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Audiological Devices Market to Expand CAGR of ~6.1% Assessment for the Driving Factors & Opportunities During 2023-2033

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Audiological devices market is expected to reach an estimated value of ~USD 17197 Million by 2033, by expanding at a CAGR of ~6.1%.

NEW YORK, NEW YORK, UNITED STATES, January 19, 2023 /EINPresswire.com/ -- Global Audiological Devices Market Key Insights

During the forecast period of 2023-2033, the global audiological devices market is expected to reach an estimated value of ~USD 17197 Million by 2033, by expanding at a CAGR of ~6.1%. The market further generated a revenue of ~USD 9599 Million in the year 2022. Major key factors propelling the growth of audiological devices market worldwide are the huge base of geriatric population and growing hearing disabilities.

Market Definition of Audiological Devices

Using Audiological Devices allows a person to hear even if a hearing aid is insufficient. Contrary to hearing aids, cochlear implants do not increase sound volume. Sound signals are sent directly to the hearing nerve with a cochlear implant. Inner ear dysfunction affects these signals. Generally, hearing aids are made up of several similar electronic components, namely a microphone for detecting sounds, circuitry for amplification, a miniature loudspeaker for delivering sound, and an electric battery. An in-ear hearing aid consists of a directional microphone, telephone switch, direct audio input, and feedback suppression.

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Global Audiological Devices Market: Growth Drivers

The growth of the global audiological devices market can majorly be attributed to the growing number of geriatric people across the world. It has been reported that the number of people who are 60 and over in the world is expected to reach 1.4 billion by 2030, according to data provided by the World Bank. Globally, there are expected to be 2.1 billion people over 60 by 2050. Among the elderly, hearing disabilities are more prevalent owing to alterations in the nerve pathway between the brain and the ear. Additionally, there have been innovative launches by key manufacturers dedicated to providing hearing patients with the best possible listening experience. For instance, GN Store Nord A/S has introduced the Jabra Enhance Plus wireless earbud for people living with unaddressed hearing disabilities. It has a 3-in-1 upgrade system to improve the hearing experience. The company has launched this product and stated that it supports the US Food & Drug Administration’s Over-the-Counter Hearing Aids regulation.

The global audiological devices market is also estimated to grow majorly on account of the following:

Rise in the amount of money invested in hearing rehabilitation
Surge in demand for hearing aids
Increasing R&D budgeting
Technological advancements,
Increase in government initiatives promoting awareness about the importance of hearing tests
Global Audiological Devices Market: Restraining Factor

Unawareness of innovative devices and raising concern of ear pain among infants due to fitting of such devices is expected to be the major hindrance for the growth of the global audiological devices market during the forecast period.

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Global Audiological Devices Market Segmentation

By Product (Hearing Aids, Diagnostic Devices, BAHA/BAHS, and Cochlear Implants)
The hearing aids segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2033. The growth of the segment can be attributed to the better quality of life, technological advancements, and improved comfort for people brought by technology. For instance, Livio AI, launched by Starkey in 2018, is the first hearing aid to incorporate sensors and artificial intelligence, enabling users to monitor their physical activity as well as cognitive abilities. Furthermore, hearing loss severity and the increasing use of cochlear implants is expected to drive segment growth during the forecast period.

By Technology (Analog and Digital)
By Age Group (Adults and Pediatrics)
By Distribution Channel (E-Commerce and Retail Sales)
By Region
The North America audiological devices market is anticipated to hold the largest market share by the end of 2033 among the market in all the other regions on the account of the increased number of people suffering from hearing impairments. Approximately 2 to 3 out of 1000 children in the USA suffer from hearing loss both in one ear and both ears, according to the National Institute of Deafness and Other Communication Disorders. Additionally, the prevalence is very high among adults in the region. Similarly, according to the same source, 37.5 (15%) million Americans who are 18 or older have reported hearing problems. Moreover, the emergence of patient-oriented audiology systems in the region is anticipated to drive the regional market over the forecast period.

The market research report on global audiological devices also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).

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Key Market Players Featured in the Global Audiological Devices Market

Some of the key players of the global audiological devices market are INVENTIS S.R.L., Demant A/S, Oticon Medical A/S, GN Store Nord A/S, MAICO Diagnostics GmbH, Sonova AG, WS Audiology A/S, Starkey Laboratories, Inc., Cochlear Limited, MED-EL Elektromedizinische Geräte GmbH, and others.

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