Audiology Devices Market Analysis

Audiology Devices Market Analysis

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.
 

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.
 

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.