Audiological Devices Market

Audiological Devices Market Outlook (2022-2032)

The Audiological Devices market reached a valuation of US$ 10.27 Billion by 2021, and is likely to register a Y-o-Y growth rate of 4.0% in 2022, closing at US$ 10.81 Billion. Furthermore, across the 2022-2032 period of assessment, growth is expected to accelerate at a whopping 5.3% CAGR, reaching US$ 18.13 Billion.

According to Fact.MR, adoption of audiological devices is rising, attributed to the increasing prevalence of hearing loss. Cases of Hearing loss are rising constantly, owing to the exposure of loud noise in the environment. As per the World Health Organization (WHO), around 466 million people suffer from some form of hearing loss on the global aspect, and this number is expected to touch 900 million by the year 2050.

With the increase in awareness about hearing loss and its implications, people have inclined towards seeking timely diagnosis and treatment. This is one of the major factors driving the growth of the audiological devices market over the forecast period. Also, technological advancements have resulted in the development of sophisticated and user-friendly devices, which is further expected to boost the growth of the audiological devices market.

Report Attributes	Details
Anticipated Base Year Value (2021)	US$ 10.27 Billion
Expected Market Value (2022)	US$ 10.81 Billion
Projected Forecast Value (2032)	US$ 18.13 Billion
Global Growth Rate (2022-2032)	5.3% CAGR
Expected Growth Rate of North America (2022-2032)	5.2% CAGR
Anticipated Growth Rate of Asia Pacific (2022-2032)	5.1% CAGR
Prominent Audiological Devices Service Players	William Demant Holding A/S GN Store Nord A/S Sonova WIDEX A/S Sivantos Pte. Ltd.

2017-2021 Revenue Analysis of Audiological Devices Market vs. Growth Outlook 2022-2032

According to Fact.MR’s report, Audiological Devices demand exhibited a CAGR of over 2.4% from 2017 to 2021.

The competitive surgical procedure costs (including the ENT procedures, involving the implantation of cochlear implants) offered by prominent healthcare facilities are a key factor driving the medical tourism sector in developing countries.

For instance, healthcare treatment costs up to 65-80% less in Malaysia as compared to the US. In 2019, Malaysia and India were the most popular destinations for medical tourism in the world.

Thus, the growth in the medical tourism sector, coupled with the rising healthcare expenditure and improving healthcare infrastructure, is expected to drive the demand for hearing aids across emerging markets during the forecast period.

Key Market Drivers Influencing Audiological Devices Industry Expansion

Emerging Markets to Escalate the Market Growth

An increase in demand for hearing products, cochlear devices, and diagnostic devices in ENT and other clinics is expected to drive the growth of the audiological devices market in the near future. Hearing care clinics provide audiology services that involves hearing and balance assessment. Moreover, the increasing demand of the market is attributed to the increasing demand for quality care services.

Technological advancements and product innovation leading to development making audiological devices increasingly smaller in size and more efficient, coupled with low cost of device are the major factors that are anticipated to augment the growth of audiological devices market during the forecast period. Hearing aids dominate the audiology devices market as they provide enhanced connectivity, enhanced user friendliness and possess superior comfort.

Increasing Incidences of Hearing Loss to Propel Market Growth Prospects

According to the Hearing Loss Association of America (HLAA), hearing loss is considered to be the third most common physical condition after arthritis and heart disease, which has been affecting people of all ages. Gradual hearing loss can affect people of all ages, differing from mild to profound. It can be mild or severe, temporary or permanent, depending on the cause.

Similarly, according to the WHO, a person who is unable to hear as well as someone with normal hearing thresholds of 25 dB or better in both ears is considered to have hearing loss. An increase in the prevalence is estimated to drive the requirement for diagnosis and treatment, which, in turn, is expected to escalate the growth of the audiological devices market over the analysis period.

Key Challenges encountered by Audiological Devices Industry

High Cost of Devices as well as the Surgeries to Hinder the Market Growth

High cost and the social stigma associated with the appearance of these devices are the major factors that are expected to impede the growth of the Audiological Devices Market during the forecast period.

Additionally, the high prices hearing impairment solutions, particularly those based on surgery, are also expected to pose a challenge to the audiology devices market throughout the analysis period.

Concerns Regarding Aesthetic Appeal to Hamper the Market Growth

Hearing aids and cochlear implants can significantly improve accessibility and quality of life for people with aural impairments, but for some users, sociocultural issues and perceived stigma may leave them unwilling to wear the devices. Many individuals choose to abandon the hearing aids or implants. This is one of the major factors that is anticipated to limit the market growth in the forthcoming years.

Additionally, the stigma associated with deafness, coupled with frequent maintenance and implant surgeries are also projected to stymie market expansion over the analysis period.

Region-wise Analysis

How will North America Perform in the Global Audiological Devices Industry Landscape?

Rise in the Hearing Impairment Cases to Boost the Market Growth in North America

The North American Audiological Devices Market will grow at a CAGR of 5.2% from 2022 to 2032.

The market in North America represents the largest market share of 39.32% in 2022. Further, the market in the expected to remain the dominant region over the forecast period, owing to the higher prevalence of hearing impairment in the region. According to one of the estimates, 1 in 20 Americans are currently deaf or hard of hearing and there are roughly 10 million people who have hearing loss, and there are about 1 million people who are functionally deaf.

Hearing aid employment has been associated with decreases in the incidence or severity of depression, cognitive decline, and other health issues in older persons, among other health advantages. Furthermore, the usage of hearing aids can lead to increased social involvement and higher life quality.

How will the Growth of Audiological Devices Market Escalate across Asia Pacific?

Rise in the Geriatric Population to Enhance the Market Prospects

The Audiological Devices Market in Asia Pacific is expected to grow at a CAGR of 5.1% from 2022 to 2032.

The market in Asia Pacific region is estimated to gain a significant market share over the analysis period, attributed to the growing geriatric population, backed by the rising prevalence of hearing impairment among the aged population in the region. It is believed that by 2050, one in four people in the Asia Pacific region is estimated to be older than 60. Moreover, the doubling disposable income and increasing cost of treating these impairments in the region are anticipated to boost the regional market growth in the near future.

Furthermore, Asian countries, such as India and China have a large geriatric population, thereby rendering lucrative growth. Also, constantly improving healthcare infrastructure, increasing product awareness, and rising health care expenditures are some other factors that are expected to accelerate the growth of the regional market.

Region-wise Forecast CAGRs for the Audiological Devices Market

Region	CAGR
North America	5.2%
Asia Pacific	5.1%
Europe	5.0%
Latin America	5.1%
Middle East & Africa	5.0%

Category-wise Insights

Which Segment to Remain Dominant in the Product Category?

Hearing Aids Segment to Enhance Growth Prospects

According to Fact.MR’s data, preference for Hearing Aids segment is expected to expand at a CAGR of 5.2% over the forecast period.  

The segment accounted for the maximum share of more than 64.00% of the overall revenue in 2021, attributed to the demand for complete-in-canal hearing aids, and invisible-in-canal hearing aids.

As per the article published in June 2022 titled ‘Prevalence of Hearing Impairment by Age in the United States in National Library of Medicine, twenty-five percent of men in their late 50s had some level of hearing impairment, 50% in their late 60s, and 75% in their late 70s. For women, 25% had some level of Hearing Impairment in their early 60s, 50% in their early 70s, and 75% in their late 70s.

In addition, factors such as the launch of new products, a continuous collaboration by major players, rising awareness about hearing impairment, and market expansion are propelling the growth of the segment. For instance, In February 2022, Phonak announced the launch of the Virto line of custom-made hearing aids which includes the Virto P Black, in-the-ear (ITE) hearing device, and the super-discreet Virto P-Titanium.

Which is the Most Sought-after Disease Type Category?

Meniere’s Disease to Boost the Segment’s Growth

According to Fact.MR’s data, preference for Meniere’s Disease segment is expected to expand at a CAGR of 5.1% over the forecast period.

The segment is expected to grow at a significant pace during the forecast period. Meniere's disease is a disorder of the inner ear that causes, ringing in the ears (tinnitus), severe dizziness (vertigo), hearing loss, and a feeling of fullness or congestion in the ear.

According to American Hearing Research Foundation, in the U.S., approximately, 0.2% of the population suffers from Meniere’s disease, and every year about 45,500 new cases are diagnosed.

Meniere's disease usually affects only one ear. Attacks of dizziness may take place suddenly or after a short period of tinnitus or muffled hearing. Some people with Meniere’s disease have vertigo so extreme that they lose their balance and fall. These episodes are called drop attacks.

Audiological Devices Market- Competitive Landscape

Prominent players in the Audiological Devices Industry are taking advantage of the rapidly increasing demand for the Audiological Devices in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale vendors. Some prominent market developments are as follows :

• In August 2022, GN declared to introduce the Jabra Enhance Plus, a little true wireless earbud that offers a 3-in-1 experience of calls, music, and hearing enhancement.
• In April 2022, for its brand, Signia, WS Audiology A/S received an iF Design award. For the third time, Signia received the prize owing to their Insio Charge & Go AX hearing aids. It is renowned for its comfort and discrete shape, contactless charging, and direct streaming from Android and iOS.
• In February 2021, Cochlear Limited announced it is partnering with leading hearing health experts to conduct the largest ever international clinical study of an investigational cochlear implant that releases a glucocorticoid (anti-inflammatory) drug therapy directly to the cochlea. The CI-DEX Study is a pivotal, prospective, multi-centre, randomised, blinded study evaluating the effect of a glucocorticoid releasing cochlear implant in up to 120 adults in Australia and the United States with moderate to profound sensorineural hearing loss.

Key Segments Covered in the Audiological Devices Industry Survey

• 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:
    • Audiometers
    • Octoscopes
    • Tympanometers

• By Disease Type :

  • Otosclerosis
  • Meniere’s Disease
  • Acoustic Tumors
  • Otitis Media
  • Others

• By End-User :

  • Hospitals
  • Ambulatory Surgical Centers
  • Clinics

• By Region :

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa