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Description
The global audiology devices market size was valued at US$ 8.1 billion in 2021 and is expected to reach 15.4 by 2028, at a CAGR of 5.7% CAGR during the forecast period 2022-2028. Audiology devices are electronic devices used by audiologists to diagnose and cure hearing loss, and a hearing aid is a small electronic device worn in or behind the ear that amplifies sound so that people with hearing loss can listen and converse. Hearing aids can help people hear in both calm and busy environments. It is made up of three primary components: a microphone, an amplifier, and a speaker. This study analyses the global audiology devices market dynamics in a detailed manner to identify current trends and drivers, growth opportunities, and potential challenges to the key stakeholders of the market. In addition, PBI has analyzed the global market to better equip customers with possible investment opportunities across regions and consumer unmet needs. Factors leading to the market growth are the growing geriatric population, the rising prevalence of hearing disorders, and the increasing frequency of disability. Moreover, the growing number of deafness-related patients and the demand for cosmetic aesthetics for audiology equipment impose an optimistic outlook on the growth of the industry. However, with the appearance of audiology equipment, the high cost and social stigma are expected to hamper the market growth.
Key Developments:
In January 2019, lively launched an online audiology platform that provides hearing aids, tests, and 24/7 online support for all clients.
In January 2019, GN hearing launched most intuitive and personalized hearing solution that enhances user’s experience. This new product launch allows company to extend its existing product offerings in audiology devices market.
