The global market for audiology devices is expected to reach USD 9,542.3
million by 2020, growing at an estimated CAGR of 5.0% from 2014 to 2020.
Introduction of technological advancements such as wireless devices, acceptance
of these devices by the geriatric population along with increase in demand of
cost-effective and efficient devices are some of the major drivers of this
market. In addition, presence of untapped growth opportunities in emerging
countries such as India, Brazil and China and the increasing health awareness
are expected to serve this market as future growth opportunities.
Hearing aids dominated the overall market in terms of revenue share at
64.1% in 2013. High comfort rendered by these products, enhanced connectivity
and enhanced user friendliness are some of the factors attributing to its high
usage rates and subsequently large market share.
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Further key findings from
the study suggest:
Behind-the-Ear (BTE) aids dominated the hearing aid market by product in
terms of share at over 55.5% in 2013 due to its ease of use and connectivity.
Europe was the largest regional market in 2013, accounting for over 40.0%
of global revenue due to the increased prevalence of deafness coupled with the
presence of high patient disposable incomes and sophisticated healthcare
infrastructure.
Asia Pacific audiology devices market is expected to grow at the fastest
CAGR of 7.4% from 2014 to 2020. Presence of unmet medical needs coupled with a
regularly improving healthcare infrastructure coupled with growing population
in emerging markets such as India and China are some of the factors attributing
to its lucrative growth.
Cochlear implants are expected witness significant growth over the
forecast period, owing to its high effectiveness in terms of sentence
understanding. A cochlear implant achieves an average of 80% sentence
understanding as compared to hearing aids with 10% sentence understanding.
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Key industry participants of this market include William Demant Holdings
A/S, GN ReSound Group, Sonova Holdings AG, Starkey Hearing Technologies,
Siemens Healthcare and Widex A/S, Phonak, Audioscan, Cochlear Ltd.,
Interacoustics, ReSound, Rayovac, Advanced Bionics, MED-EL, Natus, Duracell,
Grason-Stadler, Sophono, Oticon, MedRx, Power One, Austar Hearing, National
Hearing Care, and NHC/Amplifon.
For the purpose of this study, Grand View Research has segmented the
audiology devices market on the basis of product, technology and region:
·
Audiology
Devices Product Outlook
·
Cochlear
implants
·
Diagnostic
devices
1.
Tympanometers
2.
Otoscopes
3.
Audiometers
·
Bone
anchored hearing aid Open system
·
Hearing
Aids Market by Products
1.
In-the-ear
aids (ITE)
2.
Receiver-in-the-ear
aids (RITE)
3.
Behind-the-ear
aids (BTE)
4.
Canal
hearing aids: in-the-canal (ITC), invisible-in-canal (IIC), completely-in-canal
(CIC)
·
Hearing
Aids Market by Technology
1.
Digital
hearing aids
2.
Analog
hearing aids
·
Audiology
Devices Regional Outlook
·
North
America
·
Europe
·
Asia
Pacific
·
RoW
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