Emerging Markets and Untapped Potential: The Growth Prospects of...

Emerging Markets and Untapped Potential: The Growth Prospects of Audiology Devices in Developing Regions

Posted 2023-09-27 14:20:49

622

The global audiology devices market was valued at USD 10.4 billion in 2022 and is projected to reach USD 17.9 billion by 2032, growing at a CAGR of 6.2% during the forecast period. The market growth is primarily attributed to factors such as the increasing prevalence of hearing loss and related disorders, a growing aging population, and advancements in audiology device technology.

According to the World Health Organization (WHO), approximately 466 million people worldwide currently suffer from hearing loss, and this number is expected to exceed 900 million by 2050. The rising prevalence of hearing loss in infants and young children due to factors like preterm birth, birth asphyxia, and maternal illnesses also contributes to the demand for audiology devices. Additionally, the aging population is a significant driver of market growth, as hearing loss and other auditory impairments are more prevalent among older individuals. The United Nations estimates that by 2050, there will be around 2.1 billion people aged 60 or older globally, further boosting the demand for audiology devices.

Request Free Sample Copy (To Understand the Complete Structure of this Report [Summary + TOC]) @ https://www.reportsanddata.com/download-free-sample/1485

The key companies profiled in the audiology devices market are:

William Demant Holding A/S
GN Store Nord A/S
Sonova Holding AG
Sivantos Pte. Ltd.
Widex A/S
Starkey Hearing Technologies
Cochlear Limited
Med-EL
Advanced Bionics AG
Oticon A/S

Government initiatives and programs aimed at promoting the use of audiology devices also contribute to the expansion of the market. For example, in the United States, the FDA's Over-the-Counter Hearing Aid Act of 2017 allows adults with mild to moderate hearing loss to purchase hearing aids without a prescription. Similar regulations have been implemented in Europe under the Medical Device Regulation (MDR), ensuring the proper marketing and use of audiology equipment.

Browse Full Report Description + Research Methodology + Table of Content + Infographics@ https://www.reportsanddata.com/report-detail/audiology-devices-market

Here are some key highlights from the report:

The global audiology devices market has been segmented based on end-use into hospitals, clinics, residential settings, and others. Among these segments, hospitals accounted for the largest revenue share in 2022. Hospitals, as primary healthcare facilities, provide high-quality medical care and have witnessed an increased demand for audiology equipment due to the rising prevalence of hearing disorders such as presbycusis, otitis media, and sensorineural hearing loss. The presence of experienced healthcare professionals and access to advanced diagnostic and treatment tools contribute to the demand for audiology devices in hospitals. Services offered in hospitals include hearing examinations, hearing aid fittings, cochlear implant procedures, and rehabilitation services, all of which require the use of audiology equipment.

The clinics segment is expected to exhibit the fastest revenue growth during the forecast period. Clinics serve as medical facilities that offer various medical treatments, including audiology services. The demand for audiology equipment in clinics has increased due to the growing preference for outpatient services and the focus on preventive healthcare. Clinics provide affordable audiology tools and services, influencing patient acceptance. The rising prevalence of hearing impairments and increasing awareness of the benefits of early detection and treatment are expected to drive the demand for audiology equipment in clinics.

The residential settings segment is anticipated to register a significantly rapid revenue growth rate during the forecast period. Portable and user-friendly audiology equipment such as hearing aids and bone-anchored hearing aids have gained popularity among patients in residential settings. The increasing popularity of home healthcare services and the preference for remote monitoring and tele-audiology services have created a high demand for audiology equipment in residential settings. The availability of payment options for home healthcare services and audiology equipment has further boosted the adoption of these treatments in residential settings.

Custom Requirements can be requested for this Report [Customization Available] @ https://www.reportsanddata.com/request-customization-form/1485

Segments Covered:

By Product Type Outlook:

Hearing Aids
Cochlear Implants
Bone-Anchored Hearing Aids
Diagnostic Devices
Others

By End-use Outlook:

Hospitals
Clinics
Home Settings
Others

Regional Outlook:

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

Country Scope:

U.S.
Canada
U.K.
Germany
France
BENELUX (Belgium, Netherlands, Luxembourg)
China
India
Japan
South Korea
Brazil
Saudi Arabia
UAE (United Arab Emirates)
Turkey

Latest Research Reports Published by Reports and Data:

Attention Deficit Hyperactivity Disorder (ADHD) Market By Treatment Type (Stimulant Medications, Non-Stimulant Medications, Others), By Region Forecast to 2032 By Diagnosis Type (Clinical Assessment, Neuropsychological Testing, Others), By Treatment Type (Stimulant Medications, Non-Stimulant Medications, Others), By Region Forecast to 2032

Dental Laboratory Welders Market By Product Type (Spot Welders, Laser Welders, Arc Welders, and Others), By End-Use (Dental Laboratories, Hospitals, and Clinics), and By Region Forecast to 2032

Apoptosis Market By Product (Assays, Reagents, Kits, Instruments), By Application (Drug Discovery & Development, Clinical & Diagnostics), By Region Forecast to 2032

Advanced Therapy Medicinal Products (ATMPs) Market By Product Type (Gene Therapies, Cell Therapies, Tissue-Engineered Product), By End-use (Hospitals, Clinics, Research Institutes, Others), By Region Forecast To 2032

Anti-Obesity Therapeutics Market By Mode of Administration (Oral, Parenteral), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), and By Region Forecast to 2032

About Reports and Data

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, TouchPoints, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provide our clients with the ability to secure an edge over their respective competitors.

Contact Us:

John W

(Head of Business Development)

Reports and Data | Web: www.reportsanddata.com

Direct Line: +1-212-710-1370

E-mail: sales@reportsanddata.com

Blogs | Press Release | Industry News | Our competencies

Browse More Upcoming Reports @ https://www.reportsanddata.com/upcoming-reports

Browse More Latest Reports @ https://www.reportsanddata.com/report

Browse More Reports :

https://www.reportsanddata.com/report-detail/veterinary-chemical-analyzer-market

https://www.reportsanddata.com/report-detail/veterinary-orthopedic-implant-market