Press release
Audiology Devices Market Trends, Driving Factors and Forecast to 2024| Key Players: Sivantos, WIDEX, William Demant Holdin, Sonova Holdings, Benson Medical
Audiology Devices Market
Key Players:
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.
The industry players are focusing on development of innovative, technologically advanced and cost-effective solutions to address increasing demand for audiology devices. For instance, in August 2017, GN Hearing launched hearing aids, ReSound ENZO 3D and Beltone Boost Max. The product launch strategy extended the existing product portfolio of GN Hearing.
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Key Industry Trends and Driving Factors:
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.
However, high cost of audiology devices and implant surgeries will impede the market growth. Audiology devices such cochlear implants are highly priced and significant portion of population cannot afford them.
Hearing aids dominated the audiology market in 2016 followed by cochlear implants. Bone anchored hearing aids is forecast to witness highest CAGR due to long term benefits of the devices. Technological advances in bone anchored hearing aids coupled with advent of superior sound processors will drive the segment growth over the forecast timeframe.
Hearing aids accounted for largest market share in 2016 and will continue to dominate audiology devices industry forecast period. Amongst the different types of hearing aids, receiver in the ear hearing aid segment is poised to grow at a robust CAGR. The rapid growth can be attributed wide range of benefits such as comfort and reduced size of the device. However, disadvantages such as high cost of the device compared with the other types of hearing aids and frequent maintenance required is predicted to impede adoption rates to some extent.
Regional Analysis:
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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Increasing patient pool with hearing disabilities and favorable government initiatives will propel audiology devices demand in India. However, high cost of audiology devices, lack of awareness and inadequate access to healthcare services will impede the industry growth.
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
3.3.1.1. Increasing geriatric population globally
3.3.1.2. Hearing loss disorders growth
3.3.1.3. Technological and product innovation
3.3.1.4. Favorable regulatory scenario
3.3.2. Industry pitfalls & challenges
3.3.2.1. Implant surgeries and high cost
3.3.2.2. Concerns regarding aesthetic appeal
3.4. Growth potential analysis
3.4.1. By product
3.5. Regulatory landscape
3.5.1. U.S
3.5.2. Europe
3.5.3. China
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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