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

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

Postado 2023-09-27 14:20:49

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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.

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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.

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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.

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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

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