Press release
Audiology Devices Market Growth Strategies with Top Companies: Sonova Group, MED-EL, Widex, Sivantos Group, Medtronic
Audiology Devices Market
North America audiology devices market is anticipated to witness an annual growth rate of 5.3% over the coming six years.
Considering regional outlook, U.S. audiology devices industry share worth more than USD 1.4 billion in 2015, is predicted to register a CAGR of 4% over the period of 2016 to 2023. The main attributing factors towards the industry growth is growing private and public insurance coverage.
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Digital, analog, BAHA or BAHS, cochlear implants, and diagnostic devices are the key technology segmentations for the audiology devices market. Cochlear implants technology will exhibit a lucrative growth rate by recording a CAGR of 10% over the coming six years. The growth can be primarily attributed to its benefits over the conventional products. In addition to this, increased reimbursement strategies will further influence the cochlear implant based audiology devices industry considerably. Diagnostic device technology was worth USD 500 million in 2015 and is predicted to grow noticeably over the coming timeline.
Digital technology segment will exhibit an attractive annual growth rate of 5% over the coming six years, owing to its capability of noise cancellation along with its capability to enhance speech signals. Additionally, digital technology based devices offer easy accessibility to the user. For instance, it can adjust the volume level automatically as per the environmental conditions.
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 market is anticipated to contribute over 60% of the overall audiology devices industry revenue revenue by 2023. Hearing aids product is mainly divided into behind-the-ear (BTE), receiver-in-the-ear (RITE), in-the-ear, and canal. BTE products contributed majorly towards the hearing aids industry share in 2015 and is expected to be a prominent revenue contributor over the coming years. Canal hearing aids will collect a revenue of more than USD 800 billion by 2023, driven by its ability to fit in the ear canal comfortably.
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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