The electronic tools used by audiologists for the accurate diagnosis and therapy of hearing loss or impairment are known as audiology devices. A significant number of people are predicted to have some degree of hearing loss in the coming years, and a lot of them would need hearing rehabilitation.

New York, Aug. 19, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Audiology Devices Market Size, Share & Industry Trends Analysis Report By Technology, By Product, By Hearing Aids Type, By Distribution Channel, By End User, By Regional Outlook and Forecast, 2022 - 2028" - https://www.reportlinker.com/p06314980/?utm_source=GNW
Additionally, because of unsafe listening habits, a big proportion of the population is at the risk of developing permanent and preventable hearing loss. This will likely further fuel the market for audio logical devices throughout the forecast period.

The market’s expansion can also be attributed to factors, including the rising elderly population, occurrences of hearing diseases, and government programs that enable simple access to hearing aids. The prevalence of the geriatric population is increasing all over the world. Hearing loss and impairment are very common in elderly age of people. However, it is anticipated that the rate at which hearing impairments are treated will rise as market participants increasingly combine traditional devices with cutting-edge telemedicine.

A platform for online audiology was introduced by lively in 2019 and offers all customers hearing aids, testing, and round-the-clock online assistance. Additionally, the market is anticipated to benefit from ongoing technology advancements that improve the listening experience for consumers as well as the introduction of specialized devices made for veterans and serving military personnel. The development of new features, like Bluetooth connectivity, voice processing, contactless charging, and many others, together with technological improvements in areas like wireless devices, are anticipated to accelerate the growth of the market.

COVID-19 Impact Analysis

The outbreak of the COVID-19 pandemic has transformed how medical treatment is provided globally. Many hospitals and departments have been re-profiled for treating patients with COVID-19 as a result of the increasing demand brought on by the rising rate of hospitalization of COVID-19 patients. In order to reserve and redirect the limited capacity and resources, such as hospital beds and care experts, toward COVID-19 patient care, many elective procedures were canceled or postponed globally. The redistribution of intensive care resources had a disproportionately negative impact on the delivery of ENT-related surgeries and services. Considering the proximity, test setup, and length of appointments, the Centers for Disease Control and Prevention claims that ENT clinics or audiology centers present a medium-to-high risk for COVID-19 infection.

Market Growth Factors

Increasing Cases Of Hearing Loss

Hearing loss affects people of all ages and is ranked third among physical conditions by The Hearing Loss Association of America (HLAA), behind arthritis and heart disease. People of all ages can experience gradual hearing loss, which ranges in severity from minor to severe. Depending on the reason, it might be mild, severe, transitory, or permanent. The WHO defines hearing loss as the inability to hear as well in both ears as someone with a normal hearing threshold of 25 dB or better. The need for diagnosis and treatment is anticipated to rise with an increase in prevalence, which is anticipated to boost the market for audiology devices.

Rising Incidences Of Meniere’s Disease

One of the major factors that are driving the growth of the audiology devices market is the rising prevalence of Meniere’s disease all over the world. Meniere’s disease can be referred as a chronic inner ear condition that affects hearing and balance. Vertigo and hearing loss are two symptoms of the inner ear ailment Meniere’s disease. Meniere’s illness typically only affects one ear. Meniere’s illness can strike at any age, but it typically manifests between the ages of 20 and 40. Although it’s a chronic ailment, there are a number of therapies that can aid in the management of the symptoms and lessen the long-term effects on the patient’s life.

Market Restraining Factors

High Initial Cost And The Final Price

A significant factor limiting market growth is the high cost of hearing aids, including cochlear implants as well as bone-anchored systems, particularly in price-sensitive regions. Healthcare providers generally lack the financial resources for investment in sophisticated technologies, particularly in developing nations. Additionally, the staff needs to undergo comprehensive training programs in the proper handling and maintenance of bone-anchored devices and cochlear implants. Technology-advanced hearing aids must be developed through extensive R&D efforts.

Product Outlook

Based on product, the audiology devices market is segmented into Hearing Aids (Behind-the-ear and In-the-ear & others), Cochlear Implants, BAHA/BAHS and Diagnostic Devices. In the hearing aids segment, the behind-the-ear segment registered the biggest revenue share of the market. This increasing growth of the segment is attributed to the fact that this type of devices is easily deployable and most used type of devices across the market. Therefore, the adoption of these hearing aids is surging.

Technology Outlook

On the basis of technology, the audiology devices market is bifurcated into Digital and Analog. In 2021, the digital segment procured the highest revenue share of the audiology devices market. The growth of the segment is expediting due to their improved and rapid adaptability. Hearing aids are devices that amplify sound and are made to help those who suffer hearing loss. A microphone that picks up sound, an amplifier circuit that makes the sound louder, a small loudspeaker that transmits the amplified sound into the ear canal, and batteries that power the electronic circuits are all common elements found in most hearing aids.

Distribution Channel Outlook

By distribution channel, the audiology devices market is fragmented into Offline and Online. In 2021, the offline segment acquired the biggest revenue share of the audiology devices market. The growth of the segment is accelerating due to the expanding number of retail stores all over the world. Moreover, due to the dominance of retail stores on the market in various countries, various retailers are including hearing devices in their portfolios.

End-User Outlook

Based on End-User, the Audiology Equipment market is categorized into Hospitals & Clinics, Ambulatory Surgical Centers, and Others. In 2021, the Ambulatory Surgical Centers segment witnessed a significant revenue share of the audiology devices market. The rapidly rising growth of the segment is attributed to the increasing burden on clinics and hospitals. Due to the emergence of the COVID-19 pandemic, people are becoming hesitant while visiting hospitals and clinics. In order to address this challenge, the people are rapidly shifting toward ambulatory surgical centers. Hence, the growth of the segment is surging.

Regional Outlook

Region-wise, the audiology devices market is analyzed across North America, Europe, Asia Pacific and LAMEA. In 2021, North America accounted for the largest revenue share of the audiology devices market. The development of audiology systems, a rise in the number of audiologists, as well as the introduction of cutting-edge digital platforms by existing suppliers can all be credited with the expansion of the regional audiology devices market. The introduction of patient-centered audiology systems that make it simple to handle the product results in patient compliance, which further fuels market expansion.

The major strategies followed by the market participants are Product Launches and Partnerships. Based on the Analysis presented in the Cardinal matrix; Medtronic PLC and Siemens AG are the forerunners in the Audiology Devices Market. Companies such as Starkey laboratories, Inc., William Demant Holding A/S and MED-EL GmbH are some of the key innovators in Audiology Devices Market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Siemens AG, Medtronic PLC, William Demant Holding A/S, GN Store Nord A/S, Sonova Holding AG, WS Audiology A/S, Natus Medical Incorporated, MED-EL GmbH, Starkey laboratories, Inc., and Benson Medical Instruments.

Recent Strategies deployed in Audiology Devices Market

Partnerships, Collaborations and Agreements:

Dec-2021: Sonova came into an agreement with Nuheara, a hearing health company. Following this agreement, Nuheara would supply its company-manufactured and branded products to Sonova and its affiliates all over the world. Moreover, Nuheara’s line of hearing products would now be available across Sonova’s Audiological Care businesses.

Sep-2021: Sonova teamed up with Sensorion, a clinical-stage biotech company. This collaboration aimed to integrate genetic analysis into the routine diagnosis of progressive hearing loss in adult patients in order to offer enhanced care through an integration of traditional hearing aids and advanced therapeutic interventions.

Product Launch and Product Expansions:

Feb-2022: Medtronic rolled out a NuVent Eustachian tube dilation balloon. The new product has been approved by the US FDA and aimed to treat chronic obstructive Eustachian Tube Dysfunction with the balloon allowing surgeons to cure patients in an outpatient or office setting.

Aug-2021: GN introduced Jabra Enhance Plus into its Jabra EnhanceTM line of hearing enhancement solutions. The new product is an all-in-one hearable for patients who experience mild-to-moderate hearing loss in order to help them in hearing more conveniently.

Jan-2021: MED-EL released SAMBA 2, a next-generation audio processor. The new product aimed to streamline hearing in complex and noisy environments. In addition, the new product would be operated on the BONEBRIDGE Bone Conduction System equipped with the latest BCI 602.

Nov-2020: Demant introduced hearing aid technology in its Oticon, Bernafon, Philips Hearing Solutions, and Sonic. This product expansion aimed to complement Demant’s strategy of delivering advanced hearing health solutions to people with hearing loss.

Aug-2020: GN Hearing rolled out ReSound ONE, a new hearing aid. The new solution aimed to address difficulties for people with hearing loss by placing an additional microphone within the ear canal and enabling them to experience better hearing capacities.

Acquisitions and Mergers:

Jun-2022: Demant acquired ShengWang, a manufacturer and distributor of automobile parts. Through this acquisition, the company aimed to leverage ShengWang as a platform in order to accomplish significant growth and increase its market share across China by new acquisitions and establishing new clinics.

Mar-2022: Sonova took over Alpaca Audiology, independent audiological care clinics networks in the US. This acquisition aimed to expand Sonova’s network across the country in order to increase its customer access in the market across the United States.

Mar-2022: Sonova completed its acquisition of Sennheiser electronic, the Consumer Division. This acquisition aimed to complement the formation of a fourth business unit that would expand the lucrative product portfolio of Sonova and expand its channel footprint as well as customer base.

Approvals and Trails:

Dec-2020: Sonova received the US FDA approval for its Naida CI Marvel and Sky CI Marvel, new sound processors of the company. With this approval, the company aimed to offer benefits to cochlear implant wearers of all ages with the breakthrough Marvel hearing technology.

Scope of the Study

Market Segments covered in the Report:

By Technology

• Digital

• Analog

By Product

• Hearing Aids

o Behind-the-ear (BTE)

o In-the-ear (ITE) & Others

• Cochlear Implants

• Diagnostic Devices

• BAHA/BAHS

By Distribution Channel

• Offline

• Online

By End User

• Hospitals & Clinics

• Ambulatory Surgical Centers

• Others

By Geography

• North America

o US

o Canada

o Mexico

o Rest of North America

• Europe

o Germany

o UK

o France

o Russia

o Spain

o Italy

o Rest of Europe

• Asia Pacific

o China

o Japan

o India

o South Korea

o Singapore

o Malaysia

o Rest of Asia Pacific

• LAMEA

o Brazil

o Argentina

o UAE

o Saudi Arabia

o South Africa

o Nigeria

o Rest of LAMEA

Companies Profiled

• Siemens AG

• Medtronic PLC

• William Demant Holding A/S

• GN Store Nord A/S

• Sonova Holding AG

• WS Audiology A/S

• Natus Medical Incorporated

• MED-EL GmbH

• Starkey laboratories, Inc.

• Benson Medical Instruments

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