Research Nester published a report titled “Audiological Devices Market: Global Demand Analysis & Opportunity Outlook 2033” which delivers detailed overview of the global audiological devices marketin terms of market segmentation by technology, product, age group, distribution channel, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global audiological devices market is anticipated to grow with a CAGR of ~6.1% over the forecast period, i.e., 2023 – 2033. The market is segmented by product into hearing aids, diagnostic devices, BAHA/BAHS, and cochlear implants. Amongst these, the hearing aids segment is estimated to garner a significant boost over the forecast period, i.e., 2023 – 2033, with the largest current market share of 48.73% in 2022.
The global audiological devices market is projected to significantly grow owing to the rising cases of unsafe hearing practices, followed by the worldwide increase in aging population as hearing issues are more prevalent in old people aged between 65 or above. Furthermore, upsurge in utilizing hearing aids, and growing investment in hearing treatment are some of the major factors anticipated to drive the growth of the market in the forecast period.
Geographically, the global audiological devices market is segmented into five major regions comprising of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in the North America region is estimated to witness a significant growth over the forecast period owing to the lucrative current market share of 39.32% and the increasing cases of hearing impairment on a higher ratio.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
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According to the World Health Organization (WHO), the global population of people aged 60 and up is expected to increase from 1 billion in 2020 to 1.4 billion by 2030. The world’s population of people aged 60 and up is expected to double to 2.1 billion by 2050.
Worldwide increase in Geriatric Population with Hearing disabilities to Drive the Market Growth
Growing age brings so many health issues in old people. Since a person starts to climb the ladder of age, he/she faces several health issues i.e., increasing blood pressure, loss of vision, and in many cases loss of hearing ability too. Most of the aged people feel much problems in proper listening, thus they mostly need a hearing aid to come out from this problem. Therefore, audiological devices are such a boon to assist old population to tackle their hearing loss issue.
However, deficit of knowledge about novel and advanced hearing devices, interrupted supply-chain as a result of COVID-19, and extreme initial investment are expected to operate as key restraint to the growth of the global audiological devices market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global audiological devices market which includes company profiling of 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. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global audiological devices market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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