Wilmington, Delaware, United States, June 08, 2022 (GLOBE NEWSWIRE) -- In-depth insights on the audiological devices global market reinforce the trend of advancements in the hearing aids technologies notably in waterproof hearing devices and wireless hearing aids. The growth of the audiological devices market is propelled by burden of hearing loss especially in an aging population. The valuation of the market is projected to surpass US$ 16.9 Bn by 2031, advancing at CAGR of 5.3% from 2022 to 2031.
Ongoing trends of the audiological devices market indicate that products that allow multifunctional benefits particularly by integrating the functionality with smart mobile devices are offering value-grab opportunities. Companies in the audiological devices market are witnessing stable revenue potential, which hinge on the need for hearing rehabilitation process for the patient population to boost the quality of life and their productivity.
A growing spate of studies have found that early uptake of hearing aids and implants in people with mild and moderate hearing will accelerate loss-hearing rehabilitation process. With the prevalence of hearing loss increasing with age, this demographic will play a pivotal role in audiological devices market development. Device-related hearing rehabilitation for Meniere’s disease presents a vast avenue.
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Key Findings of Audiological Devices Market Study
- Innovation in Hearing Aids to Generate Massive Revenue Streams: Considerable technological improvements in the hearing aids have led to the trend of growing acceptance and adaptation of audiological devices in the target population. The use of devices in managing mild to moderate hearing loss has risen, thus steering the revenue growth of the audiological devices market. A number of new technologies have enriched the prospects of the market. The demand for next-gen products has led to the commercialization of cochlear implants, and has shaped the recent revenue streams. These implants are expected to gathering traction in in people with severe hearing loss.
- High Burden of Hearing Loss Globally Expanding Lucrative Avenues: Hearing loss and deafness pose a huge burden on adult population. In particular, the condition has been debilitating to older adults, thereby spurring the need for assistive devices. Thus, the audiological devices market has made some significant strides from high hearing loss due to the Meniere’s disease. The segment was pegged at the valuation of US$ 3.5 Bn in 2021, found the authors of the TMR study on the audiological devices market.
- Proliferating Demand in Hearing Care Clinics Spurring Audiological Devices Market Growth: Growing number of hearing care clinics has catalyzed demand for products in the audiological devices market. The segment has vast latent opportunities waiting to be explored. The study has found that the segment will expand at a CAGR of 5% during the forecast period.
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Audiological Devices Market: Key Drivers
- Worldwide, a large number of adults are at a high risk of permanent and preventable hearing loss. Per a recent fact sheet by the WHO, by 2050 nearly 2.5 Bn people are likely to suffer from some degree of hearing loss, and at least 700 million of them will require hearing rehabilitation. Hearing aids manufacturers thus witness an enormous revenue potential.
- Advancements in ear and hearing care services globally have catalyzed the expansion of the audiological devices market.
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Audiological Devices Market: Regional Growth Dynamics
- Europe held a leading share of the audiological devices market in 2021 and is projected to account for a sizable share of the global market. Massive commercialization of hearing products and cochlear devices has reinforced revenue growth of the regional market. Continuous R&D in hearing aids will open up new revenue possibilities in the Europe audiological devices market.
- Asia Pacific is viewed as potentially lucrative market. Rise in demand for products among people suffering from partial or complete hearing loss has spurred profitable opportunities for market players.
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Audiological Devices Market: Key Players
Some of the key players in the makret are William Demant, Sonova, WIDEX, Sivantos, Nurotron Biotechnology, Medtronic¸ MedRX, MED-EL, GN Store Nord, Cochlear, Benson Medical Instruments, and AMBCO.
Audiological Devices Market Segmentation
- Product
- Hearing Aids
- Behind-the-Ear (BTE) Aids
- Receiver-in-the-Ear (RITE) Aids
- In-the-Ear (ITE) Aids
- Canal Hearing Aids (CHA)
- Cochlear Implants
- Bone Anchored Hearing Aids
- Diagnostic Devices
- Audiometers
- Otoscopes
- Tympanometers
- Hearing Aids
- Disease Type
- Otosclerosis
- Meniere's Disease
- Acoustic Tumors
- Otitis Media
- Others
- End-user
- Hospitals
- Ambulatory Surgery Centers
- Clinics
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