A recent study published by Fact.MR shows a marked rise in the adoption of hearing aids, which is projected to grow in excess of US$ 8 Bn by 2026, as individuals are evincing high interest towards high-tech devices to treat hearing loss. Availability of a wide range of hearing aids further offers choices to select the right audiological device, which is resonating well with individuals suffering from poor hearing conditions.
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Receiver-in-the-ear is the most preferred hearing aid, and is expected to witness a CAGR of around 5.1% during the forecast period (2020-2026), on account of its lightweight and easy accessibility. However, hearing aids may not be effective among individuals with severe hearing loss, which is likely to fuel the adoption rate of cochlear implants during the forecast period.
Key Highlight of Audiological Devices Market Study
- Patients in developed regions, and in developing regions to some extent, are increasingly becoming conscious of their health issues, which is encouraging them to undergo diagnosis and avail quality care. This continues to gain significance to diagnostic devices in the audiological devices market.
- Demand for audiometers is high in hospitals and clinics to measure the hearing levels of patients. On the back of high adoption, audiometers are likely to record sales tantamount to US$ 685 Mn by 2026.
- Increasing sales of audiological devices are highly attributable to the growing prevalence of Meniere’s disease. Also, the study finds that, a larger pool of women is affected by this disease as compared to men. Adoption of audiological devices among patients suffering from the disease is projected to grow to 33% by 2026.
- Hospitals are gradually losing prominence in the audiological devices market to clinics, owing to long-wait windows and high treatment costs associated with the former. Clinics are expected to account for nearly 50% of the audiological devices market by 2026.
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Audiological Devices Market Segmentation
Fact.MR has studied the audiological devices market with detailed segmentation on the basis product, disease type, end-user and key regions.
| Product | Hearing Aids:In-the-ear Hearing Aids (ITE)Receiver-in-the-ear Hearing Aids (RITE)Behind-the-ear Hearing Aids (BTE)Canal Hearing Aids (CHA)Cochlear ImplantsBone-anchored Healing AidsDiagnostic Devices:-Audiometers-OctoscopesTympanometers |
| Disease Type | OtosclerosisMeniere’s DiseaseAcoustic TumorsOtitis MediaOthers |
| End-user | HospitalsAmbulatory Surgical CentersClinics |
| Region | North AmericaEuropeLatin AmericaAsia PacificMiddle East & Africa (MEA) |
The report covers following Audiological Devices Market insights and assessment that are helpful for all participants involved in the Audiological Devices Market:
- Data on recently introduced regulations and their impact on key industries and on demand in Audiological Devices Market
- Latest industry Audiological Devices Market with key analysis of market drivers, trends, and influencing factors
- Key trends Analysis of Audiological Devices Market and changing consumer preferences in major industries.
- Changing Audiological Devices Market demand and consumption of diverse products
- Major trends underlining funding by key investors in numerous countries
- New investment opportunities in diverse technology and product or service types
- Comprehensive data and Competitive analysis of Audiological Devices Market major players
- Audiological Devices Market sales in US will grow at a steady pace, driven by growing consumer confidence and economic recovery
- Audiological Devices Market demand forecast in Europe remains stable, as many countries such as UK, France, and Germany focus on boosting growth
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