Audiological Devices Market Outlook (2022-2032)
Basic hearing aids occasionally perform poorly in crowded environments. Hearing assistive technology (HAT) employs frequency modulation, infrared, and induction loop systems to lessen the impact of background noise, distance, and reverberation. The HAT devices can be used without hearing aids.
The growing demand for inexpensive goods, technological advancements like wireless devices, and the growing acceptance of such technologically advanced goods are additional factors influencing product demand for audiology devices. The prevalence of illnesses like Meniere's disease, which affect hearing, is also anticipated to rise, which is anticipated to fuel market expansion.
The Audiological Devices marketsize reached a valuation of US$ 10.27 Billion by 2021, and is likely to register a Y-o-Y growth rate of 4.0% in 2022, closing at US$ 10.81 Billion. Furthermore, across the 2022-2032 period of assessment.
Innovation in developed countries' technologies and products
During the anticipated time frame, a favourable regulatory environment is anticipated to promote market expansion for audiology devices. In order to make over-the-counter hearing aids easily accessible to consumers through retail locations without the need for audiologist intervention, the FDA and the European Commission have developed favourable regulations.
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Key Takeaway
- Hearing aids accounted for a market share of more than 64% of total revenue for audiology devices.
- The BAHA/BAHS segment is anticipated to grow the market for audiology devices.
- With a revenue share of more than 74%, retail establishments dominated the market for audiology equipment.
- Over the forecast years, the e-commerce segment is expected to grow at the fastest rate.
- The digital technology sector accounted for more than 92.6% of the total revenue on the global market for audiology devices.
- The adult market, which also received the largest revenue share, dominated the sector.
- North America dominated the global market for audiology devices, accounting for more than 41.55% of all sales.
- The fastest CAGR is predicted for the Asia Pacific region.
- 19% of the total revenue came from the Indian market.
- During the forecast period, the European market for audiology devices is anticipated to expand at a CAGR of 4.6%.
Recent Development
Acquisition
A subsidiary of Demant A/S, Oticon Medical, was purchased by Cochlear Ltd. in April 2021. The deal, which cost USD 170 million, will help Cochlear Ltd. grow its clientele by adding 75,000 Oticon Medical hearing aid users.
Product Launch
In October 2021, the health technology company Audibel unveiled the Arc-AI hearing aid. It is programmed to automatically adjust hearing volume and comes in a variety of designs, including behind-the-ear and fully in-canal styles.
In January 2019, Lively introduced an online audiology platform that provides all customers with hearing aids, exams, and round-the-clock online support. All platform users can communicate with an audiologist via video conference and purchase hearing aids without needing to visit a clinic or retail location.
In August 2019, Oticon unveiled two new digital hearing aids: the Oticon Xceed power hearing aid and the Oticon Xceed Play paediatric hearing aid. It is run on the Velox S platform and uses Oticon BrainHearing technology. The Opensound Optimizer and Opensound Navigator.
Competitive Landscape
A few key players are active on both a global and regional scale in the competitive environment for audiology devices on a worldwide scale, which is moderately fragmented. Major players are forming strategic alliances to enlarge their individual portfolios and gain a foothold on the global market.
AMBCO, Benson Medical Instruments, Cochlear, GN Store Nord, MED-EL, MedRX, Medtronic, Nurotron Biotechnology, Sivantos, WIDEX, Sonova, Starkey Hearing Technologies, and William Demant are a few of the companies active in the market.
Prominent Audiological Devices Service Players
William Demant Holding A/S
GN Store Nord A/S
Sonova
WIDEX A/S
Sivantos Pte. Ltd.
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