The Global Market for Audiological Devices is Forecast to Reach US$10.7 Billion by 2022

Deterioration in Quality of Life Associated with Untreated Hearing Loss Drives Focus on Effective Diagnosis & Treatment and Spurs Opportunities for Audiological Devices, According to a New Report by Global Industry Analysts, Inc.

                                                                                                

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Audiological Devices market. The global market for Audiological Devices is forecast to reach US$10.7 billion by 2022, driven by factors such as significant detrimental physical, social, emotional, and economic effects of hearing loss; growing focus on early diagnosis and treatment; and effervescent technology and product innovations.

Audiological devices are used for identification, diagnosis, as well as treatment of various ear related impairments. Rapidly ageing societies, together with higher prevalence of senile or geriatric hearing loss comprises a major growth driver for the audiological devices market.  In addition, increasing incidence of acquired hearing loss as a result of factors such as chronic ear infections, continuous exposure to extreme noise levels also offer significant opportunities for market growth. In the future, market growth is expected to come from growing demand for hearing instruments that are less visible, and which incorporate superior hearing technologies, such as digital and programmable hearing instruments. Hearing aids dominate the audiological devices market, cornering about 70% of revenue share. High comfort, user-friendliness and enhanced connectivity, as well as relatively lower price when compared to implants, contribute to high usage rates of hearing aids. Technology advancements in hearing aid technology in recent years are more focused on miniaturization and connectivity. Other advancements include enhanced design for easy use, battery longevity, and customized hearing aids with wireless capability for communication. Companies are also focused on increasing power and ensuring high-quality sound in challenging settings.

Cochlear implants represents the fastest growing product market gaining momentum from the increasing pool of individuals with profound hearing loss as well as growing application in treatment of children with hearing loss. Over the years, developed markets have witnessed an increasing trend towards bilateral implantation leading to a sizeable growth in number of new implants. Demand for Bone-anchored hearing aids (BAHA) is set to increase in future led by major improvements in implant designs and advancements in surgical techniques yielding better safety and cosmetic outcomes.

As stated by the new market research report on Audiological Devices, Europe represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 10.6% over the analysis period led by factors such as growing population, healthcare needs and healthcare per capita spending; rise in occupation hearing loss as a result of lack of strict implementation of safety regulations; growing awareness and gradual dissipation of the social stigma associated with hearing loss; increased willingness to seek medical help; improving healthcare infrastructure as evidenced by the rise in the number of audiology clinics and services including diagnostic audiology; and rising prevalence of autism and deafness.

Key players covered in the report include Cochlear Limited, GN ReSound A/S, Med-EL Medical Electronics, Otovation LLC, Siemens Audiologische Technik GmbH, Sonova Holding AG, Advanced Bionics Corporation, Phonak AG, Starkey Hearing Technologies, Widex A/S, William Demant Holding A/S, Bernafon AG, Sonic Innovations Inc., Neurelec SA, and Oticon A/S.

The research report titled “Audiological Devices: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities.. Market estimates and projections are provided in revenue terms for major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, and Rest of Asia-Pacific), Latin America, and Rest of World. Product segments analyzed in the report include Hearing Aids (Behind-the-Ear, In-the-Ear, and Canal Hearing Aids) Measurement/Testing Devices (Otoscopes, Audiometers, Impedence Analyzers, Hearing Aid Analyzers, and Others), and Cochlear Implants.

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