Audiology Devices Market: Current Analysis and Forecast (2021-2027)
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Global Audiology Devices Market is anticipated to grow with an elevated CAGR of around 6% over 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.
With rapid technological advancement and rising awareness among the consumers regarding the presence of advanced audiology devices, many of the industry players are focused on launching new products in the market due to which the audiology devices market is witnessing an uptick all over the globe. For example, in October 2021, Audibel, the health tech company launched its new artificial intelligence hearing aids called the Arc AI. The AI algorithm can automatically adjust the volume of the hearing aid to the user’s environment. Furthermore, the growing number of audiologists and supportive government regulatory framework are some of the other prominent factors propelling the growth of this market globally.
Furthermore, the growing prevalence of deafness coupled with the rising geriatric population is another factor contributing to the growth of the global audiology devices market. For instance, according to the United Nations, In 2019, 13.2% of the worldwide population was aged 60 years or above. Further, it is anticipated that nearly 21.4% of the total worldwide population will be aged 60 years or over by 2050. In view of these facts, there is an increase in the number of people who are more prone to hearing impairment. As a result, there is an increase in the adoption of various audiology devices amongst the older population augmenting the growth of the audiology devices market globally.
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 prominent players operating in the audiology devices market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new varieties of audiology devices.
Insights Presented in the Report
“Amongst Product, Hearing Aids segment holds the major share”
Based on product, the audiology devices market is segmented into hearing aids, cochlear implants, BAHA/BAHS, diagnostic devices and others. The hearing aid segment accounted for the significant market share in 2020 and it is estimated that it will exhibit the highest CAGR during the forecast period. This is because of the growing prevalence of deafness and thus, an increase in sales of hearing aids. For instance, in 2020, the members of EHIMA, who are the world’s largest and leading hearing instrument manufacturers, sold 14.12 million hearing aids in total. On the other hand, the cochlear implants segment is anticipated to witness significant growth in the upcoming years.
“Amongst Technology, Digital segment holds the major share”
Based on technology, the audiology devices market is divided into digital and analog. The digital segment is expected to dominate the audiology devices market and is anticipated to grow considerably in the upcoming years owing to the fast adaptability. However, analog segment is anticipated to grow with the rapid rate in the upcoming years owing to the shift in consumer preference over digital technology as they deliver unadulterated sound at an affordable cost.
“North America represents one of the largest markets of audiology devices market”
For a better understanding of the market dynamics of the audiology devices market, a detailed analysis was conducted for different regions across the globe including North America (U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the audiology devices market industry and generated revenue of USD XX million in 2020 owing to the presence of well-established market players in the region.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
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|1.2||Objective of the Study|
|1.5||Currency Used in Report|
|1.6||Scope of the Global Audiology Devices Study|
|2.1||Research Methodology for the Global Audiology Devices Market|
|2.1.1||Main Objective of the Global Audiology Devices Market|
|6||GLOBAL AUDIOLOGY DEVICES MARKET REVENUE|
|9.1||NORTH AMERICA AUDIOLOGY DEVICES MARKET|
|9.1.3||Rest of North America|
|9.2||EUROPE AUDIOLOGY DEVICES MARKET|
|9.2.6||Rest of Europe|
|9.3||ASIA PACIFIC AUDIOLOGY DEVICES MARKET|
|9.3.5||Rest of Asia Pacific|
|9.4||REST OF THE WORLD AUDIOLOGY DEVICES MARKET|
|11||AUDIOLOGY DEVICES MARKET OPPORTUNITIES|
|12||AUDIOLOGY DEVICES MARKET TRENDS & INSIGHTS|
|13||LEGAL & REGULATORY FRAMEWORK|
|14.1||Demand Side Analysis|
|14.2||Supply Side Analysis|
|14.2.1||Top Product Launches|
|14.2.2||Top Business Partnerships|
|14.2.3||Top Merger & Acquisitions|
15 VALUE CHAIN ANALYSIS
|16.1||Porter’s Five forces analysis|
|16.1.1||Bargaining power of Supplier|
|16.1.2||Bargaining power of Buyer|
|16.1.4||Availability of Substitute|
|16.1.5||Threat of new Entrants|
|17.1.3||Key Product/Services Offerings|
|220.127.116.11||Financial Overview of Medtronic|
|18.104.22.168||Business Expansion and Investments|
|22.214.171.124||Merger and Acquisition|
|17.5||Maico Audiological Services|
|17.6||Natus Medical Incorporated|
|17.7||GN ReSound Group|
|17.8||William Demant Holding A/S|
|17.9||Starkey Hearing Technologies|
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global audiology devices market were the three major steps undertaken to create and analyze the adoption of audiology devices in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global audiology devices market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the audiology devices through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the audiology devices market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as product and technology. Further country-level analyses were conducted to evaluate the overall adoption of audiology devices across the globe.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the audiology devices. Further, we conducted factor analysis using dependent and independent variables such as growing prevalence of hearing impairment all over the globe. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the audiology devices sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the audiology devices market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of audiology devices across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the audiology devices market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the audiology devices market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product and technology of the audiology devices market.
The main objective of the Audiology devices Market Study
The current & future market trends of audiology devices were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of audiology devices in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of of product and technology
- Define and analysis of the regulatory framework for the audiology devices industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the audiology devices market for the major region
- Major regions studied in the report include North America, Europe, Asia-Pacific and Rest of the world
- Company profiles of the audiology devices market and the growth strategies adopted by the market players to sustain in the fast-growing market
Deep dive regional level analysis of the industry