An increase in life expectancy will spur the market revenue growth."
The global audiological devices market accounted for US$ 9,934.9 Mn in 2018 and is anticipated to grow to US$ 16,007.8 Mn at a CAGR of 5.5% throughout the forecast period from 2019 to 2027. In 2018, in terms of volume, the market registered sales of 15.80 Mn units and is anticipated to reach 25.95 Mn Units expanding at a CAGR of 5.7%.
The audiological devices market is driven majorly by the increasing aging population and rising number of hearing disorders globally. In addition, the growth in the market is proliferated by increasing research and development activities in both developing and developed economies coupled with rapid technological advancements in the market. Furthermore, the rising appeal of the cosmetic appeal of modern devices and the rising incidence of deafness, practical devices, and cost-effectiveness of hearing devices are further boosting the market growth. Additionally, increasing sales from high–quality care with modern and innovative hearing aids are further boosting the market's demand. According to the statistics generated by Hearing Industry Association, net unit sales in the United States grew by 3.7%, with a 4.0% growth in the private sector and 0.92% for the Department of Veteran Affairs.
In addition, hearing impairment is very prevalent; according to a report by World Health Organization (WHO), in 2012, 360 million people had hearing impairment which is more than 5% of the world population, and out of these, 32 million are children. According to WHO, in 2017, 1/3rd of adults over 65 had a disabling hearing impairment. The main causes of hearing impairment in adults include ageing, exposure to excessive noise, and the use of particular drugs. The market size is set to increase due to demographic trends such as increasing life expectancy. This trend is especially noticeable in low and middle-income countries such as South Asia and sub-Saharan Africa, where the prevalence of hearing impairment is higher than in other regions.
Market Synopsis
"Hearing aid to dominate the market throughout the forecast period."
Based on product, the audiological devices market is classified into the hearing aid, hearing implants, diagnostic instruments, and bone anchored hearing aid (BAHA) segments. The hearing aid segment dominated the global audiological devices market and accounted for more than 40% of revenue. This is due to rapid technological advancements, the rising prevalence of hearing loss, and the increasing geriatric population.
In contrast, the hearing implants segment is anticipated to register the fastest growth throughout the forecast period. According to a report by the world health organization (WHO), in 2019, more than 460 million people have disabling hearing loss, and out of 134 million babies born every year, more than 150,000 are candidates for cochlear implants. This has created the demand for audiological devices and boosted the market growth in the segment.
Sales Channel Analysis
"E-commerce segment expected to witness the highest growth during the forecast period."
On the basis of sales channels, the global audiological devices market is classified into retail, e-commerce, and others. The retail segment dominated the market and is expected to remain dominant throughout the forecast period. This can be associated with the penetration of big retail stores and consumers' preference to buy devices from retail stores, especially in countries such as the U.S. and China. According to a recent study, in 2016, in the U.S., more than 3 million units were sold, out of which more than 75% were sold through the private market.
On the flip side, the e-commerce segment is expected to expand with the highest growth rate in the global audiological devices market during the forecast period. Owing to the rising adoption of e-commerce medium to sell hearing aid products by manufacturers coupled with online support services and consultation. This, in turn, is propelling the market growth of the global audiological devices market segment.
Regional Analysis
"Rising environmental concerns to bolster the growth in the Asia Pacific region"
In 2018, the North American region dominated the audiological devices market and accounted for around 40% of global revenue, followed by Europe. This is due to the rising incidence of hearing impairment and advancement in audiology systems. According to a research study by American Hearing Research Foundation, in the U.S., approximately 0.2% of the population suffers from hearing impairment, and more than 45,000 new cases are diagnosed every year.
In contrast, the Asia Pacific region is expected to expand at a significant growth rate. The presence of a large geriatric population, especially in China, increases research and development activities and government initiatives, among others. According to a report by WHO, in 2019, the prevalence of hearing loss in adults over 65 is highest in the Asia Pacific region. Thus the demand for global audiological devices is propelled.
List of Companies Covered:
William Demant Holdings A/S
Starkey Hearing Technologies
Widex A/S
GN ReSound Group
Sonova Holdings AG
Amplifon SpA
Cochlear Limited
G.N. Store Nord
Siemens Healthcare
MedRx
Key Industry Development:
In January 2019, Prodways group announced the acquisition of Surdifuse-L. This, in turn, will help the companies to develop new products and increase their product portfolio in the market.
Historical & Forecast Period
This study report represents analysis for each segment from 2017 to 2027, considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.
Segmentation Product Type Segment (2017–2027; US$ Bn)
Hearing Aid
Hearing Implants
Diagnostic Instruments
Bone Anchored Hearing Aid (BAHA)
Technology Segment (2017–2027; US$ Bn)
Digital
Analog
Sales Channel Segment (2017-2027; U.S. Mn)
Retail
E-commerce
Others (Private & Public Initiatives, National Health Programs)
Geography Segment (2017–2027; US$ Mn)
North America (U.S. and Rest of North America)
Europe (U.K., Germany, Russia, and Rest of Europe)
Asia Pacific (Japan, China, India, and Rest of Asia Pacific)
Rest of World (Middle East & Africa (MEA), Latin America)
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities that give a better market understanding of the overall audiological devices market. In addition, the global report also represents the competitive landscape based on market initiatives and strategies, product portfolio, and business strengths.
Frequently Asked Questions
The market for Audiological Devices is expected to reach US$ 16,007.8 Mn in 2028.
The Audiological Devices market is expected to see significant CAGR growth over the coming years, at 5.5%.
The report is forcasted from 2019-2027.
The base year of this report is 2021.
William Demant Holdings A/S, Starkey Hearing Technologies, Widex A/S, GN ReSound Group, Sonova Holdings AG, Amplifon SpA, Cochlear Limited, GN Store Nord are some of the major players in the global market.
