Audiology Devices Market Size & Share, by Technology (Analog, Digital); Product (Hearing Aids, Diagnostic Devices, BAHA/BAHS, Cochlear Implants); Age Group (Adults, Pediatrics); Distribution Channel (E-Commerce, Retail Sales) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 4303
  • Published Date: Feb 16, 2023
  • Report Format: PDF, PPT

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

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.


Audiology Devices Market
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Audiology Devices Sector: 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 over time. Hearing disabilities occur in elder people owing to the change in the nerve pathway from the brain to the ear.
  • Increasing Prevalence of Acute Otitis Media - Otitis media is a kind of ear infection or inflammation that occurs in the middle ear. It occurs as a result of a sore throat, cold or respiratory infection and can later lead to hearing issues or hearing loss. Otitis media can affect children as well as adults. Therefore, the surge in otitis media cases is also estimated to accelerate the growth of the audiology devices market in the projected time frame. For instance, around 52% of all kids throughout the world are predicted to experience an ear infection by the time they turn two.
  • Significant Prevalence of Unsafe Listening Practices - Approximately 2 billion young adults across the globe are projected to be at constant risk of permanent risk of hearing loss on account of unsafe listening practices.
  • Increasing Investment in Hearing Rehabilitation – For instance, the annual rate of investment needed per person is expected to be nearly USD 1 to provide hearing care services worldwide.
  • Growing Success Rate of 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 audiology 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 deter the growth of the market in coming years.
  • Requirement of High Initial Investment
  • Lack of Awareness About New Innovative Devices

Audiology Devices Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

~6%

Base Year Market Size (2022)

~ USD 9.5 Billion

Forecast Year Market Size (2033)

~ USD 17.19 Billion

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 the Middle East and Africa)
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Audiology Devices Segmentation

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:

           By Technology

  • Analog
  • Digital

          By Product

  • Hearing Aids
  • Diagnostic Devices
  • BAHA/BAHS
  • Cochlear Implants

          By Age Group

  • Adults
  • Pediatrics

         Distribution Channel

  • E-Commerce
  • Retail Sales

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Audiology Devices Industry - Regional Synopsis

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.

Research Nester
Audiology Devices Market  Size
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Companies Dominating the Audiology Devices Landscape

top-features-companies
    • 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
    • Audina Hearing Instruments, Inc.
    • Cochlear Limited
    • MED-EL Elektromedizinische Geräte Gesellschaft m.b.H.

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.

Author Credits:  Radhika Pawar


  • Report ID: 4303
  • Published Date: Feb 16, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Rising geriatric population across the globe, increasing prevalence of acute otitis media, and significant prevalence of unsafe listening practices are the major factors driving the market growth.

The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023-2033.

Disrupted supply-chain as of COVID-19, requirement of high initial investment, and lack of awareness about new innovative devices are estimated to be the growth hindering factors for the market expansion.

The market in the North American region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are Inventis S.r.l., Demant A/S, Oticon Medical A/S, GN Store Nord A/S, MAICO Diagnostics GmbH, Sonova AG, WS Audiology A/S, Audina Hearing Instruments, Inc., and others.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by technology, product, age group, distribution channel, and by region.

The hearing aids segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Audiology Devices Market Report Scope
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