Press release
Audiology Devices Market Key Companies - AMBCO, Benson Medical Instruments, Cochlear Ltd, GN Store Nord A/S, MED-EL GmbH, MedRX, Medtronic Inc, Nurotron Biotechnology Co. Ltd, Sivantos Pte. Ltd., Sonova Holdings, Starkey Hearing Technologies, Widex, Deman
Audiology Devices Market
Increasing elderly population will positively impact the audiology devices market growth throughout forecast years. Geriatric population usually suffers from age-related high frequency hearing loss that creates difficulties in understanding. Gradual rise in the severity of hearing loss affects daily activities and overall functioning of elderly population. Therefore, people in the age group of 60 years and above experiencing hearing loss rely on advanced audiology devices that should stimulate the industry growth.
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Technological advancements in the audiology devices should augment the industry growth during analysis timeframe. Currently available audiology devices such as hearing aids use frequency-modulated radio waves to transmit sound efficiently that helps in reducing annoyance caused due to tinnitus. Moreover, lately developed hearing aids are convenient to use and also improves cognitive learning in people suffering from hearing loss. Above mentioned factors will increase the demand for audiology devices thereby that elevates the industry growth. However, aesthetic concerns in people wearing audiology devices may hamper its adoption thereby, restraining the industry growth to some extent.
Diagnostic devices segment of audiology devices market will experience around 3% CAGR during the estimated timeframe. Advanced devices utilized in diagnosing hearing loss not only provide qualitative data regarding hearing impairment but also delivers quantitative analysis depicting the intensity of hearing loss. Furthermore, diagnostic devices also provide superior quality images that assists surgeons during surgical procedures. Aforementioned factors will drive the segmental growth.
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Asia Pacific audiology devices market accounted for 20% revenue share in 2018. Favorable demographic such as rising geriatric population are expected to drive the demand for audiology devices. Furthermore, government of several countries such as India and China are creating awareness regarding advantages associated with early diagnosis of hearing loss that will increase the adoption of audiology diagnostic devices. Additionally, escalating level of noise pollution in Asian countries will create hearing disability amongst people that should further trigger the regional growth.
Industry players operational in audiology devices market include AMBCO, Benson Medical Instruments, Cochlear, GN Store Nord, MED-EL, MedRX, Medtronic, Nurotron Biotechnology, Sivantos, WIDEX, Sonova, Starkey Hearing Technologies and William Demant among the few others. These industry players implement strategic initiatives such as mergers, acquisitions and product launches to maintain the market position. For instance, in March 2015, Medtronic PLC has acquired Sophono, a privately held developer and manufacturer of innovative magnetic implants. This strategic initiative will help Medtronic to broaden its product portfolio.
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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