Audiology devices are electronic devices used by audiologists for the treatment and diagnosis of hearing impairment or hearing loss. These devices are also used for studying and monitoring the hearing capabilities of individuals. Audiology devices have helped make tremendous leaps forward since the inception of the field of audiology itself. Audiology applications have enabled and improved the lives of those that have suffered hearing loss and other associated disorders for years. Audiology devices have been advanced enough to be useful in rehabilitation.
Rising incidence of hearing loss disorders is expected to drive growth of the global audiology devices market during the forecast period. According to the World Health Organization (WHO), in March 2020, around 466 million people worldwide were having disabling hearing loss. According to the same source, by 2050, over 900 million people are expected to have disabling hearing loss. Such a large incidence of hearing loss disorders has increased the demand for audiology devices. These devices have proven to be crucial in the diagnosis and treatment of hearing loss. Hence, these factors are expected to drive growth of the global audiology devices market during the forecast period. Furthermore, increasing geriatric population is expected to boost the global audiology devices market growth over the forecast period. According to the WHO, by 2050, the global population of people aged 60 years and above is expected to be 2 billion, increasing from 900 million in 2015.
However, concerns regarding aesthetic appeal coupled with high of solutions used in surgeries are expected to restrain growth of the global audiology devices market during the forecast period. Rising health awareness in emerging economies such as Brazil, China, and India can provide lucrative growth opportunities to key market players in the near future. Among regions, North America is expected to witness significant growth in the global audiology devices market during the forecast period. This is owing to increasing number of audiologists and technological advancements in the audiology systems. Furthermore, Asia Pacific is expected to register a robust growth rate over the forecast period, owing to rising age-associated hearing problems in the region.
Major competitors involved in the global audiology devices market are William Demant Holdings A/S, NHC/Amplifon, GN ReSound Group, MedRx, Audioscan, Starkey Hearing Technologies, Widex A/S, Phonak, and Sonova Holdings AG.
For instance, in January 2020, Phonak, a Swiss hearing care solutions company, introduced Virto Black, a fully-connected hearing aid with universal Bluetooth Connectivity.
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