notable growth over the forecast period. The growth of the market can be attributed majorly to the dynamically increasing ratio of age-related hearing issues backed by the surging geriatric population. Additionally, increasing healthcare expenditure is also estimated to drive market growth during the projected time frame. For instance, East Asia and Pacific healthcare spending in 2019 expanded to approximately USD 752, an increase of around 4.38% from 2018. Moreover, frequently rising healthcare infrastructure is also projected to further accelerate the market growth over the forecast period in the region.
GN Store Nord A/S to introduce Jabra Enhance Plus, a wireless earbud with the hearing experience of 3-in-1 upgrades for people living with unaddressed hearing disabilities. The company has launched this product and showed its support based on the Over-the-Counter Hearing Aids regulation released by the U.S. Food & Drug Administration.
WS Audiology A/S to receive iF Design award for its brand, Signia. Signia won the award owing to its Insio Charge & Go AX hearing aids for the third time. It is known for contactless charging, direct streaming from Android and iOS along with comfort and discreet form.
Author Credits: Radhika Gupta, Shivam Bhutani
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