Audiological Devices Market: Value Added Features in Audiological Devices is to Fuel Global Market Expansion
Global Audiological Devices Market – Snapshot
The global audiological devices market is expanding due to the increasing number of cases of hearing loss across the globe. The global audiological devices market was valued at about US$ 8.7 Bn in 2017 and is expected to reach a value of US$ 13.4 Bn by 2026, expanding at a compound annual growth rate (CAGR) of over 5.0% from 2018 to 2026. The global market is witnessing expansion at a relatively higher growth rate owing to the increasing geriatric population, adoption of audiological devices due to rising number of cases of hearing loss, and surge in research and development in both developed and developing markets.
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Deafness is caused due to impairment in the ear or damage to the hearing related nerves. Causes for these defects are injuries, congenital defects, diseases, age-related factors, occupational hazards, and exposure to loud noise. Audiological devices are broadly categorized into treatment or supporting devices that help enhance hearing ability of patients and to monitor or study hearing. Technological advancements in audiological devices, high prevalence of hearing problems in the geriatric population, and an increase in incidence of impairment and loss of hearing among the younger generation are key factors driving the market. Moreover, cosmetic appeal of audiological devices and rising prevalence of deafness, efficient devices (such as wireless devices), cost-effective, and widespread awareness, and acceptance of novel devices among the population are anticipated to boost the global audiology devices market in the near future.
The global audiological devices market has been segmented based on product, disease type, end-user, and by region. In terms of product, the market has been categorized into hearing aids, cochlear implants, bone-anchored hearing aids, and diagnostic devices. The hearing aids segment has been further sub-segmented into in-the-ear hearing aids (ITE), receiver-in-the-ear hearing aids (RITE), behind-the-ear hearing aids (BTE), and canal hearing aids (CHA). Moreover, the diagnostic devices segment has been further split into audiometers, octoscopes, and tympanometers. Hearing aids are expected to hold a significant share of the market, as hearing aids are most useful for the majority of individuals with mild to moderate hearing loss. Due to increasing severity of hear loss, the cochlear implants are forecasted to grow with a significant CAGR during the forecast period.
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In terms of disease type, the global audiological devices market has been divided into otosclerosis, Meniere's disease, acoustic tumors, otitis media, and others. The Meniere’s disease segment is projected to hold a prominent share of the market, and is also anticipated to expand at a significant CAGR during the forecast period. According to American Hearing Research Foundation, in the U.S., approximately, 0.2% of the population has it, and every year about 45,500 new cases are diagnosed. In terms of end-user, the global audiological devices market has been split into hospitals, ambulatory surgery centers, and clinics. The clinics segment is projected to dominate the market, and is expected to expand at a significant CAGR during the forecast period.
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In terms of region, the global audiological devices market has been segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Europe is expected to dominate the global market and account for a prominent share of the global market. The market in Europe is primarily driven by a rise in the geriatric population, surge in patient population, and high prevalence of hearing impairment, injuries, increasing technological advancements, and development of advanced products in the audiological devices market. The market in Asia Pacific is anticipated to expand at a significant growth rate during the forecast period. This is due to the presence of large geriatric population, governmental initiatives taken in the healthcare field, increasing research and development activities, improving healthcare infrastructure, and rising incidence of deafness in the region.
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Technological advancements, rising approvals from government bodies, and strengthening of sales and distribution network are key trends in the global market. Key players operating in global audiological devices market and profiled in this report are William Demant Holding A/S, GN Store Nord A/S, Sonova, WIDEX A/S, Sivantos Pte. Ltd., Medtronic, Starkey, Audina Hearing Instruments, Inc., AUDITDATA, and Nurotron Biotechnology Co. Ltd.
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