Audiological Devices Market to Witness Modest Growth, Amid Increased Hearing Impairment Incidences – Fact.MR Survey
250 Pages Audiological Devices Market Survey by Fact MR, A Leading Business and Competitive Intelligence Provider
According to Fact MR’s recent market research, sales of Audiological Devices to swell at propelled CAGR through 2031, as investment towards expansion of healthcare infrastructure continues rising. The goal of the survey is uncover growth opportunities, key trends, growth drivers, and challenges. It also provides recommendations to assist businesses in preparing for unforeseen challenges.
Focus on improving overall patient care will remain a chief growth driver. Besides this, Audiological Devices market will continue gaining from increasing willingness among patients and families to spend on advanced healthcare.
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Auditory impairments affect people of all age groups, ranging from moderate to severe. According to the Hearing Loss Association of America (HLAA), auditory impairments account for the 3rd largest physical disability among people. Furthermore, the World Health Organization estimated in 2019 that unaddressed hearing losses have cost countries US$ 750 Bn annually. 90% of the patients were adults, of which males constituted more than 50%.
The high incidence of hearing disabilities in the geriatric population is the main factor behind increasing deafness. As a consequence, people are increasingly seeking treatment for the same. On the premise of the aforementioned trends, the global audiological devices market shall experience a moderate growth pegged at 5% during the forecast period (2020-2026). The market is poised to surpass a value of US$ 1.3 Bn by 2026-end.
The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Audiological Devices market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Audiological Devices
The report offers actionable and valuable market insights of Audiological Devices. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Audiological Devices Market across various industries and regions
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Audiological Devices Market Segmentation
Fact.MR has studied the audiological devices market with detailed segmentation on the basis product, disease type, end-user and key regions.
By Product :
- 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)
- Cochlear Implants
- Bone-anchored Healing Aids
- Diagnostic Devices:
By Disease Type :
- Meniere’s Disease
- Acoustic Tumors
- Otitis Media
By End-user :
- Ambulatory Surgical Centers
By Region :
- North America
- Latin America
- Asia Pacific
- Middle East & Africa (MEA)
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Key Takeaways of the Audiological Devices Market Study:
- Hearing Aids are expected to retain a major chunk of the audiological devices market share, accounting for 60% of the market. However, cochlear implants are gaining traction, owing to their suitability for severely hearing impaired patients.
- Meniere’s disease is the most prevalent hearing impairment among patients. Accounting for one-third of the total market share, the Meniere’s disease type is expected to leverage the audiological devices market share in the forecast period. Projected CAGR for the same is 5.8%.
- While clinics shall account for a major chunk of the audiological devices market, ambulatory services are gaining momentum. Reduced waiting time for treatment is a key driver for the growth of the ambulatory services segment.
- By region, Europe remains the most lucrative market for audiological devices, due to increasing geriatric population. By 2026, Europe shall account for more than one-third of the market share.
- However, Asia-Pacific shall register impressive growth, due to technological developments and entry of key audiological market players. Projections indicate a CAGR of 6.5% from 2020-2026.
“The global audiological devices shows a positive growth trend in the future. Increase in the elderly population, coupled with burgeoning research in addressing hearing impairments, shall drive key market players to innovate,” concludes a Fact.MR analyst.
New Product Launches to Shape Audiological Devices Competition Landscape
Important audiological devices market players such as Sonova International and William Demant Holdings A/S, focus on development of technologically advanced audiological devices and product launches to increase their footprint. For instance, Sonova International recently unveiled its “Virto M Black” custom made hearing aid. Part of Sonova’s Marvel customized in-the-ear (ITE) technology, the device includes Bluetooth streaming and a personalized hearing experience through the myPhonak App. Likewise, William Demant Holdings A/S offers hearing impairment solutions through its Oticon, Bernafon, Sonic, Audika and MAICO brands. Core businesses include hearing devices, hearing implants, diagnostic instruments and intelligent audio solutions.
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Report Benefits & Key Questions Answered
- Audiological Devices Category and segment level analysis: Fact MR provides a detailed analysis of the factors influencing sales growth across key segments. It highlights key growth drivers and provides useful information for identifying sales prospects at the regional and local level.
- Audiological Devices Historical volume analysis: The report provides a comparison of Audiological Devices’s historical sales and projected sales performance for 2021-2031.
- Audiological Devices Manufacturing trend analysis: The report offers a detailed analysis of manufacturing trends in the Audiological Devices market. It carefully gauges the impact of changing healthcare needs of key demographics globally
- Audiological Devices Consumption by demographics: The report investigates consumer behavior affecting Audiological Devices demand outlook for the assessment period. Effect of their keenness for digital trends on Audiological Devices market is carefully analyzed
- Post COVID consumer spending on Audiological Devices: Healthcare industry has been largely influenced by COVID-19 pandemic. The Fact MR Market survey analyzed consumer spending post COVID-19. It assesses how current trends that will influence expenditure on healthcare services, thus affecting Audiological Devices market growth.
More Valuable Insights on Audiological Devices Market
Fact.MR, in its new report, offers an unbiased Market Analysis of Audiological Devices, Sales and Demand of Audiological Devices, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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