Categories: Healthcare

Audiology Devices Market: Research and Analysis for 2024-2033

The Audiology Devices Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Audiology Devices Global Market Report 2024, The audiology devices market size has grown strongly in recent years. It will grow from $10.1 billion in 2023 to $10.88 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to economic factors, global health initiatives, aging population, awareness and education, occupational noise exposure.

The audiology devices market size is expected to see strong growth in the next few years. It will grow to $14.1 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to economic growth and affordability, changing lifestyles and noise exposure, expansion of healthcare services, regulatory changes and standards, occupational noise and hearing loss. Major trends in the forecast period include tinnitus management solutions, environmental adaptation and noise reduction, remote monitoring and telecare, smart hearing aids and ai integration, wearable and discreet designs.

The surging prevalence of hearing loss is expected to propel the growth of the audiology devices market going forward. Hearing loss is a partial or total inability to hear sounds in one or both ears caused by various factors, including genetics, aging, noise exposure, injury or trauma to the ear, infections, and certain medications or illnesses. Audiology devices are used in managing and treating hearing loss by improving speech intelligibility and enhancing communication abilities; as a result, the surging prevalence of hearing loss increases the demand for the audiology devices market. For instance, in February 2023, according to an article published by the World Health Organization, a Switzerland-based public health organization, a total of 430 million people, or more than 5% of the world’s population (432 million adults and 34 million children), will need rehabilitation for their incapacitating hearing loss. In addition, over 25% of people over the age of 60 have a hearing loss, and nearly 80% of those with permanent hearing loss reside in developing or underdeveloped nations. Moreover, over 700 million individuals are predicted to have hearing loss by 2050. Therefore, the surging prevalence of hearing loss is driving the growth of the audiology devices market.

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The audiology devices market covered in this report is segmented –

1) By Product: Hearing Aids, In-The-Ear Hearing Aids (ITE), Receiver-In-The-Ear Hearing Aids (RITE), Behind-The-Ear Hearing Aids (BTE), Canal Hearing Aids (CHA), Cochlear Implants, Bone Anchored Healing Aids, Diagnostic Devices

2) By Technology: Digital, Analog

3) By Diseases Type: Otosclerosis, Meniere’s Disease, Acoustic Tumors, Otitis Media, Other Diseases

4) By End User: Hospitals, Ambulatory Surgical Centers (ASCs), Research Institutes

Technological advancements in OTC hearing aid devices are the key trend gaining popularity in the market for audiology devices. Major companies involved in the audiology devices market are focused on technological advancements and innovating new products to sustain their position in the market. For Instance, In February 2022, GN Store Nord A/S, a Denmark-based manufacturer of hearing aid solutions, launched Jabra Enhance Plus, an OTC-class self-fitting hearing enhancement earbud. This earbud is designed with advanced hearing technology to help millions of Americans with mild-to-moderate hearing loss. The product also offers advanced features for hearing enhancement in a miniaturized and comfortable design. The earbuds have a smartphone app for personalized self-fitting and Bluetooth connectivity for seamless audio streaming and phone calls.

The audiology devices market report table of contents includes: