Audiology Devices Market, USD 13.1 Billion by 2031: Report
Allied Market Research
6 min read
Allied Market Research
Expanding technological developments and rising adoption of cutting-edge equipment by the elderly population drive the global audiology devices market. By end-user, the hospitals segment garnered the highest share in 2021. By region, on the other hand, Asia-Pacific would showcase the fastest CAGR by 2031.
Portland, OR, March 14, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global audiology devices market was estimated at $7.2 billion in 2021 and is expected to hit $13.1 billion by 2031, registering a CAGR of 6.5% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
Technology, Product, Sales Channel, Age Group, End User, and Region.
Drivers
Expanding technological developments
Rising adoption of cutting-edge equipment by the elderly population
Restraints
Less awareness about the availability of such advanced devices that can treat hearing loss issues
The cost of the devices
Opportunities
Increase in R&D activities
What is the impact of Covid-19 on the Audiology Devices Market?
Cancellation or postponements of non-emergency health checkups by the patients due to the fear of the spread of coronavirus.
This, in turn, reduced the number of patients that were screened for hearing loss issues, which impacted the global audiology devices market negatively. However, the market has now recovered.
The global audiology devices market is analyzed across technology, product, sales channel, age group, end user, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
By technology, the analog segment held the highest share in 2021, garnering nearly three-fifths of the global audiology devices market revenue. The same segment would also showcase the fastest CAGR of 6.6% throughout the forecast period. The digital segment is also assessed in the study.
By product, the cochlear implants segment contributed to nearly half of the global audiology devices market share in 2021, and is projected to rule the roost by 2031. The same segment would also display the fastest CAGR of 6.8% throughout the forecast period. The hearing aids segment is also discussed in the report.
By sales channel, the retail sales segment accounted for the highest share in 2021, generating nearly half of the global audiology devices market revenue. The same segment would also portray the fastest CAGR of 6.9% during the forecast period. The government purchases and e-commerce segments are also discussed in the study.
By age group, the adult segment held more than half of the global audiology devices market revenue in 2021, and is projected to maintain the lion's share throughout the forecast period. The pediatric segment, however, would cite the fastest CAGR of 6.8% from 2022 to 2031.
By end-user, the hospital's segment garnered the highest share in 2021, accounting for nearly half of the global audiology devices market revenue. The Ambulatory Surgical Centers (ASCs) segment, on the other hand, would display the fastest CAGR of 7.1% from 2022 to 2031.
By region, North America held the major share in 2021, garnering nearly two-fifths of the global audiology devices market revenue. Asia-Pacific, simultaneously, would showcase the fastest CAGR of 7.6% from 2022 to 2031. The other provinces studied through the report include Europe and LAMEA.
Top Manufactures of High Frequency Ventilators
The key market players analyzed in the global audiology devices market report include,
Sonova
GN Store Nord A/S
Starkey Laboratories Inc.
Demant A/S
MED-EL Medical Electronics
Cochlear Ltd.
WS Audiology A/S
Oticon Medical
INVENTIS srl
MAICO Diagnostics GmbH Ltd.
These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
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