Audiological Devices Market: Increase in Incidence of Impairment and Loss of Hearing among the Younger Generation to Drive Market
The global audiological devices market is highly consolidated, with the top six players accounting for nearly 97% of the overall market share in 2011, reports Transparency Market Research (TMR) in a new study. The key players in the audiological devices market are GN ReSound Group, William Demant Holding A/S, Sonova Holding AG, Starkey Hearing Technologies, Widex A/S, and Siemens Healthcare.
“The strong holdings of these key players overshadow the contribution by other companies and impose a high entry barrier to the new entrants,” says the author of the report. The contribution by local players and some global players such as Panasonic is very low. However, the competitive rivalry is high in the global audiological devices market with all its constituent companies vying to protect their standing.
Growing Prevalence of Deafness to Present Appreciable Demand for Audiological Devices
According to the American Academy of Audiology (AAA), hearing loss is the third most reported chronic disability affecting the geriatric population. With the growth in the geriatric population worldwide, growth in the cases of sensorineural hearing damage has also been registered. This has helped the demand for audiological devices as a corrective measure, thereby promoting the growth of the global audiological devices market.
Request PDF Sample of Report - https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1287
There are various factors such as injuries, and genetic factors, infectious diseases, noise pollution, occupational factors, and problems during childbirth, pregnancy, and polypharmacy that lead to hearing loss. The high prevalence of deafness is a major public health issue across the globe. To address this problem, various governments and international organizations are encouraging the use of audiological devices.
Another factor positively influencing the growth of the global audiological devices market is the introduction of cosmetically appealing hearing devices that are small in size and hidden. The growth of these types of devices can be attributed to the changing lifestyles and high purchasing power of the end-users. These factors have consequently boosted the growth of the global audiological devices market.
Social Stigma to Hamper Sales of Audiological Devices
The high cost of surgical solutions such as bone anchored hearing aids (BAHA) and cochlear implant surgery challenge the patients financially. This problem further amplifies for the uninsured patients, whose population is still low in emerging nations. The patients, thus prefer using conventional hearing aids, thereby hampering the growth rate of the audiological devices market.
Request for Custom Research - https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=1287
The majority of the population suffering from hearing loss tends to be reluctant towards the use of hearing aids and other audiological devices due to the social stigma associated with them. This stigma is likely to negatively influence the growth of the global audiological devices market. However, increasing measures taken by governments, healthcare providers, and hearing aid manufacturers in order to increase the hearing aid awareness amongst the masses may change the mindset. These measures are likely to encourage the growth of the global audiological devices market.
Wide Product Portfolio to Help Hearing Aids Lead the Global Market
The global audiological devices market was valued at US$6.22 bn in 2011 and is anticipated to reach US$8.648 bn by 2018 at a 4.90% CAGR between 2012 and 2018.
In terms of product type, the global audiological devices market is segmented into BAHA, cochlear implants, hearing aids, and diagnostic devices. The hearing aids segment is the leading segment by value and is anticipated to lead the market until the end of 2018. This can be attributed to a wide product portfolio offered by hearing aids. The global hearing aids market was valued at US$4.65 bn in 2015 and is estimated to reach US$5.12 bn by 2018. However, the greater efficiency of cochlear implants and bone anchored hearing aids will assist them in registering positive growth rate.
Request for Discount on this Report - https://www.transparencymarketresearch.com/sample/sample.php?flag=D&rep_id=1287
By geography, Europe is the leading geographical segment by revenue and is expected to maintain its leadership through 2018. A growing incidence of hearing impairment in the region has fuelled the demand for sophisticated and wireless audiological devices. However, Asia Pacific is the most rapidly growing market owing to the improvement in the distribution network of global market players.
About Us
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through ad hoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key tohelp enterprises reach right decision.
Contact
Transparency Market Research
State Tower,
90 State Street,
Suite 700
Albany NY - 12207United States
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com