Audiology Devices Market Trends

Growth Drivers

• Rising Geriatric Population Across the Globe - According to the data provided by the World Bank, the global population of people aged 60 and over is expected to grow from 1 billion in 2020 to 1.4 billion by 2030. By 2050, the world's population of people aged 60 and over is proposed to double to 2.1 billion. The hearing disability rate is very high in people of age 65 and above. It is a natural procedure to lose hearing abilities over time. Hearing disabilities occur in elder people owing to the change in the nerve pathway from the brain to the ear.
• Increasing Prevalence of Acute Otitis Media - Otitis media is a kind of ear infection or inflammation that occurs in the middle ear. It occurs as a result of a sore throat, cold or respiratory infection and can later lead to hearing issues or hearing loss. Otitis media can affect children as well as adults. Therefore, the surge in otitis media cases is also estimated to accelerate the growth of the audiology devices market in the projected time frame. For instance, around 52% of all kids throughout the world are predicted to experience an ear infection by the time they turn two.
• Significant Prevalence of Unsafe Listening Practices - Approximately 2 billion young adults across the globe are projected to be at constant risk of permanent risk of hearing loss on account of unsafe listening practices.
• Increasing Investment in Hearing Rehabilitation – For instance, the annual rate of investment needed per person is expected to be nearly USD 1 to provide hearing care services worldwide.
• Growing Success Rate of Hearing Aids - For instance, the success rate of hearing aids is estimated to be nearly 65% which is further expected to grow Y-O-Y.

Challenges

• Disrupted Supply Chain as of COVID-19 - It is noticed that not every country manufactures audiology devices and in certain countries, the devices are imported from other nations. But as a result of COVID-19, the supply chain was broken down and the key manufacturer was at a loss. Hence, this factor is estimated to deter the growth of the market in coming years.
• Requirement of High Initial Investment
• Lack of Awareness About New Innovative Devices