Global Audiology Devices Market is Expected to Foresee Significant Growth During the Forecast Period. North America to Witness the Highest Growth
Global audiology devices market is expected to grow significantly by 2027 expanding at a reasonable CAGR of around 6% during the forecast period (2021-2027). The electronic devices that are used by audiologists for the diagnosis and treatment of hearing impairment or loss of hearing are called audiology devices. These devices are also widely used for monitoring or studying hearing.
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The growth of audiology devices market across the globe is witnessing growth on account of rising disposable income globally, rapid urbanization, and growing awareness regarding the use of technologically advanced hearing aids. As per OCED, the household disposable income across several countries such as Australia, Austria, Canada, France, and many others witnessed a significant rise during 2018-2019. In Canada, the gross adjusted household disposable income per capita was USD 39,005.5 in 2020, up from USD 35,892.5 in 2019. Additionally, the growing focus of major industry players to develop new and innovative audiology devices has also positively influenced the adoption of these devices across the globe which in turn is also propelling the growth of the market. Furthermore, the increase in the number of people suffering from hearing loss and the significantly rising number of audiologists are also some of the prominent factors contributing to the growth of this market. For instance, in the United States, the total number of audiologists as of May 2019 was 13,590, up from 13,300 in 2018.
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Based on product, the market is segmented into hearing aids, cochlear implants, BAHA/BAHS, diagnostic devices, and others. The hearing aids segment grabbed an XX% share of the global audiology devices market and will witness a considerable CAGR of XX% during the forecast period (2021-2027F). This is because of the growing prevalence of deafness and thus, an increase in sales of hearing aids. Besides, the cochlear implants segment is anticipated to witness significant growth in the upcoming years.
Based on the technology, the global audiology devices market is segmented into digital and analog. The digital segment occupied a substantial share and is expected to grow at a CAGR of XX% during the forecast period 2021-2027 owing to the wide acceptance of these technology-enabled devices. However, the analog segment is anticipated to grow at a significant rate during the forecast period.
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Additionally, the report provides detailed report also provides insights into the global audiology devices market according to the regions such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of USD xx billion in 2020 owing to the well-established market players and frequent product launches in the region.
Medtronic, MedRx, Siemens AG, Cochlear Limited, Maico Audiological Services, Natus Medical Incorporated, GN ReSound Group, William Demant Holding A/S, Starkey Hearing Technologies, Widex A/S are some of the key players operating in the global audiology devices market. Several M&As along with partnerships have been undertaken by these players to develop new and advanced audiology devices.
Global Audiology Devices Market Segmentation
Market Insight, by Product
- Hearing Aids
- Cochlear Implants
- Diagnostic Devices
Market Insight, by Technology
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Siemens AG
- Cochlear Limited
- Maico Audiological Services
- Natus Medical Incorporated
- GN ReSound Group
- William Demant Holding A/S
- Starkey Hearing Technologies
- Widex A/S