Press release
Audiology Devices Market Growth Strategies 2018| Top Companies: Sonova Group, MED-EL, Widex, Sivantos Group, Medtronic
Audiology Devices Market
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.
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Cochlear implants segment will grow at a robust CAGR over the forecast timeframe. Currently, cochlear implants market penetration is significantly low compared to hearing aids but increasing awareness regarding the ability of cochlear implant to improve hearing capability will support the segment growth over the forecast period. High cost and limited awareness are forecasted to hamper cochlear implants segment growth to some extent.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Medtronic
2. Widex
3. Sivantos Group
4. Starkey Hearing Technologies
5. MED-EL
6. Advanced Bionics
7. Sonova Group
8. William Demant
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.
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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.
Audiology Devices Market by Product
o Hearing aids
o In-the-Ear hearing aid
o Receiver-in-the-Ear (RITE)
o Behind-the-Ear (BTE)
o Canal hearing aids ITC, CIS and IIC
o Cochlear implants
o BAHA/BAHS
o Diagnostic devices
o Tympanometers
o Otoscopes
o Audiometer
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