Published Date: 31-Jul-2022
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According to a new report, published by KBV research, The Global Audiology Devices Market size is expected to reach $16 billion by 2028, rising at a market growth of 6.2% CAGR during the forecast period.
The Analog segment is showcasing a CAGR of 5.9% during (2022 - 2028). The sound is amplified using an amplifier and a microphone in analog hearing aids. A microchip in some analog hearing aids allows for the programming of parameters for various listening circumstances. Due to the delivery of pure sound at a reasonable price, such analog devices are chosen over digital technology.
The Hearing Aids segment acquired maximum revenue share in the Global Audiology Devices Market by Product in 2021 thereby, achieving a market value of $8.8 billion by 2028. The rising growth of the segment is attributed to the rising demand for hearing all over the world owing to the fact that hearing aids are the most traditional and utilized hearing assistance devices across the market. Hearing aids are being used for a very long time and hence, are the most reliable hearing improvement solution.
The Online segment has shown the growth rate of 8.4% during (2022 - 2028). The rising growth of the segment is attributed to the convenience that is offered by online platforms. E-commerce is being adopted by several market players to sell hearing aid items coupled with online service support and professional consulting. In addition, these platforms offer deliveries on the doorstep of the customer. This factor is accelerating the growth of this segment.
The Hospitals & Clinics segment is leading the Global Audiology Devices Market by End User in 2021 thereby, achieving a market value of $9.8 billion by 2028. The growth of the segment is rising because hospitals and clinics are more reliable and have a significant number of facilities and resources in contrast to the other end-users. Moreover, there are experienced and expert surgeons in hospitals and clinics in order to offer more effective treatment to their patients. These factors are augmenting the growth of the segment.
The North America market dominated the Global Audiology Devices Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $5,467.4 million by 2028. The Europe market is exhibiting a CAGR of 5.8% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 6.7% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Siemens AG, Medtronic PLC, William Demant Holding A/S, GN Store Nord A/S, Sonova Holding AG, WS Audiology A/S, Natus Medical Incorporated, MED-EL GmbH, Starkey laboratories, Inc., and Benson Medical Instruments.
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