Audiology Devices Market Trends, Size, Segment and Industry Growth by Forecast to 2028
Factors contributing to the high CAGR are a high prevalence of hearing impairment among the young and old population.
NEW YORK, NY, UNITED STATES, November 12, 2021 /EINPresswire.com/ – Based on the current analysis, the audiology devices market was valued at $ 10.11 billion in 2020 and is expected to reach $ 15.75 billion by 2028, at a CAGR of 5.6%. Deafness is caused by damage to the ears or damage to nerves associated with hearing. These impairments are due to exposure to loud noise, an age-related factor, birth defects and other injuries. Based on severity, sensorineural, conductive, and mixed hearing loss is classified into mild, severe, and moderate. Communication is the most important skill one can have in building and maintaining a relationship and being able to present important opinions and suggestions. The main market driving factors for the growth of this market are the increasing existence of hearing impairments among older and young peers, government interventions for the development of the structure of healthcare in the world, more purchasing power. high and improved standard of living. Developing new products with high efficiency and affordable prices, technological advancements are other market drivers contributing to the overall growth and development of the global audiology market.
The adoption of hearing aids is on the rise due to the increasing number of hearing loss cases and the explosion of research and development in developing and developed economies. Developing new products with high efficiency and affordable prices, technological advancements are other market drivers contributing to the overall growth and development of the global audiology market. The multiplication of the prevalence of deafness in the geriatric population is expected to lead during the forecast period. North America is expected to dominate the hearing aid market, followed by Europe due to the increasing rate of deafness and the higher amount available as personal disposable income.
The major companies operating in the market and featured in the report include:
Starkey Hearing Technologies, Sophono, Rayovac, Widex A / S, Benson Medical, Ambco, Amplicomms, Sonova Holdings AG, Trimatrix, MED-EL, Advanced Bionics, All Hear, Cochlear Ltd. and Microson Hearing Aids were featured in the report.
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The pharmaceutical and health industry has undergone profound changes in recent years, especially with the emergence of the COVID-19 pandemic. The increasing accessibility of advanced health systems and low-cost technologies, coupled with the growing demand for over-the-counter drugs, has further changed the dynamics of the industry. The integration of robust technologies such as AI and blockchain has helped pharmaceutical companies reduce capital expenditure and strengthen the global supply chain. The increasing application of biosimilars, the refocus on in silico testing of pharmaceuticals and the increasing number of product approvals by regulatory authorities are some of the key factors driving the market revenue growth.
The increase in R&D spending, the growing focus on implementing robust cybersecurity solutions to ensure better connectivity of medical devices and the development of advanced telehealth software by key companies operating in the field have further strengthened market revenue growth. The Global Audiology Devices Market report examines the current market scenario against the competitive landscape and offers key insights into the company profiles, product portfolio, production and manufacturing capacity, contribution to income and position in the world market. It also provides details on recent mergers and acquisitions, joint ventures, collaborations and product launches, among others.
Main conclusions of the report
â¢ Clinical segments, linked to end use, dominate the audiology equipment market. Rising number of audiology clinic visits by affected patients, genetic disorders, birth defects, hearing problems or ENT specialists are expected to trigger the growth of the market for audiology devices in the market
â¢ Asia-Pacific market to register highest CAGR of 6.6% due to increasing prevalence of hearing impairment in growing economies of India and China
â¢ World Wide Healing is a non-profit organization providing hearing treatment to the poor in emerging Asian economies. This organization supplies hearing aids manufactured in North America and Europe. Growth in healthcare industry and increasing awareness among people of hearing impairments is expected to drive the growth of the hearing aid market
â¢ Cochlear implant segments are likely to have the highest market share of 42% in the market, among devices, these implants are proving to be an ideal substitute for hearing. Cochlear implants offer more than 70% better understanding of the constructed sentence, compared to conventional hearing aids
â¢ About 466 million people worldwide have hearing loss, of which about 34 million are children aged 0-16 years. Over 900 million people are predicted to have hearing loss in the next 2-3 decades
â¢ Rayovac, a company based in Europe, has launched its active core technology for the first time, delivering the longest and most durable high-quality battery in hearing aids. Regional players develop advanced products to establish a strong position in the global market
â¢ In addition, technological advancements, collaborations, product launches, mergers and acquisitions in the audiology devices market are expected to respond to the growth and development of the audiology devices market.
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Segments covered in this market study
This report on the Global Medical Food Market also predicts the revenue growth at the global, regional and country level, also provides an analysis of the industry trends in each of the sub-segments from 2020 to 2028. For the purpose of this study, The market is segmented on the basis of type, disease type, end use and regions:
Type (Revenue USD Million; 2020-2028)
â¢ Cochlear implants
â¢ Diagnostic devices
â¢ Bone anchored hearing aids
â¢ Technological hearing aids
â¢ Digital hearing aids
â¢ Analog hearing aids
â¢ Hearing aids
â¢ In-ear hearing aids (ITE)
â¢ In-ear hearing aids (RITE)
â¢ Behind-the-ear hearing aids (BTE)
â¢ Root canal hearing aids (CHA)
Disease Type (Revenue USD Million; 2020-2028)
â¢ MÃ©niÃ¨re’s disease
â¢ Otitis media
â¢ Acoustic tumors
â¢ Acoustic trauma
End Use (Revenue USD Million; 2020-2028)
â¢ Audiology clinics
â¢ Rehabilitation centers
The report provides a comprehensive analysis of the market scope, supply chains, distribution channels, trends and demands in each region, revenue generation, market size and company presence. leading in every region. It studies the market revenue growth in each region and their key countries based on several factors such as macro and microeconomic growth drivers, regulatory framework and policies, investment and financing opportunities, R&D and technological advances and growth prospects.
Key regions assessed in the report:
â¢ North America (United States, Canada, Mexico)
â¢ Europe (United Kingdom, Germany, Italy, France, rest of Europe)
â¢ Asia-Pacific (India, Japan, China, South Korea, Australia, rest of APAC)
â¢ Latin America (Brazil, Argentina, rest of Latin America)
â¢ Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, rest of MEA)
The report further segments the global audiology devices market on the basis of product types and applications and provides details on key factors that are expected to drive revenue growth of each segment and sub-segment.
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