Market Trends of Global Audiological Devices Industry
This section covers the major market trends shaping the Audiological Devices Market according to our research experts:
Hearing Aids segment is Expected to Witness Significant Growth Over the Forecast Period
Hearing aids are sound-amplifying devices used to amplify environmental sounds without modifying the hearing ability. These devices can be used in-the-ear, receiver-in-the-ear hearing aids (RITE), canal hearing aids (CHA), and behind-the-ear hearing aids (BTE). As per the article published in June 2022 titled 'Prevalence of Hearing Impairment by Age in the United States in National Library of Medicine, twenty-five percent of men in their late 50s had some level of hearing impairment, 50% in their late 60s, and 75% in their late 70s. For women, 25% had some level of Hearing Impairment in their early 60s, 50% in their early 70s, and 75% in their late 70s.
Furthermore, the launch of new products, rising awareness about hearing impairment, a continuous collaboration by major players, and market expansion are positively affecting the growth of the segment. For instance, In February 2022, Phonak announced the launch of the Virto line of custom-made hearing aids which includes the Virto P Black, in-the-ear (ITE) hearing device, and the super-discreet Virto P-Titanium. In January 2020 Eargo launched Eargo 6, sixth-generation FDA Class II exempt hearing aid. This new program will serve as an extension of the facility's existing meds-to-beds initiative.
North America is Expected to Dominate the Audiological Devices Market
North America is expected to dominate the market owing to factors such as the high prevalence of hearing impairment diseases, easy availability of technologically advanced products, rising audiological device manufacturers, and awareness about hearing impairment in this region. For instance, as per the Center for Hearing and Communication, hearing loss affected 48 million people, and tinnitus affected 50 million people in the United States in 2021.
Key product launches, high concentration of market players, or manufacturer's presence in the United States are some of the factors driving the growth of the audiological devices market in the country. For instance, in March 2022, Starkey and Special Olympics signed a global partnership agreement that increases access to hearing health services worldwide for individuals with intellectual disabilities. Therefore, owing to the aforesaid factors the growth of the studied market is anticipated in the North America Region.
