Audiology Devices Market | Key Players: Sivantos, WIDEX, William Demant Holdin, Sonova Holdings, Benson Medical
The Audiology Devices Market size is set to exceed USD 10 billion by 2024; according to a new research report by Global Market Insights.
Increasing geriatric population vulnerable to hearing loss and different hearing disorders will augment the global audiology devices market growth over the forecast timeframe. Risk of developing hearing loss sharply increasing with increasing age. As per recent United Nations report number of people aged 65 years and over is expected to increase from 962 million in 2017 to around 2.1 billion by 2050. Such stupendous increase in the global geriatric population will boost the demand better audiology devices.
Ongoing technological advancements and product innovation will serve as a high impact rendering factor for industry growth. Audiology devices are becoming increasingly smaller in size and more efficient. Advent of such products in the industry will boost the adoption rates augmenting its demand.
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Some of the key industry players operating in global audiology devices market are Sivantos, WIDEX, William Demant Holdin, Sonova Holdings, Benson Medical, Medtronic, Starkey Hearing Technologies, Advanced Bionics, MicroTech, GN Group, MED-EL, MedRx, Nurotron Biotechnology, and AMBCO.
U.S. audiology devices market accounted for largest regional share due to increasing prevalence of hearing disorders. Around 20 percent of U.S. population experience certain degree of hearing loss. Hearing disabilities are more prevalent in the U.S. population aged over 65 years. The industry growth is further supported by regional availability and increased affordability pertaining to technologically sophisticated audiology devices. Favourable reimbursement scenario covering the cost pertaining to the audiology devices will boost the U.S. audiology devices market growth over the forecast timeframe.
Germany market should witness robust growth over the foreseeable future. High prevalence of people with hearing disabilities will stimulated the demand for audiology devices. With only 20 percent of German population with hearing loss use hearing aids, it remains the lucrative market for business growth. Increasing efforts to raise awareness in potential hearing aid users, highly developed infrastructure and availability of skilled personnel will fuel industry growth.
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Chapter 3. Audiology Devices Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2024
3.3. Industry impact forces
3.3.1. Growth drivers
184.108.40.206. Increasing geriatric population globally
220.127.116.11. Hearing loss disorders growth
18.104.22.168. Technological and product innovation
22.214.171.124. Favorable regulatory scenario
3.3.2. Industry pitfalls & challenges
126.96.36.199. Implant surgeries and high cost
188.8.131.52. Concerns regarding aesthetic appeal
3.4. Growth potential analysis
3.4.1. By product
3.5. Regulatory landscape
3.6. Pricing analysis
3.7. Porter’s analysis
3.8. Reimbursement scenario
3.9. Company market share analysis, 2016
3.9.1. Audiology devices market
3.9.2. Behind the ear cochlear implants market
3.9.3. Off the ear cochlear implants market
3.10. Competitive landscape, 2016
3.10.1. Business overview
3.10.2. Revenue analysis
3.10.3. Product landscape
3.10.4. Strategy dashboard
3.11. PESTEL analysis
Global Market Insights Inc. is a global market research and management consulting company catering to leading corporations, non-profit organizations, universities and government institutions. Our main goal is to assist and partner organizations to make lasting strategic improvements and realize growth targets. Our industry research reports are designed to provide granular quantitative information, combined with key industry insights, aimed at assisting sustainable organizational development.
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