PUBLISHER: Grand View Research | PRODUCT CODE: 1678729
PUBLISHER: Grand View Research | PRODUCT CODE: 1678729
The global audiology devices market size is expected to reach USD 21.13 billion in 2030 and is projected to grow at a CAGR of 6.24% from 2025 to 2030. Increasing cases of hearing disorders, especially in the geriatric population, rising purchasing capacity, investments in R&D, and strong government support for better healthcare infrastructure are expected to drive the industry growth over the forecast period. High comfort offered by newly introduced hearing aids, improved connectivity, and a better user interface is some of the factors attributing to the high usage rate of audiology devices. Better quality of life along with acceptance of digital hearing aids is anticipated to further drive the demand. In a study published in January 2019, it was observed that hearing aids reduce symptoms associated with dementia.
However, the usage is hampered due to the exclusion of fitting of hearing aids or exams from the Original Medicare program. In addition, the rising government initiatives for audiology devices are expected to propel growth. For instance, in 2019, the Government of France introduced a reform in the health system and granted 100% reimbursement for auditive, dental, and optical care with the '100 % Sante slogan. Furthermore, the prices of the hearing aids have been capped and the amount would be reimbursed by the social security system. The COVID-19 pandemic adversely affected the industry due to the supply chain disruptions, postponement of cochlear & BAHA surgeries, and decline in audiological care appointments. As per the Hearing Industries Association (HIA), the sales of hearing aids decline by 18.0% in 2020. As a result, many manufacturers reported a decline in their sales.