The Global Audiology Devices
Market is expected to reach USD 9,542.3 million by 2020, growing at an
estimated CAGR of 5.0% from 2014 to 2020, according to a new study by Grand
View Research, Inc. Introduction of technological advancements such as wireless
devices, acceptance of these devices by the geriatric population along with
increase in demand of cost-effective and efficient devices are some of the
major drivers of this market. In addition, presence of untapped growth
opportunities in emerging countries such as India, Brazil and China and the increasing
health awareness are expected to serve this market as future growth
opportunities.
Hearing aids dominated the
overall market in terms of revenue share at 64.1% in 2013. High comfort
rendered by these products, enhanced connectivity and enhanced user
friendliness are some of the factors attributing to its high usage rates and
subsequently large market share.
In depth research report on Audiology Devices Market
Further key findings from the study suggest:
·
Behind-the-Ear (BTE) aids
dominated the hearing aid market by product in terms of share at over 55.5% in
2013 due to its ease of use and connectivity.
·
Europe was the largest regional
market in 2013, accounting for over 40.0% of global revenue due to the
increased prevalence of deafness coupled with the presence of high patient
disposable incomes and sophisticated healthcare infrastructure.
·
Asia Pacific audiology devices
market is expected to grow at the fastest CAGR of 7.4% from 2014 to 2020.
Presence of unmet medical needs coupled with a regularly improving healthcare
infrastructure coupled with growing population in emerging markets such as
India and China are some of the factors attributing to its lucrative growth.
·
Cochlear implants are expected
witness significant growth over the forecast period, owing to its high
effectiveness in terms of sentence understanding. A cochlear implant achieves
an average of 80% sentence understanding as compared to hearing aids with 10%
sentence understanding.
·
Key industry participants of
this market include William Demant Holdings A/S, GN ReSound Group, Sonova
Holdings AG, Starkey Hearing Technologies, Siemens Healthcare and Widex A/S,
Phonak, Audioscan, Cochlear Ltd., Interacoustics, ReSound, Rayovac, Advanced
Bionics, MED-EL, Natus, Duracell, Grason-Stadler, Sophono, Oticon, MedRx, Power
One, Austar Hearing, National Hearing Care, and NHC/Amplifon.
For the purpose of this study,
Grand View Research has segmented the audiology devices market on the basis of
product, technology and region:
Audiology Devices Product Outlook
·
Cochlear implants
·
Diagnostic devices
o
Tympanometers
o
Otoscopes
o
Audiometers
·
Bone anchored hearing aid Open
system
o
Hearing Aids Market by Products
o
In-the-ear aids (ITE)
o
Receiver-in-the-ear aids (RITE)
o
Behind-the-ear aids (BTE)
o
Canal hearing aids:
in-the-canal (ITC), invisible-in-canal (IIC), completely-in-canal (CIC)
·
Hearing Aids Market by
Technology
o
Digital hearing aids
o
Analog hearing aids
Audiology Devices Regional Outlook
·
North America
·
Europe
·
Asia Pacific
·
RoW
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About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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