Global Audiology Devices Market: Rapid Growth Driven by Technological Advancements and Aging Population
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Global Audiology Devices Market: Size, Trends, and Growth
Audiology devices, utilized by audiologists for diagnosing and treating hearing impairments or loss, are crucial in monitoring and studying hearing. This market is witnessing significant growth due to rapid technological advancements and increased consumer awareness about advanced audiology devices. Consequently, industry players are focusing on launching innovative products.
According to UnivDatos Market Insights, The global Audiology Devices Market is projected to experience a robust Compound Annual Growth Rate (CAGR) of approximately 6% from 2021 to 2027.
For instance, in October 2021, Audibel, a health tech company, introduced its new artificial intelligence (AI) hearing aids called Arc AI. This AI algorithm automatically adjusts the hearing aid's volume according to the user's environment. Additionally, the increasing number of audiologists and a supportive government regulatory framework are key factors driving the global audiology devices market's growth.
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Key Growth Drivers
The prevalence of deafness and the rising geriatric population are pivotal factors contributing to the growth of the global audiology devices market. According to the United Nations, 13.2% of the global population was aged 60 years or above in 2019, a figure expected to rise to 21.4% by 2050. This demographic shift leads to a higher number of individuals susceptible to hearing impairments, thereby increasing the adoption of audiology devices among the older population.
Market Segmentation
By Product
The audiology devices market is segmented into hearing aids, cochlear implants, Bone Anchored Hearing Aids (BAHA)/Bone Anchored Hearing Systems (BAHS), diagnostic devices, and others. In 2020, the hearing aids segment held the largest market share and is anticipated to exhibit the highest CAGR during the forecast period. This growth is driven by the increasing prevalence of deafness and subsequent rise in hearing aid sales. For example, in 2020, members of the European Hearing Instrument Manufacturers Association (EHIMA) sold a total of 14.12 million hearing aids. Meanwhile, the cochlear implants segment is expected to grow significantly in the coming years.
By Technology
The market is divided into digital and analog technologies. The digital segment is expected to dominate and grow considerably due to its fast adaptability. However, the analog segment is also anticipated to grow rapidly in the coming years due to a shift in consumer preference for digital technology, which delivers unadulterated sound at an affordable cost.
Regional Insights
A detailed regional analysis of the audiology devices market covers North America, Europe, Asia-Pacific, and the Rest of the World. North America represents one of the largest markets for audiology devices, generating substantial revenue in 2020. This growth is attributed to the presence of well-established market players in the region.
Prominent Market Players
Major companies operating in the audiology devices market include Medtronic, MedRx, Siemens AG, Cochlear Limited, Maico Audiological Services, Natus Medical Incorporated, GN ReSound Group, William Demant Holding A/S, Starkey Hearing Technologies, and Widex A/S. These companies engage in mergers and acquisitions (M&As) and partnerships to offer new varieties of audiology devices to customers.
Conclusion
In summary, the global audiology devices market is on a growth trajectory, driven by technological advancements, rising consumer awareness, and an increasing geriatric population. The market's expansion is further supported by the launch of innovative products and a favorable regulatory framework. As the demand for audiology devices continues to rise, industry players are expected to focus on product innovation and strategic partnerships to maintain their competitive edge.
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