The latest market report published by Credence Research, Inc. “Global Audiology Devices Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2023,” the audiology devices market was valued at USD 8,285.6 Mn in 2015, and is expected to reach USD 12,715.3 Mn by 2023, expanding at a CAGR of (5.4%) from 2016 to 2023.
Browse the full report Audiology Devices Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2023 at http://www.credenceresearch.com/report/audiology-devices-market
Increasing base of aging population, mounting prevalence of hearing loss, rising patient’s awareness and favorable reimbursement policies in developed countries are the key factors assisting the growth of audiology devices market. Hearing aids was the leading product segment of this market due to rising application rate of these devices along with the introduction of advanced and novel digital technology and aesthetically attractive hearing aids. Estimates published by the World Health Organization (WHO) suggest that the global geriatric population i.e. pertaining to the age group – 65 years and above is expected to rise from 7% in 2000 to 16% in 2050. As aging is observed as the major risk factor for the development of hearing loss disorders and deafness; hence, the fact that the global base of aging population is anticipated to develop throughout the forecast period is expected to serve the growth of audiology devices market. WHO statistics also suggest that the prevalence rates of deafness and hearing loss in the geriatric population is approximately 33%, the highest in any age group. In addition, growing geriatric population base in Asian countries with large untapped opportunities such as India, and China is expected to drive market growth during the forecast period 2016 – 2023. Many hearing aids manufacturers have been offering hearing aids that can be embedded deep in the ear, thus becoming visually hidden. The latest behind-the-ear hearing aids are being made available in sizes so small that they are not easily visible and are connected to the ear with very thin and invisible tubes. The Invisible-in-Canal (IIC) hearing aids are designed to appeal to patients with cosmetic concerns. Such hearing aids are 100% undetectable by others. These aids are fit very close to the ear drum and thus, require less power and deliver natural and clearer sound. Increase in awareness about the availability of cosmetically appealing hearing devices, modern lifestyles and high purchasing power of the general population in developed countries will positively impact the demand for aesthetic hearing aids and thus drive the audiology devices market towards further growth.
In base year 2015, Europe accounted for the largest market share of 40.1% mainly due to rising prevalence of hearing impairment, mounting public awareness related with diagnosis, high market penetration of novel and advanced products accompanied with the presence of supportive reimbursement policies. Hence, the development of audiology devices market in this region is also projected to witness a significant growth owing to the presence of supportive and uniform government regulations across the Western European region.
Market Competition Assessment:
The audiology devices market is observed as the most diversified and competitive market comprising large number of players. The market is dominated by several players, depending on their major competencies. The key players in this market are Sonova Holding AG, William Demant Holdings A/S, GN Re Sound Group, Seimens Healthcare, Starkey Hearing Technologies, Widex A/S and Others.
Key Market Movements:
- Market experts suggest that, significantly rising market penetration and acceptance of digital hearing aid technology and demand for aesthetically attractive hearing aids are additional key factors responsible for growth of overall market
- Increasing prevalence of deafness and hearing loss is one of the highest impact rendering drivers of the audiology devices market on account of the fact that increase in the prevalence of these disorders has a direct impact on the customer base
- High prices associated with hearing impairment solutions especially surgery based is expected to restrain market growth during the forecast period