Audiology Devices Market to See Modest Growth Amid Higher Incidence of Hearing Loss – Fact.MR Survey

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250-page market study on audiological devices by Fact MR, a leading market and competitive intelligence provider

According to recent Fact MR market research, sales of audiological devices to inflate at the propelled CAGR through 2031 as investments in healthcare infrastructure expansion continue to increase. The objective of the survey is to uncover growth opportunities, key trends, growth drivers and challenges. It also provides recommendations to help businesses prepare for unforeseen challenges.

The focus on overall improvement in patient care will remain a major growth driver. Additionally, the audiological device market will continue to benefit from the growing willingness of patients and families to spend on advanced healthcare.

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Hearing impairment affects people of all age groups, ranging from moderate to severe. According to the Hearing Loss Association of America (HLAA), hearing loss is the 3rd greatest physical disability among people. Additionally, the World Health Organization estimated in 2019 that untreated hearing loss costs countries $750 billion per year. 90% of the patients were adults, of which more than 50% were men.

The high incidence of hearing impairment in the geriatric population is the main factor in the increase in deafness. As a result, more and more people are seeking treatment for the same. Based on the above-mentioned trends, the global audiological devices market will witness a moderate growth pegged at 5% during the forecast period (2020-2026). The market is poised to surpass a value of US$1.3 billion by the end of 2026.

Market research by Fact.MR gives exclusive insights on market growth. The study identifies crucial trends driving the growth of the Audiological Devices market. This newly released report sheds light on vital dynamics, such as drivers, restraints, and opportunities for major market players as well as emerging players associated with production and supply. Fact.MR Latest Report Provides Detailed Analysis of the Audiology Devices Market

The report offers actionable and valuable insights into the Audiological Devices market. The latest report from Fact.MR provides details about the current market scenario across different regions along with the historical data and forecast of the market. The report also includes information on sales and demand for the Audiology Devices market across various industries and regions.

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Segmentation of the audiological devices market

Fact.MR has studied the audiology devices market with detailed segmentation on the basis of product, disease type, end-user, and key regions.

  • By product:

    • Hearing aids:
    • In-the-ear hearing aids (ITE)
    • Receiver-in-the-ear (RITE) hearing aids
    • Behind-the-ear (BTE) hearing aids
    • Canal Hearing Aids (CHA)
    • Cochlear implants
    • Bone Anchored Healing Aids
    • Diagnostic devices:
    • -Audiometers
    • -Octoscopes
    • Tympanometers
  • By Disease Type:

    • Otosclerosis
    • Meniere’s disease
    • Acoustic tumors
    • otitis media
    • Others
  • Per end user:

    • Hospitals
    • Ambulatory surgery centers
    • Clinics
  • By region:

    • North America
    • Europe
    • Latin America
    • Asia Pacific
    • Middle East and Africa (MEA)

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Key Takeaways from the Audiology Devices Market Research:

  • Hearing aids are expected to retain a significant share of the audiological devices market share, accounting for 60% of the market. However, cochlear implants are gaining ground, due to their suitability for severely hearing-impaired patients.
  • Meniere’s disease is the most common hearing loss among patients. Accounting for one-third of the total market share, Meniere’s disease type is expected to leverage the market share of audiological devices over the forecast period. The predicted CAGR for the same is 5.8%.
  • While clinics account for a large share of the audiological device market, outpatient services are gaining momentum. Reducing the wait time for care is a key driver for the growth of the outpatient services segment.
  • By region, Europe remains the most lucrative market for audiological devices, due to the increase in the geriatric population. By 2026, Europe will represent more than a third of the market share.
  • However, Asia-Pacific will witness impressive growth, due to technological developments and the entry of key players in the audiology market. Projections indicate a CAGR of 6.5% from 2020 to 2026.

“Global audiological devices are showing a positive growth trend in the future. The increase in the elderly population, coupled with the boom in hearing loss research, will drive major market players to innovate,” concludes an analyst by Fact.MR.

New product launches to shape the competition landscape of audiological devices

Major players in the audiology device market, such as Sonova International and William Demant Holdings A/S, are focused on developing state-of-the-art audiology devices and launching products to increase their footprint. For example, Sonova International recently unveiled its bespoke “Virto M Black” hearing aid. Part of Sonova’s Marvel Custom In-Ear Technology (ITE), the device includes Bluetooth streaming and a personalized hearing experience via the myPhonak app. Similarly, William Demant Holdings A/S offers solutions for the hearing impaired through its brands Oticon, Bernafon, Sonic, Audika and MAICO. Main businesses include hearing aids, hearing implants, diagnostic instruments and intelligent audio solutions.

Read more trend reports from Fact.MR- https://www.biospace.com/article/demand-for-tricuspid-valve-repair-rising-as-congenital-and-rheumatoid-heart-disease-cases-increase-fact-mr/

Benefits of the report and answers to key questions

  • Category and segment level analysis of audiological devices: Fact MR provides detailed analysis of factors influencing sales growth in key segments. It highlights key growth drivers and provides useful information for identifying sales prospects at regional and local level.
  • Audiological devices Historical volume analysis: The report provides a comparison of historical sales and forecasted sales performance of Audiological Devices from 2021-2031.
  • Audiology Devices Manufacturing Trend Analysis: The report offers a detailed analysis of the manufacturing trends in the audiological devices market. It carefully assesses the impact of the changing health care needs of major demographic groups globally
  • Consumption of audiological devices by demographics: The report studies consumer behavior affecting the demand outlook for Audiological Devices for the assessment period. The effect of their interest in digital trends in the audiological devices market is carefully analyzed
  • Post-COVID consumer spending on audiological devices: The healthcare industry has been greatly influenced by the COVID-19 pandemic. The Fact MR Market survey analyzed consumer spending after COVID-19. It assesses how the current trends which will influence the expenditure on healthcare services, thereby affecting the growth of the Audiological Devices market.

More Valuable Insights into the Audiology Devices Market

Fact.MR, in its new report, offers an unbiased analysis of the audiological devices market, sales and demand for audiological devices, analyzing forecast statistics to 2019 and beyond. The study reveals growth projections based on various criteria.

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