Audiological Devices Market Size, Share, Opportunities, COVID 19 Impact, And Trends By Product Type (Behind-the-ear Hearing Aid, In-the-ear Hearing Aid, Canal Hearing Aid, Others), By Testing Devices (Otoscope, Impedance Analyzer, Hearing Aid Analyzer, Others), And By Geography - Forecasts From 2021 To 2026
- Published : Oct 2021
- Report Code : KSI061611878
- Pages : 122
The audiological devices market is projected to grow at a CAGR of 3.61% to reach US$9,957.702 million by 2026, from US$7,769.919 million in 2019.
Audiology devices are electronic equipment that audiologists use to diagnose and treat hearing loss and impairment. They can also be used to test or monitor hearing. Hearing loss or impairment is frequently connected with old age and is becoming a global concern. The high prevalence of hearing issues is exacerbated by the aging population and the increased incidence of hearing impairment and loss among younger generations; these are the market's primary drivers. Furthermore, the cosmetic appeal of hearing devices, as well as the increasing prevalence of deafness, are propelling this industry forward. Furthermore, the cosmetic appeal of hearing devices, as well as the increasing prevalence of deafness, are propelling this industry forward. Furthermore, market development is projected to be fueled by technology advancements, cost-effective and efficient gadgets (such as wireless devices), and the broad adoption of innovative products among the senior population. Untapped potential in emerging markets such as Brazil, China, and India, as well as rising health awareness and government attempts to enhance healthcare services, are important chances for companies in the worldwide audiology devices market to gain momentum.
The market will expand as the number of people suffering from otic diseases rises. Hearing loss is expected to affect nearly 900 million people by 2050, according to the WHO. Hearing loss can be caused by a variety of factors, including birth problems, genetic abnormalities, recurrent ear infections, excessive noise exposure, and aging. As a result, people have begun to favor audiology technologies such as cochlear implants, which greatly increase a person's hearing capacity, to overcome issues originating from hearing loss. In the coming years, the factors mentioned above should propel the audiology devices industry forward.
- Growing incidences of hearing loss will fuel the market growth
One of the major reasons for the growth of the audiological devices industry is growing incidences of hearing incidences around the globe. Hearing loss is becoming more common across the world, making it critical to monitor and check hearing functions. Untreated hearing loss has a detrimental influence on language development, learning, and social involvement in children. Similarly, elderly individuals with hearing loss have a hard time keeping up with daily discussions. Untreated hearing loss has been related to a variety of medical and psychological difficulties among retirees, ranging from cognitive decline and depression to an increased risk of trips and falls. Low regulatory hurdles, advances in healthcare infrastructure, a growing patient population, and rising healthcare costs are all factors contributing to their rise.
- High Cost associated with audiological devices will hamper its growth
A major restraint in the growth of the audiological devices market is the high cost associated with audiological devices. The high cost of audiological devices such as cochlear implants devices is a key issue limiting market growth, especially in price-sensitive countries like Asia Pacific, Latin America, and Africa. Healthcare providers, particularly in developing nations like Brazil and Mexico, have limited financial means to invest in advanced technology. To produce technologically improved audiological devices, much research and development are necessary. As a result, both the manufacturing cost and the final price for clients skyrocket. As a result, patients must pay a greater price for surgical interventional therapies and diagnostic tests when they are used together.
Impact of COVID–19
The COVID-19 pandemic has had a great impact on the world as a whole and has led to economic breakdown and loss of life. Production activities are interrupted because of lockdown measures enforced in numerous countries. In addition, there have been supplying chain disruptions and delays in the operations of enterprises. Trade barriers have restrained the stock. The COVID-19 impact on the audiological devices market has been negative owing to the production halt by industries due to the temporary lockdown implemented by several governments to break the cycle of the virus. The disruption in the demand and supply chain has further hampered the market in the forecast period. The unfavorable conditions risen due to the COVID-19 virus have had a negative impact on the audiological devices market. However, in the post COVID scenario, the audiological devices market is expected to bloom with the surging demand in various industry sectors in the forecast period.
The market leaders for the pretreatment coating market are MED-EL Medical Electronics, Cochlear Ltd., Natus Medical Incorporated, WS Audiology, Sonova Group, AudiData, GN Group, Starkey Laboratories, Inc. Widex A/S, and Bernafon AG.
Audiological Devices Market Scope:
|Market size value in 2019||US$7,769.919 million|
|Market size value in 2026||US$9,957.702 million|
|Growth Rate||CAGR of 3.61% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Product Type, Testing Devices, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Medel, Cochlear Ltd., Natus, Wonderful Sound for All, Sonova, AudiData, Resound, Starkey, Widex A/S, Bernafon|
|Customization scope||Free report customization with purchase|
- By Product Type
- Behind-the-ear hearing aid
- In-the-ear hearing aid
- Canal hearing aid
- By Testing Devices
- Impedance analyzer
- Hearing aid analyzer
- By Geography
- North America
- South America
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- North America
Frequently Asked Questions (FAQs)
Q1. What will be the audiological devices market size by 2026?
A1. The audiological devices market is expected to reach a market size of US$9,957.702 million in 2026.
Q2. What is the size of audiological devices market?
A2. Audiological Devices Market was valued at US$7,769.919 million in 2019.
Q3. What are the growth prospects for audiological devices market?
A3. The global audiological devices market is expected to grow at a CAGR of 3.61% over the forecast period.
Q4. What factors are anticipated to drive the audiological devices market growth?
A4. Growing incidence of impairment and loss of hearing among the younger generation, increasing geriatric population, government initiatives for access to hearing aids, and increasing adoption of audiological devices are some of the factors that are expected to accelerate the growth of the audiology devices market.
Q5. How is the global audiological devices market segmented?
A5. The global audiological devices market has been segmented by product type, testing devices, and geography.
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Function
4.4. Function Value Chain Analysis
5. Audiological Devices Market Analysis, By Product type
5.2. Behind-the-ear hearing aid
5.3. In-the-ear hearing aid
5.4. Canal hearing aid
6. Audiological Devices Market Analysis, By Testing Devices
6.3. Impedance analyzer
6.4. Hearing aid analyzer
7. Audiological Devices Market Analysis, By Geography
7.2. North America
7.2.1. United States
7.3. South America
7.5. The Middle East and Africa
7.5.2. Saudi Arabia
7.6. Asia Pacific
7.6.5. South Korea
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles.
9.1. MED-EL Medical Electronics
9.2. Cochlear Ltd.
9.3. Natus Medical Incorporated
9.4. WS Audiology
9.5. Sonova Group
9.7. GN Group
9.8. Starkey Laboratories, Inc.
9.9. Widex A/S
9.10. Bernafon AG
MED-EL Medical Electronics
Natus Medical Incorporated
Starkey Laboratories, Inc.
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