Audiology Devices Market Size

Audiology Devices Market Size

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.

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.