Global Audiology Devices Market Size, Sector / Industry Report & Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Audiology Devices Market


The global Audiology Devices market size is projected to reach US$ 15.45 billion by 2026, from US$ 11.01 billion in 2020, at a CAGR of 5.8% during 2021-2026. The market growth can be attributed to factors, such as growing geriatric population and cases of hearing disorders along with supportive government initiatives for easy access to hearing aid.The total number of geriatric population in the world is estimated to be 1.4 billion by 2030.

In U.S., around 35 million Americans suffer from hearing loss and around 70 to 85% of cases are untreated. However, the increasing participation of market players to integrate traditional devices with modern telemedicine is expected to increase the treatment rate of hearing disorders. In January 2019, lively launched an online audiology platform that provides hearing aids, tests and a 24/7 online support for all clients.

All users of the platform can communicate with an audiologist via video conference and receive hearing aid without the need to visit an office or retail store. Basic hearing aid devices perform inadequately in some public spaces. Hearing Assistive Technology (HAT) eliminates the effect of noise, distance and reverberation by using frequency modulation, infrared and induction loop systems.

The HAT devices can be used without hearing aids or cochlear implants. The increasing demand for cost-effective devices, advancement in technologies such as wireless devices, and the rising acceptance of such technologically enhanced devices are some other factors driving the growth of the audiology devices market.

Market Segmentation, Outlook & Viewpoint: Global Audiology Devices Market

Product Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2026)

  
Hearing Aids
  
Cochlear Implants
  
BAHA/BAHS
  
Diagnostic Devices

Technology Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2026)

  
Digital
  
Analog

Sales Channel Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2026)

  
Retail Sales
  
Government Purchases
  
E-commerce

Key Players, Recent Developments & Regional Insights: Global Audiology Devices Market

The product segment is categorized into hearing aids, BAHA/BAHS, cochlear implants, and diagnostic devices. Hearing aids dominated the product segment while cochlear implants is anticipated to witness the fastest growth in the forecast period. Diagnostic devices include otoscopes, audiometers, andtympanometers.
Innovation in implantation techniques reduces risk of infection, complications, operating time and improves the patients ability to hear. Demand for invisible-in-canal hearing aids and complete-in-canal hearing aids are expected to boost the market growth.

Sales Channel Insights

Based on sales channel, the market is categorized into retail stores, government programs, and e-commerce. Retail stores dominated the market due to the presence of big retail store chains in countries such as U.S.
In 2016, around 3.28 to 3.65 million hearing aids were sold in the U.S. market, consisting of 78% sold in the private market and 22% sold via the Veterans Administration (VA) hearing aid program. Many market players are adopting e-commerce to sell hearing aids products along with online service support and specialist consultation.

Technology Insights

Based on technology, the market is segmented into digital and analog hearing aids. Digital hearing aids dominated the technology segment owing to fast adaptability. Analog hearing aids use an amplifier, and microphone to intensify the sound. Some analog hearing aids are programmable and include a microchip allowing program setting for different listening environment. Such analog devices are preferred over digital technology due to the delivery of unadulterated sound at an affordable cost.

Many manufacturers offer digital hearing aids with Bluetooth connectivity integrated with in-the-ear (ITE) and behind-the-ear (BTE) models.The Opn hearing aid range from Oticon can be connected with iPhone, iPad, and iPod touch devices and it allows users to stream audio directly into their hearing aids.

Regional Insights

North America dominated the overall market in terms of revenue share in the year 2018. The U.S. market growth can be attributed to the advancement in the audiology systems, increase in the number of audiologists, and introduction of innovative digital platforms by current providers. The launch of patient-centric audiology systems that facilitate easy product handling result in patient compliance further leading to market growth.

The Asia Pacific region is anticipated to expand at the highest CAGR over the forecast period. The market growth can be attributed to the increasing geriatric population and age-related hearing problems, constantly improving healthcare infrastructure, rising health care expenditures and increasing product awareness.
Audiology Devices Market Share Insights

Some of the major companies in the global market are William Demant Holdings A/S; GN ReSound Group; Starkey Hearing Technologies; Widex A/S; Sonova Holdings AG; Phonak, Audioscan; MedRx; and NHC/Amplifon. Mergers & acquisitions, new product development, joint ventures, partnerships, are some of the strategies being undertaken by these market players. For instance, in March 2019, Sivantos Pte. Ltd. and Widex A/S completed the business merger to form WS Audiology forming a diverse portfolio of hearing aid products with brands such as Signia, Widex, and Rexton.

Key Insights Covered: Global Audiology Devices Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Audiology Devices industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Audiology Devices industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Audiology Devices industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Audiology Devices industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Audiology Devices industry.

Research Methodology: Global Audiology Devices Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other