Audiology Devices Market to Grow 6.50% CAGR 2017 to 2021 – Analysis of Medtronic, Sonova, Starkey Hearing Technologies, and William Demant

MarketResearchNest.com adds “Global Audiology Devices Market 2017-2021” new reports to its research database. The report spread across 73 pages with tables and figures in it.

The research analysts forecast the global audiology devices market to grow at a CAGR of 6.50% during the period 2017-2021.

Audiology devices are used by people with hearing difficulties. These devices have improved over the time to provide a better experience to the users. With the advances in technology, the devices have become smarter, smaller, and easier to use, providing better communication to the users. Nowadays, the digital hearing devices are equipped with feedback reduction, speech enhancement, directional microphones, and wireless technology. The market growth for these devices will continue due to the increasing prevalence of hearing disorders.

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Technavio recognizes the following companies as the key players in the global audiology devices market: Medtronic, Sonova, Starkey Hearing Technologies, and William Demant.

Other Prominent Vendors in the market are: Audina Hearing Instruments, Benson Medical Instruments, Cochlear, ExSilent, Frye Electronics, GN Hearing, Interacoustics, Microson, MED-EL, Nurotron Biotechnology, Otometrics (acquired by Natus Medical), Sivantos, and WIDEX.

The latest trend gaining momentum in the market is Increasing focus on digital hearing aids. Nowadays, the digital hearing aids are being much accepted by the people, and these devices are still going through innovations and advances. The digital hearing aids are sleek and have a modern look outside, loaded with world-class technology inside. They improve speech understanding and make listening easier in any environment. The digital hearing aid uses a precision microphone and advanced noise reduction and speech recognition system designed to amplify important sounds, such as speech, and to reduce unwanted surrounding noise.

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According to the report, one of the major drivers for this market is Increasing prevalence of hearing disorders. The prevalence of hearing disorders increased globally. The hearing disorder can also be a disabling hearing loss, which refers to hearing loss greater than 40 dB in the better hearing ear in adults and greater than 30 dB in the better hearing ear in children. The hearing disorder can be due to a genetic cause, congenital disability, infectious disease, chronic ear infection, usage of particular drugs, exposure to excessive noise, and older age.

Further, the report states that one of the major factors hindering the growth of this market is Inadequate reimbursement and insurance policies. Inadequate reimbursement for the hearing aid devices poses a serious difficulty for the hospitals and the patients. In addition, the Medicare and Medicaid policies raised serious problems for the cochlear implant centers also. The lack of reimbursement led to low profits for the implant centers. The centers, which perform 100 surgeries a year are unable to generate profits by providing cochlear implants. The medium and small-sized centers are being forced to limit the number of patients they serve, due to the insurance coverage and reimbursement issues.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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