Audiology Devices Market to Surpass 16 Billion by 2030 Drives Due to Rise in the Geriatric Population
SkyQuest projects that the audiology devices market will attain a USD 16 billion value by 2030, with a CAGR of 7.2% over the forecast period (2023-2030). The audiology devices market is poised to exhibit a remarkable CAGR owing to several influential factors. One of the primary drivers behind this expansion is the steady rise in the global geriatric population. As the elderly population grows, so the prevalence of hearing impairment, creating a significant demand for audiology devices that can address their needs.
Westford, USA, July 18, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the audiology devices market is set to experience further growth, propelled by continuous technological advancements and the increasing adoption of cutting-edge equipment, particularly among the older population. The modern era has witnessed remarkable developments in hearing aids, incorporating sensor devices that enhance user-friendliness and overall functionality. These sensors enable automated adjustments and personalized settings, making the devices simpler to use and ensuring a seamless hearing experience for the users.
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- Pages – 257
- Tables – 115
- Figures – 77
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The audiology devices market is poised for rapid expansion from 2023 to 2030, primarily driven by significant technological advancements. Among the latest innovations, Bluetooth-enabled devices have gained immense popularity due to their enhanced features, despite the continued availability of vintage predecessors. These Bluetooth devices offer numerous advantages, making them increasingly sought after by consumers.
Prominent Players in Audiology Devices Market
- Sonova Holding AG
- William Demant Holding A/S
- GN Store Nord A/S
- Starkey Hearing Technologies
- Sivantos Pte. Ltd.
- Widex A/S
- Cochlear Limited
- Oticon Medical AB
- Med-El Medical Electronics
- Advanced Bionics LLC
- Natus Medical Incorporated
- IntriCon Corporation
- MAICO Diagnostics GmbH
- Benson Medical Instruments Co. Ltd.
- Hui’er Hearing
- Siemens Healthcare GmbH
- Interacoustics A/S
- Welch Allyn
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Digital Segment is Expected to Grow the Market Due to the Rising Adoption among Consumers
The digital segment asserted dominance in the audiology devices market, capturing an impressive 92.8% share, signifying its widespread consumer adoption. The digital segment is expected to maintain its remarkable growth trajectory, projected to achieve the highest CAGR of 7.4% during the forecast period. This surge in demand can be attributed to the fast adaptability and versatility of digital hearing aids.
The markets in North America are anticipated to emerge as the leading power in the audiology devices market, driven by several significant factors. The region witnesses a high prevalence of hearing impairment diseases, making audiological devices in high demand among the population.
Retail Sales Segment is Expected to Dominate the Market Due to the Strong Presence of Major Retail Store Chains
The retail sales segment emerged as the dominant power in the audiology devices market, accounting for a significant revenue share of 74.4%. This supremacy is attributed to the strong presence of major retail store chains, including CVS, Walgreens, Walmart, and Amazon, which have ventured into the healthcare retail sector, including audiology care products. These retail giants offer a vast distribution network and unparalleled accessibility, making audiology devices widely available to consumers.
Regional markets in the Asia Pacific are poised to witness the highest CAGR during the forecast period for the audiology devices market. This growth can be attributed to the region’s increasing prevalence of age-related hearing issues. Countries such as China and India, with their large ageing populations present lucrative opportunities for market expansion.
A comprehensive analysis of the major players in the audiology devices market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in the Audiology Devices Market
- GN, a leading audio solutions company, recently made waves with the announcement of its innovative product, Jabra Enhance Plus. These tiny true wireless earbuds promised users a remarkable 3-in-1 experience, seamlessly combining calls, music, and hearing improvement functionalities. With the Jabra Enhance Plus, individuals can enjoy crystal-clear phone calls, immersive music listening and enhanced hearing capabilities in one sleek and compact design.
- In 2022, GN’s subsidiary, WS Audiology A/S, received well-deserved recognition for its outstanding design efforts. The company’s brand, Signia, was honored with an iF Design award, a prestigious accolade in the industry. The award-winning product, the Insio Charge & Go AX hearing aids, was pivotal in securing this prestigious recognition for Signia for the third time. Renowned for their ease of use and discreet, stealthy design, the Insio Charge & Go AX hearing aids offered unparalleled convenience to users.
Key Questions Answered in Audiology Devices Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
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