Market Overview
The global audiology devices market size was valued at US$ YY million in 2022 and is estimated to reach US$ YY million by 2030, growing at a CAGR of 5.8% during the forecast period (2023-2030).
Audiology devices are sound-amplifying devices designed to aid audiologists in diagnosing hearing impairment in people and help them with hearing disabilities.

Market Dynamics
The growing hearing impairment cases and geriatric population is promoting the global audiology device market during the forecast period.
The growing cases of hearing impairment worldwide are accelerating global market growth.
Disabling hearing loss refers to hearing loss greater than 35 decibels (dB) in the better-hearing ear. The growing cases of hearing impairment worldwide boost the global audiology device market growth. For instance, according to the WHO, more than 430 million people comprising about 432 million adults and around 34 million children, accounting for 5% of the world’s population, need rehabilitation to manage their ’disabling’ hearing loss. According to WHO estimation, more than 700 million people will have disabling hearing loss in 2050. Also, the same source has reported that permanent, avoidable hearing disabilities threaten around 1 billion young adults because of unsafe listening practices. The preponderance of hearing loss improves with age. Over 25% of older than 60 years population is affected by disabling hearing loss.
Similarly, according to the National Institutes of Health, age is the most assertive predictor of hearing loss in adults aged 20-69, with the most significant portion of hearing loss in the 60 to 69 age group. Therefore, the growing geriatric population ensures the global audiology device market growth throughout the forecast period. For instance, according to the WHO, the number of people aged 60 and older outnumbered children younger than five in 2020. About 1 out of 6 people worldwide will be 60 years or over, accounting for 1.4 billion in 2030. In 2020 the share of the population aged 60 years and over was 1 billion, and the world’s population of people aged 60 years and older will be 2.1 billion by 2050. The population of persons aged 80 years or older is anticipated to reach 426 million. Thus, the data mentioned above indicates that the growing cases of hearing impairment and the geriatric population fuel the global market growth throughout the forecast period.
The high cost of audiology devices is hampering the market growth.
The average cost of an auditory brain stem implant without insurance is around $30000 to $50000, which leaves most of the disabled hearing population without insurance unable to afford thereby restraining the global market growth.

COVID-19 Impact Analysis
The pandemic has significantly impacted the global audiology device market. According to an article published by NIH, a growing body of evidence suggests that patients with the 2019 Coronavirus disease (COVID-19) risk developing sudden sensorineural hearing loss (SSNHL). The pathogenesis of COVID-19-related SSNHL remains unclear, which has led to increased demand for audiological devices. Furthermore, the COVID-19 global pandemic has forced healthcare specialists to address emergencies as a priority. Patients with routine consultation and follow-up care were interrupted due to hospitals delivering only emergency services. Therefore, many patients were neglected from hearing disorders treatment, but the situation is getting resolved. Therefore, COVID-19, causing sudden sensorineural hearing loss (SSNHL), positively impacts the global market.

Segment Analysis
The pediatric age group is expected to grow at the fastest CAGR during the forecast period (2022-2029)
Owing to increased product launches and market developments, the hearing aids segment is forecasted to grow at a high CAGR throughout the projection period. For instance, in Dec 2021, Sonova formed an agreement with Nuheara, a hearing health company. Through this, Sonova and its affiliates worldwide will have the supply of Nuheara company-manufactured and branded products. Similarly, in Sep 2021, Sonova collaborated with Sensorion, a clinical-stage biotech company. The collaboration is planned to incorporate genetic analysis into the routine diagnosis of developed hearing loss in adult patients to deliver improved care via integrating conventional hearing aids with advanced therapeutic interventions. Likewise, in Aug 2021, GN launched Jabra Enhance Plus in its Jabra EnhanceTM line of hearing enhancement solutions. The new product is an all-in-one audible for patients who encounter mild-to-moderate hearing loss to aid them in hearing more conveniently.
Additionally, in Nov 2020, Demant rolled out hearing aid technology in its Oticon, Bernafon, Philips Hearing Solutions, and Sonic. Moreover, Aug 2020, GN Hearing introduced ReSound ONE, a new hearing aid. The new solution aimed to address complications for people with hearing loss by putting an additional microphone within the ear canal and allowing them to experience adequate hearing capacities. Also, in March 2021, Cochlear Ltd. acquired U.S. FDA clearance for the Cochlear Baha 6 Max Sound Processor. It is planned to improve hearing quality for unilateral deafness and mixed or conductive hearing loss. In 2021, GN Hearing, the global leader in hearing aid innovation, introduced ReSound Key? hearing aid portfolio with a state-of-the-art chip platform and GN’s Organic Hearing philosophy helping patients to connect with others during social isolation. Thus the data mentioned above indicates that the hearing aids segment holds the majority of the global audiology device market share.

Geographical Analysis
The North American region hosts the largest audiology devices market share.
The Hearing Loss Association of America states that hearing loss is the third most dominant condition in older U.S. adults, impacting about 48 million, accounting for 20% of the American population, and 28.8 million U.S. adults could profit from using hearing aids. Furthermore, the existence of Govt. and non-Govt. Organizations operate to outstretch attention and help out deaf people to attain the best quality of life. Examples are the National Association of Deaf, the Hearing Loss Association of America, the Academy of Rehabilitative Audiology (ARA), the Academy of Doctors of Audiology (ADA), the Alexander Graham Bell Association working for Deaf and Hard of Hearing, the American Academy of Audiology (AAA), and multiple more. Moreover, the market developments in this region ensure North America’s dominance over the global audiology market. For instance, in March 2022, Starkey and Special Olympics partnered to increase access to hearing health services worldwide for people with intellectual disabilities.
Similarly, in October 2020, Starkey (U.S.) collaborated with OrCam Technologies (Israel) to deliver assistive advancements to hearing and outwardly impeded individuals. Likewise, in February 2022, Oticon Inc., a U.S.-based audiology technology products and solutions company launched two new models Oticon Play P.X. and Oticon zircon, into its BTE and ITE segments. Additionally, in October 2022, the U.S. FDA granted the option to purchase hearing aids instantly from stores or online retailers. Customers can instantly buy Over-The-Counter (OTC) hearing aids without requiring a doctor’s prescription, medical test or fitting adjustment by an audiologist. Moreover, in March 2022, Sonova took over Alpaca Audiology, an independent audiological care clinic network in the U.S. Therefore, the data mentioned above indicate that North America will dominate the global audiology device market in the forecasted period.

Competitive Landscape
The expanding innovations in audiology devices keep moderate competition among the market players. Some key market players are Cochlear Limited, Med-EL, Oticon Medical, Nurotron’s Biotechnology Co. Ltd., Sonova Holding AG, Starkey Hearing Technologies, Siemens AG, Phonak, GN Hearing (Denmark) and Advanced Bionics. These key players hold most of the market share through innovations, product launches, collaborations, acquisitions, and alliances. For instance, in February 2021, Cochlear partnered with leading hearing health experts to conduct the largest ever multi-center, randomized controlled trial (RCT) of an investigational cochlear implant that releases a glucocorticoid (anti-inflammatory) drug therapy directly to the cochlea. Also, in September 2021, Malala Fund and Cochlear Foundation formed a partnership, supported by Cochlear, to help children and young people with hearing loss realize their full potential.
Oticon Medical

Overview:
Oticon Medical is a global leader in the hearing solutions industry; it was founded in 1904 and is based in Copenhagen, Denmark.
Product Portfolio:
Oticon Medical’s product portfolio for audiology devices has Neuro Zti cochlear implants: Because of their biocompatibility, the Neuro Zti implant receiver is constructed of zirconia and titanium, widely used materials in the medical field. In addition, these innovative materials allow an implant design that is small, highly robust and able to sponge impacts experienced in daily life.
The global audiology devices market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.