Audiology Devices Market size to cross $18 Bn by 2032

Audiology Devices Market is poised to garner over USD 18 billion by 2032, according to a new research report by Global Market Insights Inc.
 

The consistent surge in geriatric population and their higher susceptibility to acquiring hearing loss and impairment issues will prove beneficial for market growth. Based on WHO estimates, the elderly population aged 60 years or above globally is expected to witness a two-fold expansion between 2020 and 2050, reaching an estimated 2.1 billion in 2050 from 1 billion in 2020.
 

The increasing prevalence of hearing inabilities among aging people will push the outlook for audiology devices to improve the quality of life of the affected individuals. Thus, creating a favorable impact on the industry. However, limited awareness about hearing loss & audiology devices and lack of access to standardized screening programs, qualified professionals, and effective treatment options across developing regions may act as a revenue barrier.
 

Growing awareness about hearing impairment issues to boost the adoption of bone-anchored hearing aids

Audiology devices market size from the bone-anchored hearing aids (BAHA) segment is expected to observe over 9% CAGR by 2032, claims the report. Bone-anchored hearing aids are surgically implanted devices developed to assist individuals suffering from hearing loss. These devices are preferred by people with at least one normally functioning inner ear. The high prevalence of hearing loss and noticeable surge in the aging population, coupled with improving awareness regarding these treatment options, will foster product adoption in the coming years.
 

Browse key industry insights spread across 350 pages with 587 market data tables & 20 figures & charts from the report, “Audiology Devices Market Size By Product (Cochlear Implants, Bone Anchored Hearing Aids (BAHA), Middle Ear Implants (MEI), Hearing Aids {Behind-the-Ear (BTE), Completely-in-the-Canal/ Invisible-in-Canal (CIC/IIC), In-the-Canal (ITC), In-the-Ear (ITE), Receiver in the ear/Receiver in Canal (RITE/RIC)}, Diagnostic Devices {Tympanometers, Otoscopes, Audiometer}), By Patient (Adult, Pediatric), By Hearing Loss (Sensorineural Hearing Loss, Conductive Hearing Loss, Mixed Hearing Loss), Industry Analysis Report, Country Outlook, Growth Potential, Application Potential, Competitive Market Share & Forecast, 2023-2032 ” In detail along with the table of contents:
https://www.gminsights.com/industry-analysis/audiology-devices-market-report
 

Surging prevalence of hearing loss to drive product demand among pediatrics

The pediatric segment is poised to expand at over 7% CAGR through 2032, attributed to the increasing prevalence of hearing loss among children and the availability of specialized hearing aids for pediatrics. Hearing impairment may hamper children’s cognitive & social development, educational achievements, and communication skills. 7.7% of children aged 6–19 years in Canada had some degree of hearing loss. The increased cognizance of the benefits of audiology devices in ensuring the all-round development of children with hearing impairment will aid the segment progress.
 

Improved availability of several audiology aids to drive sensorineural hearing loss segment landscape

The audiology devices market value from the sensorineural hearing loss segment will grow at more than 5.5% CAGR from 2023 to 2032. This demand is credited to the surging incidences of hearing loss and impairment among the adult population. Besides, the expanding patient pool and the availability of a wide range of audiology solutions catering to this condition are projected to complement market revenues.
 

Favorable regulatory framework to push business progression across North America

North America audiology devices industry accounted for over 37% of revenue share in 2022 and is poised to witness steady value through 2032. The increasing incidences of hearing impairment, expanding patient pool, increasing product penetration, and growing awareness regarding hearing loss are anticipated to accelerate regional growth. Moreover, recent regulatory changes in the U.S. with respect to OTC hearing aids may increase the accessibility and adoption of hearing aids in the region.
 

New product launches to strengthen the competitive outlook

Notable players in the audiology devices market include EARTECHNIC, Sonova Holding AG, WS Audiology, RION Co. Ltd, Eargo, Inc., Cochlear Ltd., GN Store Nord A/S, MED-EL GmbH, Medtronic plc, Nurotron Biotechnology CO. Ltd, MAICO Diagnostics GmbH, Demant A/S, American Diagnostic Corporation, Starkey, and Envoy Medical.