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Audiology Devices Market size surpassed a valuation of USD 10 billion in 2022 and is slated to observe over 6% CAGR from 2023 to 2032. The rapid surge in the incidences of hearing loss due to several factors ranging from aging to chronic exposure to loud noises is likely to boost the demand for audiology devices.
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Hearing disabilities such as hearing impairment and hearing loss have become increasingly prevalent in recent years. As per the World Health Organization (WHO), an estimated 360 million people suffered from hearing loss in 2011, and the number steadily surged to 466 million by 2018. Forecasts indicate that the figure is anticipated to increase and reach 900 million by 2050. A high proportion of these cases remain unaddressed, which may positively influence the industry landscape.
Report Coverage | Details |
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Base Year: | 2022 |
Market Size in 2022: | USD 10 Billion |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 6% |
2032 Value Projection: | USD 18 Billion |
Historical Data for: | 2018 to 2022 |
No. of Pages: | 350 |
Tables, Charts & Figures: | 607 |
Segments covered: | Product, Patient, Hearing Loss, and Region. |
Growth Drivers: |
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Pitfalls & Challenges: |
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High product costs to hamper audiology devices market progression
Audiology devices usually associate high costs and therefore have a low acceptance rate across developing and underdeveloped economies. This, along with the lack of favorable reimbursement policies across several economies, may impede market progress. For instance, several hearing aids featuring proprietary technology are priced on the higher end. The average cost of hearing aids falls around USD 2,300 and can go as high as USD 7,000. In contrast, the increasing rollouts of favorable government initiatives may create a robust growth outlook for the audiology devices industry.
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Audiology devices market from cochlear implants segment held over 15% business share in 2022 and is expected to cross USD 3 billion by 2032. Some of the key factors driving the segment growth include increasing technological advancements, development of minimally invasive implantation techniques, and favorable reimbursement scenarios. Besides, several supportive initiatives undertaken by federal agencies and numerous organizations to assist research in the field of cochlear implantation may prove beneficial for market expansion.
Global Audiology Devices Market Share, By Patient, 2022 (%) |
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Segment |
Market share, 2022 (%) |
Adult |
91.70% |
Pediatric |
8.30% |
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Regarding the patient category, the audiology devices market from adult segment is anticipated to showcase a 6% CAGR between 2023 and 2032. Geriatric populace has a greater susceptibility to acquiring hearing difficulties. According to the National Institute for Deafness and Other Communication Disorders estimates, one in three adults in the age group of 65 to 74 suffer from hearing loss. That apart, over 50% of those over the age of 75 have difficulty hearing. Thus, the high prevalence of hearing loss among the adult population will promote the adoption of audiology devices.
Based on hearing loss, the audiology devices market from conductive hearing loss segment is projected to amass over USD 5 billion by 2032. Conductive hearing loss is a condition that diminishes the auditory thresholds caused by irregular functioning of the conduction of sound along the eardrum, ear canal, middle ear space, or middle ear bones. A visible surge in patients undergoing treatment for the given condition and the burgeoning demand for hearing aids, especially bone-anchored hearing aids, may generate optimistic growth scenarios for the audiology devices business.
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Europe audiology devices market is expected to garner over USD 6.9 billion by 2032. The regional industry is fueled by the increasing prevalence of hearing loss and the presence of major market players in the Europe. As per the JAMA Network article published in 2022, an estimated 135.9 people in Europe have some kind of hearing loss, with about 26.7 million people having disabling hearing loss. Moreover, the rapidly aging population will propel regional market forecasts.
Leading companies operating in audiology devices market are EARTECHNIC, Sonova Holding AG, WS Audiology, RION Co. Ltd, Eargo, Inc., Cochlear Ltd.,GN Store Nord A/S, MED-EL GmbH, Medtronic plc, Nurotron Biotechnology CO. Ltd, MAICO Diagnostics GmbH, Demant A/S, American Diagnostic Corporation, Starkey, and Envoy Medical.
These firms have been consistently working on strengthening their strategic bonds to improve their standing in the global markets. For instance, in June 2022, Demant acquired ShengWang for hearing aid clinics in China. This acquisition will help the company expand its product portfolio and customer reach, further increasing its revenue.
The onset of the COVID-19 pandemic was an unprecedented event impacting public health and led to an incremental surge in hospital admissions. The virus outbreak significantly increased the global disease burden and hampered several businesses, including the healthcare sector, during 2020 & initial phase of 2021. The restrictions on travel and quarantine orders have led to substantial disruptions in availability & access to a wide range of healthcare services, detrimentally impacting the medical ecosystem. The prioritization of COVID-19 patients and emergency services negatively impacted other medical practices, including audiology practice, which severely hampered the market growth during the crisis.
By Product
By Patient
By Hearing Loss
The above information is provided for the following regions and countries: