The “Audiology Devices Market- Growth, Future Prospects, and Competitive Analysis, 2016 – 2023” offers strategic insights into the audiology devices market along with the market size and estimates for 2013 to 2023. The said research study covers an in-depth analysis of multiple market segments based on the type of products and different geographies. Audiology devices are known as electronic equipment that is designed for the diagnosis and treatment of hearing impairment in patients. These devices are highly proficient for treating hearing impairment or other disorders related to hearing loss, such as congenital hearing problems and nerve deafness. As per severity type, sensorineural, conductive and mixed hearing loss are the three types of hearing loss. Market experts suggest that audiology devices are generating high demand worldwide as communication is the most vital skill that develops relationships and networking. The market introduction of advanced technologies such as wireless devices and, ultimately, high acceptance of these devices by the geriatric population, along with an increase in demand for cost-efficient and high-performance devices, are some of the key drivers of this market. Asia-Pacific and Lain America are the fastest growing audiology devices market in the near future due to untapped opportunities in this region’s emerging countries, such as India, Brazil, and China. The competitive landscape suggests that the market is oligopolistic and is marked by a large number of mergers and acquisitions. The market was led by Sonova Holding AG in 2015 as the company manufactures products in line with existing market trends and user preferences. For example, in 2014, the company launched PhonakAudeo V, which accommodates preferences specific to the use of aesthetically attractive products. Moreover, Sonova remains on the strategy to merge and acquire companies to expand its market penetration and geographical reach.
The geographical segmentation comprised regions such as North America, Europe, Asia-Pacific, Latin America & Middle East, and Africa. Each geographical region is further split to provide market revenue for select countries such as the U.S., Canada, the U.K., Germany, China, Japan, Brazil, and GCC countries. Market size and forecast for these segments from 2013 to 2023 and their CAGRs for the period 2016 to 2023 are provided in this report.
The audiology devices market is observed as the most diversified and competitive market, comprising a large number of players. The market is dominated by several players, depending on their major competencies. The key players in this market are Sonova Holding AG, William Demant Holdings A/S, GN Re Sound Group, Seimens Healthcare, Starkey Hearing Technologies, Widex A/S, and Others.
Based on the type of product, the global audiology devices market is segmented as follows:
- Hearing Aids
- Cochlear Implants
- Diagnostic Devices
In 2015, hearing aids accounted for 65.3% of the overall market and were anticipated to maintain market dominance throughout 2016 – 2023. The mounting prevalence and incidence of hearing impairments and the aging population are the key factors assisting the growth of the audiology devices market. Market experts suggest that significantly rising market penetration and acceptance of digital hearing aid technology and demand for aesthetically attractive hearing aids are additional key factors responsible for the overall market growth. In addition, the rise in full or partial reimbursement for hearing aids devices by the government of some countries and the augmentation in the prevalence of hearing impairments such as congenital hearing problems and nerve deafness assist the growth of the global audiology devices market. It was observed that growth in the audiology devices market for stakeholders or key manufacturers is the direct effect of their rising contribution in retail sales and product portfolio expansion. Otolaryngologist suggests that early diagnosis of hearing loss significantly enhances the treatment procedure. Hearing loss diagnosis comprises ear examination with the support of equipment such as audiometers, otoscopes, and tympanometers.
For this study, the global audiology devices market is categorized into:
- North America
- Asia Pacific
- Latin America (LATAM)
- Middle East and Africa (MEA)
In 2015, Europe accounted for the largest market share of 40.1%, mainly due to the rising prevalence of hearing impairment, mounting public awareness related to diagnosis, and high market penetration of novel and advanced products accompanied by the presence of supportive reimbursement policies. According to the British MRC Institute of Hearing Research study, around 900 million people in the world will suffer from hearing loss in 2025, which is expected to be an opportunity for audiology device manufacturers. In addition, Europe is anticipated to account for more than 10% of this projected prevalence. Hence, the development of the audiology devices market in this region is also projected to witness significant growth owing to the presence of supportive and uniform government regulations across the Western European region. During the forecast period, 2016 – 2023 Asia-Pacific region is expected to observe exponential growth due to factors such as the presence of unmet needs of patients suffering from hearing loss along with swiftly developing healthcare infrastructure in the emerging markets of the region, such as India and China, and the consequent establishment of retail chains by key market players. Key market players in Asia-Pacific mainly comprise GN ReSound, Siemens Healthcare, Starkey, Sonova, and Wide