Audiology Devices Global Market Report 2023

(MENAFN- GlobeNewsWire - Nasdaq) New York, Aug. 25, 2023 (GLOBE NEWSWIRE) -- Reportlinkerannounces the release of the report "Audiology Devices Global Market Report 2023" -
r.l., MADiagnostics GmbH, Sonova Holdings AG, Medtronic, WS Audiology A/S, Benson Medical Instruments, Horentek Hearing Diagnostic, Zhejiang Nurotron Biotechnology Co. Ltd., AmElectronics, NaMedical Incorporated, and Audina Hearing Instruments Inc.
The global audiology devices market is expected to grow from $9.37 billion in 2022 to $10.10 billion in 2023 at a compound annual growth rate (CAGR) of 7.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The audiology devices market is expected to reach $13.15 billion in 2027 at a CAGR of 6.8%.
The audiology devices market consists of sales of audiology devices, including auditory brainstem implants (ABIs), assistive listening devices (ALDs), and low-gain hearing aids.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Audiology devices are specialized tools or instruments used in diagnosing, treating, and managing hearing and balance disorders. These devices are intended to assist persons with hearing and balance issues in overcoming difficulties and improving their quality of life.
North America was the largest region in the audiology devices market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in audiology devices report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa
The main types of audiology devices are 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, and diagnostic devices.Hearing aids are electronic devices that amplify sound to assist individuals with hearing loss.
They are manufactured with several technologies, such as digital and analog, that are used to treat and manage disease types, including otosclerosis, meniere's disease, acoustic tumors, otitis media, and others. It is used by end users, including hospitals, ambulatory surgical centers (ASCs), and research institutes.
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 varifactors, 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.
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.
In April 2022, Cochlear Ltd., an Australian medical device company specializing in hearing implants, acquired Oticon Medical for $170 million. Through this acquisition, Cochlear Ltd. aims to enhance the company's implantable hearing solutions, increase customer awareness and confidence, and enable more patients to access hearing solutions that cater to their unique needs. Oticon Medical is a Denmark-based medical device company that specializes in audiology devices, including hearing aid solutions.
The countries covered in the audiology devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The audiology devices market research report is one of a series of new reports that provides audiology devices market statistics, including audiology devices industry global market size, regional shares, competitors with an audiology devices market share, detailed audiology devices market segments, market trends and opportunities, and any further data you may need to thrive in the audiology devices industry. This audiology devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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