Audiology Devices Market By Type ( Cochlear implants, Diagnostics devices, Tympanometers, Otoscopes, Audiometers, Bone-anchored hearing aids, Technological hearing aids, Digital Hearing Aids, Analog Hearing Aids, Hearing aids, In-the-ear Hearing Aids (ITE), Receiver-in-the-ear hearing Aids (RITE), Behind-the-ear Hearing Aids (BTE), Canal Hearing Aids (CHA)), Disease type ( Meniere’s Disease, Otitis Media, Osteosclerosis, Tinnitus, Acoustic Tumors, Acoustic Trauma), by sales channel (Retail Sales, Government, E-commerce), End use ( Hospitals, Audiology Clinics, Rehabilitation Centers, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
Audiology devices market is expected to reach USD 20.18 billion by 2029 in the forecasted period of 2020-2029 with a substantial CAGR of 6.17%. Market growth can be due to factors such as increasing geriatric population and hearing problems, along with government support for easy access to hearing aid. The growing geriatric population in the world is projected to be 1.4 billion by 2030.
Increased cases of hearing issues, especially in the geriatric community, increasing disposable income, expenditure in R&D and government support for better healthcare services are expected to drive the demand over the forecast period.
Electronic devices which are used by the audiologists to diagnosis and treat hearing impairment or hearing loss are known as audiology devices. They are also used for listening observation and research. Also old age is associated with higher hearing loss or hearing deficiency and the environment has growing issues. The market growth for audiology products would definitely be fueled by cost-effective and efficient tools, technological advances and the increasing adoption of new devices among the older population. Today, these devices have smart sensors, which make it more user-friendly. Wireless auditory aids are also developed by many firms who gain traction on the market for audiological products.
Audiology devices market Scope and Market Size
Audiology devices market has been segmented on the basis of Type, Disease type, End use.
- On the basis of type, the audiology devices market is segmented into cochlear implants, diagnostics devices, tympanometers, otoscopes, audiometers, bone-anchored hearing aids, technological hearing aids, digital hearing aids, analog hearing aids, hearing aids, in-the-ear hearing aids (ITE), receiver-in-the-ear hearing aids (RITE), behind-the-ear hearing aids (BTE), canal hearing aids (CHA). The cochlear implants dominated the market to grow at high CAGR owing to the reduced risk of infection, innovation in implantation techniques, operating time, complications, and it also improves patient's ability to hear in the forecasted period.
- Based on disease type, audiology devices market is segmented into Meniere’s disease, otitis media, osteosclerosis, tinnitus, acoustic tumours, and acoustic trauma. Meniere's disease segment holds a major market share in 2018 and is likely to grow at strong CAGR rates in the forecast period. According to the statistics provided by the American hearing research foundation, there are roughly. 0.2 percent of the population has Meniere's disease and almost 46,000 new cases are diagnosed every year in the United States alone.
- Basis of sales channel the audiology devices market is segmented into retail sales, government, E-commerce. Due to the presence of large retail outlets in nations such as the US, retail sales dominate the market. About 3.28 to 3.65 million hearing aids were distributed in 2016, representing 78 per cent sold on the private market, with 22 per cent sold through the Hearing Aid System of the Veterans Administration (VA). Most market players are embracing e-commerce to offer online assistance and expert training to deliver hearing aid devices.
- Basis of end use, the audiology devices market is segmented into hospitals, audiology clinics, rehabilitation centers, others. Speciality clinics segment held major share of the market in 2018 and is likely to grow at high CAGR in the forecast period.
Country Level Analysis of Audiology devices market
- On the basis of region, audiology devices market is segmented into North America and South America, Asia Pacific, Europe and Middle East and Africa.
- Countries covered under North and South America region are Canada, Mexico, Brazil, Rest of Americas, along with Germany, France, United Kingdom, Italy, Spain, Rest of Europe covered under Europe region and Japan, China, India, Australia, Rest of Asia-Pacific covered under Asia-Pacific region.
- In the projected year, North America led the global market in terms of revenue share. The rise of the U.S. market can be attributed to the development in audiology technologies, the increase in the number of audiologists and the implementation of new digital platforms by existing suppliers. Launching customer-centric audiology solutions that promote simple drug handling would result in consumer acceptance contributing to further market growth.
- The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, disease epidemiology and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands impact of sales channels are considered while provided forecast analysis of the country data.
Key Developments in the Market:
- In December 2019, Cochlear, the global leader in implantable hearing solutions,announced the U.S. Food and Drug Administration has cleared the new Cochlear Osia 2 system. Osia System is a new category of bone conduction listening technologies, the world's first Osseo-powered steady state implant (OSI). Electric piezoelectric amplification is used to circumvent damaged areas of the human hearing system by using the new bone conduction listening method for transferring sound-vibration directly to the inner ear (cochlea).
- In September 2018, InnerScope Hearing Technologies Inc. has announced the signing of a final agreement to purchase all the assets of Kathy L. Amos Audiology located in Walnut Creek, California. The company offers online hearing aid distribution and audiological facilities to the entire East Bay area of San Francisco. This acquisition further strengthens the position of the Company in its physical retail presence and complements the recent announcement by LOI to acquire Value Hearing LLC and its two locations.
Competitive Analysis and Audiology devices market Share Analysis:
Audiology devices market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of audiology devices market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Audiology devices market competitive landscape provides details by competitors. Details included are company overview which includes Company focus, business segment, product categories, revenue generated, and global presence. Audiology devices market report also provides information on recent financials and R&D expenditures over the years from 2020 to 2029.
Key Market Competitors:
Few of the major competitors currently working in the audiology devices market are AMBCO, Benson Medical Instruments Co., Advanced Bionics AG, GN Store Nord A/S, Medtronic, Phonak, Natus Medical Incorporated, MicroTech, TV Ears, Inc., Demant A/S, Sonova, Widex A/S, Starkeyand many others.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved