Due to a rise in the number of people suffering from hearing problems, the global audiological devices market is expected to observe significant growth. Deafness is a medical disorder caused by a hearing impairment or injury to the auditory nerves in the ear. Congenital anomalies, loud noise exposure, traumas, infections, age-related variables, and occupational risks are all common causes of deafness.
Hearing loss affects more than 5% of the global population, as per World Health Organization (WHO) estimates. By 2050, it is expected that more than 900 million people will have hearing loss, according to the research. This backdrop underscores lucrative growth prospects of the global global audiological devices market, confirming the attractive sales opportunities for suppliers in the market.
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Some prominent players that are found in the global audiological devices market include companies such as Sonova Holdings AG, Starkey Hearing Technologies, GN Store Nord A/S, Audina Hearing Instruments, Inc., William Demant Holdings A/S, and Nurotron Biotechnology Co. Ltd.
The global audiological devices market is expected to rise at a CAGR of 5.0% and reach valuation of US$ 13.4 Bn by the end of forecast period, from 2018 to 2026. Factors such as the expanding senior populace and incidences of hearing problems, as well as supportive government measures for easy accessibility of hearing aids, are all contributing to market expansion. By 2030, the global elderly population is expected to reach 1.4 billion people.
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Increased Spending on Healthcare to Market Growth in North America and Asia Pacific
Geographical classifications are expected to give a better understanding of the market forces at play at the regional level.
Considering revenue share, North America led the global Audiological Devices market in 2018. A rise in the number of audiologists, progress of audiological equipment, and the launch of novel digital platforms by existing providers are all factors contributing towards market growth in the U.S. Patient compliance increases as a consequence of the introduction of patient-centric audiology systems that make product handling easier, resulting in market growth.
Over the forecast period, the Asia Pacific region is expected to grow at a rapid growth rate. The expanding elderly population along with age-related hearing difficulties, continually improving healthcare infrastructure, increasing product awareness, and augmented spending on healthcare are all contributing to market expansion.
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Increased Incidence of Hearing Loss and Impairment to Shape Contours of the Market
The advent of waterproof and wireless hearing aids, increased demand for attractively constructed hearing aids, and increased government attempts to provide better healthcare services in the sector are all driving growth in the global audiological devices market. Presence of vast untapped markets in the audiological devices sector in developing nations are generating plenty of potential for the market to grow at a strong rate in the coming years. In addition to that, the growing use of digital technology in the development and design of hearing aids is likely to boost market growth in the future years.
Furthermore, the audiological devices sector is growing due to better research and development facilities as well as new and novel product creations by enterprises. Genetic predisposition and persistent ear infection are the most common causes of hearing loss. Hearing loss is becoming more common, which is expected to fuel market expansion in the future years. Deafness is caused by a problem with the ear or injury to the nerves that control hearing. Injuries, congenital problems, illnesses, age-related variables, job risks, and exposure to loud noise are all causes of these disorders. Audiological devices are divided into two categories: treatment and supporting equipment that assist patients improve their hearing abilities and devices that monitor or research hearing. The market is being driven by technological improvements in audiological equipment, a high prevalence of hearing issues in the senior community, and a rise in the prevalence of hearing impairment as well as loss amongst younger crowd.
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The information provided in the review has been extracted from a TMR report titled “Audiological Devices Market (Product - Hearing aids aids, In-the-Ear (ITE) aids, Canal hearing aids, Cochlear implants, Bone anchored hearing aids, Diagnostic devices; Disease Type - Otosclerosis, Meniere's Disease, Acoustic Tumors, Otitis Media; End user – Hospitals, Ambulatory Surgery Centers, Clinics) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026”.
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