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HEALTHCARE & PHARMACEUTICAL

Audiological Devices Market Analysis by Technology (Analog and Digital); by Product (Hearing Aids, Diagnostic Devices, BAHA/BAHS, and Cochlear Implants); by Age Group (Adults and Pediatrics); and by Distribution Channel (E-Commerce and Retail Sales) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • 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.

Global Audiological Devices Market Size, Forecast, and Trend Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~6.1%

Base Year Market Size (2022)

~ USD 9599 Million

Forecast Year Market Size (2033)

~ USD 17197 Million

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)

 

The global audiological devices market is estimated to garner a revenue of ~ USD 17197 Million by the end of 2033 by growing at a CAGR of ~6.1% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~ USD 9599 Million in the year 2022. The growth of the market can primarily be attributed to the rising prevalence of hearing disabilities across the globe. Hearing thresholds of 20dB or more in both ears is said to have earing loss. The World Health Organization has stated that 430 million people have hearing loss and require hearing rehabilitation and the number is projected to drop to 700 by 2050.

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Global audiological devices market trends such as, the rising geriatric population and increasing cases of hearing loss are projected to influence the growth of the market positively over the forecast period. 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. Furthermore, audiological devices are utilized by healthcare providers to treat people with hearing disabilities. These devices are hearing aid parts, otoscopes, earmold impressions, infection control equipment, curettes, ear wax removal systems, etc. Additionally, rising technological advancements in audiological devices have spurred the demand for them worldwide.

Global Audiological Devices Market: Growth Drivers and Challenges

Growth Drivers

  • Rising Geriatric Population Across the Globe - According to the data provided by the World Bank, the global population of people aged 60 and over is expected to grow from 1 billion in 2020 to 1.4 billion by 2030. By 2050, the world's population of people aged 60 and over is proposed to double to 2.1 billion.The hearing disability rate is very high in people of age 65 and above. It is a natural procedure to lose hearing abilities with the passing of time. Hearing disabilities occur in elder people owing to the change in the nerve pathway from the brain to the ear.

  • Significant Prevalence of Unsafe Listening Practices - Approximately 8 billion young adults are projected to be at constant risk of permanent risk of hearing loss on account of unsafe listening practices.

  • Increasing Investment in the Hearing Rehabilitation - The annual rate of investment needed per person is expected to be nearly USD 1 to provide hearing care services worldwide.

  • Growing Adoption of Hearing Aids - People are more inclined to use hearing aids, for instance, the success rate of hearing aids is estimated to be nearly 65% which is further expected to grow Y-O-Y.

 Challenges

  • Disrupted Supply-Chain as of COVID-19

It is noticed that not every country manufactures audiological devices and in certain countries, the devices are imported from other nations. But as a result of COVID-19, the supply chain was broken down and the key manufacturer was at a loss. Hence, this factor is estimated to hamper the growth of the market.

  • Requirement of High Initial Investment

  • Lack of Awareness About New Innovative Devices

The global audiological devices market is segmented and analyzed for demand and supply by product into hearing aids, diagnostic devices, BAHA/BAHS, and cochlear implants, out of which, the hearing aids segment is projected to witness a significant growth with the current highest market share of 48.73%. The growth of the segment is attributed to the better enhancement in people’s lives, technological advancement, and ease of comfort. For instance, Starkey’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.

Global Audiological Devices Market Regional Synopsis

The North America audiological devices market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market in the region is attributed 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 ear in the USA. 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. Hence, such factors are anticipated to hike the market growth over the forecast period.

Market Segmentation

Our in-depth analysis of the global audiological devices market includes the following segments:

       By Technology

  • Analog
  • Digital

       By Product

  • Hearing Aids – 48.73%
  • Diagnostic Devices – 11.52%
  • BAHA/BAHS – 12.51%
  • Cochlear Implants – 27.24%

       By Age Group

  • Adults
  • Pediatrics

 

     By Distribution Channel

  • E-Commerce
  • Retail Sales

Top Featured Companies Dominating the Global Audiological Devices Market

  • INVENTIS S.R.L.

  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis
  • Demant A/S
  • Oticon Medical A/S
  • GN Store Nord A/S
  • MAICO Diagnostics GmbH
  • Sonova AG
  • WS Audiology A/S
  • Starkey Laboratories, Inc.
  • Cochlear Limited
  • MED-EL Elektromedizinische Geräte GmbH

 

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