Audiological Devices Market to Witness Modest Growth, Amid Increased Hearing Impairment Incidences
UNITED STATES, December 2, 2021 /EINPresswire.com/ — According to Fact MR’s recent market research, sales of Audiological Devices to swell at propelled CAGR through 2031, as investment towards expansion of healthcare infrastructure continues rising. The goal of the survey is uncover growth opportunities, key trends, growth drivers, and challenges. It also provides recommendations to assist businesses in preparing for unforeseen challenges.
Auditory impairments affect people of all age groups, ranging from moderate to severe. According to the Hearing Loss Association of America (HLAA), auditory impairments account for the 3rd largest physical disability among people. Furthermore, the World Health Organization estimated in 2019 that unaddressed hearing losses have cost countries US$ 750 Bn annually. 90% of the patients were adults, of which males constituted more than 50%.
The high incidence of hearing disabilities in the geriatric population is the main factor behind increasing deafness. As a consequence, people are increasingly seeking treatment for the same. On the premise of the aforementioned trends, the global audiological devices market shall experience a moderate growth pegged at 5% during the forecast period (2020-2026). The market is poised to surpass a value of US$ 1.3 Bn by 2026-end.
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To offer an in-depth overview, the report provides sales projections for over 20 countries. It also identifies segments exhibiting maximum growth.
Digital Transformation in Healthcare Presenting Opportunities for Audiological Devices Market Growth
Healthcare organizations around the world are deploying digital tools to accommodating changing consumer preferences. They are pressing on solving the long-standing challenge pertaining to care model innovation.
Considering this, the focus on making healthcare affordable and more transparent will increase. Adoption of care model innovation in healthcare will have a profound impact on the Audiological Devices market.
The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Audiological Devices market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Audiological Devices
The report offers actionable and valuable market insights of Audiological Devices. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Audiological Devices Market across various industries and regions.
This newly published and insightful report sheds light on Market Insights of Audiological Devices, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Audiological Devices Market.
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.
• In-the-ear Hearing Aids (ITE)
• Receiver-in-the-ear Hearing Aids (RITE)
• Behind-the-ear Hearing Aids (BTE)
• Canal Hearing Aids (CHA)
• Cochlear Implants
• Bone-anchored Healing Aids
• Meniere’s Disease
• Acoustic Tumors
• Otitis Media
• Ambulatory Surgical Centers
• North America
• Latin America
• Asia Pacific
• Middle East & Africa (MEA)
“This taxonomy prepared is confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.”
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Audiological Devices Market- Scope Of The Report
The recent study by Fact.MR on audiological devices market offers a 6-year forecast between 2020 and 2026.
The study analyzes crucial trends that are currently determining the growth of audiological devices market.
This report explicates on vital dynamics such as the drivers, restraints and opportunities for key market players along with key stakeholders as well as emerging players associated with the manufacturing of audiological devices.
The study also provides dynamics that are responsible for influencing the future status of the audiological devices market over the forecast period.
A detailed assessment of audiological devices market value chain analysis, business execution, and supply chain analysis across the regional markets has been covered in the report.
A list of prominent companies operating in the audiological devices market along with their product portfolio enhances the reliability of this comprehensive research study.
Audiological Devices Market: Report Summary
The study offers a comprehensive analysis on diverse features including production capacities, demand, product developments, revenue generation and sales in audiological devices market across the globe.
A comprehensive estimate on audiological devices market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of audiological devices market during the forecast period.
Price point comparison by region with global average price is also considered in the study.
Audiological Devices market: Analysis on Market Size Evaluation
Audiological devices market has been analyzed for each market segment, in terms of value (US$ Mn).
Market estimates at global and regional levels for audiological devices is available in terms of “US$ Mn” for value. A Y-o-Y growth contrast on prominent audiological devices market segments, along with market attractiveness evaluation has been incorporated in the report.
Audiological Devices market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the audiological devices report, which have helped to deliver projection on the regional markets.
These chapters include the regional macros (political economic, and business environment outlook), which are expected to have a momentous influence on the growth of audiological devices market during the forecast period.
Country-specific valuation on demand for audiological devices has been offered for each regional market, along with the market scope estimate and forecast, price index, and impact analysis of dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value for emerging countries has also been included in the report.
Technological Developments and Product Launches will Act as Growth Levers
The global audiological devices market consists of five major players. These are:
• William Demant Holding A/S
• GN Store Nord A/S
• WIDEX A/S
• Sivantos Pte. Ltd.
Their main strategies include development of technologically advanced audiological devices and introducing new products to expand into potential markets.
Out of these, Sonova is the leading player in the audiological devices market. It offers a wide range of solutions, ranging from hearing aids to wireless communications solutions to address all kinds of hearing problems.
The company provides a wide range of service channels through its Phonak, Unitron and Hansaton brands. Recently, the company unveiled its Marvel customized in-the-ear (ITE) hearing aids.
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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Report Benefits & Key Questions Answered
• Audiological Devices Category and segment level analysis: Fact MR provides a detailed analysis of the factors influencing sales growth across key segments. It highlights key growth drivers and provides useful information for identifying sales prospects at the regional and local level.
• Audiological Devices Historical volume analysis: The report provides a comparison of Audiological Devices’s historical sales and projected sales performance for 2021-2031.
• Audiological Devices Manufacturing trend analysis: The report offers a detailed analysis of manufacturing trends in the Audiological Devices market. It carefully gauges the impact of changing healthcare needs of key demographics globally
• Audiological Devices Consumption by demographics: The report investigates consumer behavior affecting Audiological Devices demand outlook for the assessment period. Effect of their keenness for digital trends on Audiological Devices market is carefully analyzed
• Post COVID consumer spending on Audiological Devices: Healthcare industry has been largely influenced by COVID-19 pandemic. The Fact MR Market survey analyzed consumer spending post COVID-19. It assesses how current trends that will influence expenditure on healthcare services, thus affecting Audiological Devices market growth.
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