Audiological Devices Market to Reach USD 19.64 Billion by 2030; Rising Prevalence of Hearing Impairment to Bolster Growth, says The Brainy Insights
The audiological devices market would be driven by the increasing number of individuals suffering from hearing impairment. There is a growing acceptance of cochlear implants, which is fuelling the market’s growth. The North American region emerged as the largest global audiological devices market, with a 40.13% market revenue share in 2022.
Newark, Feb. 20, 2023 (GLOBE NEWSWIRE) — The brainy Insights estimates that the USD 11.34 billion in 2022 audiological devices market will reach USD 19.64 billion by 2030. A significant part of the modern lifestyle is using electronic devices for recreational purposes. The constant and prolonged use of headphones for playing video games, listening to music or social media is creating an epidemic of hearing impairment caused by recreational hazards. Loud music concerts, firecrackers during festivities or other loud noises during celebrations can temporarily cause traumatic loss of hearing or permanently. These prevailing trends, along with conventional causes of hearing impairment like old age and genetics will increase the demand for audiological devices. Concentrated efforts in marketing the benefits of audiological devices are also contributing to the expansion of the market by creating awareness in the general population. Technological advancements will propel the development of better devices that are accessible and affordable, contributing to the market’s growth in the forecast period.
For Right Perspective and Competitive Insights, Get Sample Report at: https://www.thebrainyinsights.com/enquiry/sample-request/13221
Key Insight of the Audiological Devices Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest market share in the audiological devices market during the forecast period. The region’s growth will be fuelled by the rising geriatric population and sizable market players selling audiological gadgets in the North American market. The government’s generous healthcare programmes and favourable reimbursement rules also contribute to the increased demand for audiological devices in the local market. The substantial presence of audiologists further aids the expansion of the business. The region’s industrialized countries have high per capita incomes, and people are quite aware of the advantages of audiological gadgets. These factors contribute to the market’s expansion. The innovations and developments lower the price and increase accessibility. The increased use of audiological instruments in the area is being facilitated by upgraded models that are more efficient.
The hearing aids segment is expected to augment the audiological devices market during the forecast period.
The product type segment is divided into hearing aids, BAHA/BAHS, diagnostic devices, and cochlear implants. The hearing aids segment dominated the market with a market share of around 55% in 2022.
The digital segment market size is 9.75 billion in 2022
The technology segment is divided into digital and analog. The digital segment dominated the market with a market share of around 86% in 2022.
The retail segment is expected to augment the audiological devices market during the forecast period.
The distribution channel segment is divided into retail, government purchases, e-commerce and others. The retail segment dominated the market with a market share of around 56% in 2022.
Custom Requirements can be requested for this Report at: https://www.thebrainyinsights.com/enquiry/request-customization/13221
Advancement in market
December 2022 – The local integrated care board (ICB) announced the launch of a new hearing health assessment service in southwest London to relieve the “strain off GP practises and hospitals.” The programme, which is being tested in 20 neighbourhood pharmacies in Merton, Wandsworth, and sections of Richmond, provides qualified patients with free evaluations, hearing tests, and earwax removal services through the NHS. According to NHS South West London ICB, the project, which is being conducted in collaboration with TympaHealth, seeks to “lower waiting times, alleviating strain off GP practises and hospitals.” The service, which the ICB’s elective recovery fund funds, has the potential to treat up to 800 patients per month and more than 10,000 patients throughout the course of the pilot’s twelve months.
Driver: the increasing number of individuals suffering from some form of hearing impairment
Due to increased susceptibility to such illnesses with advancing age, the geriatric population’s growth will contribute to the rising prevalence of hearing impairment. Another factor in the growing patient population is the continuous and extended usage of devices for music listening and other activities. Numerous people have suffered temporary or permanent hearing loss due to occupational or recreational dangers like loud music at concerts, festivals, and other events. The increased incidence of hearing impairment is also attributed to other factors, such as genetics or the negative effects of certain medications. As a result, the market for audiological devices would be driven by the rising number of people with hearing loss. Cochlear implants are becoming more widely accepted, boosting the market’s expansion.
Restraint: audiological devices are expensive
The machinery used in medical technology, instruments, and equipment is extremely advanced. They are created following an in-depth study. Each year, public and private organizations spend millions of dollars on developing audiological gadgets that enhance consumers’ quality of life. The fact that these audiological gadgets are profitable once they are on the market is the main driving force behind this innovation. Private players must recoup their investment and generate above-average earnings to be motivated to continue developing new products. The market for audiological gadgets has high costs and thereby impedes the market’s growth.
Opportunities: product innovations and advancements
Research and development of increasingly sophisticated audiological devices will expand as the population with hearing impairment grows. Increasing amount of money is being spent on research and development to create improved audiological gadgets that are more aesthetically pleasing, more productive, and of higher quality. The advances will also encourage market competitiveness and lower production costs, lowering the price of audiological gadgets. Market participants will be able to reach out to low- and middle-income nations, given the availability of affordable audiological devices. Therefore, technological advances will present lucrative market prospects during the projection period.
Challenge: the low-and-middle-income countries are disproportionately unaware of audiological devices
The world’s developed nations are home to a substantial share of the market players in the audiological sector. Due to numerous market players and helpful government reimbursement regulations, these gadgets are available to the people of these countries. But most people with hearing loss live in low- and middle-income nations without access to even the most basic medical care. The existence of audiological instruments in these countries is not widely known. The excessive price only makes the suffering people’s problems worse. Government initiatives that might enable communications about the presence of these devices are lacking, which restricts access to them. The lack of knowledge about audiological instruments would therefore hamper the market’s growth.
Some of the major players operating in the audiological devices market are:
• Cochlear Ltd.
• GN ReSound Group
• MED-EL Medical Electronics
• MedRx Inc.
• Sonova Holdings AG
• Starkey Hearing Technologies
• Widex AS
• William Demant Holding AS
• WS Audiological AS
Key Segments cover in the market:
By Product Type
• Hearing Aids
• Diagnostic Devices
• Cochlear Implants
By Distribution Channel
• Government Purchases
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Have a question? Speak to Research Analyst: https://www.thebrainyinsights.com/enquiry/speak-to-analyst/13221
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
Head of Business Development
Email: [email protected]
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. AfternoonHeadlines.com takes no editorial responsibility for the same.