Audiology Devices Market Size By Product (Hearing Aids [In-The-Ear, Receiver-in-the-Ear, Behind-the-Ear, Canal], Tinnitus Devices, Cochlear Implants, BAHA/BAHS, Diagnostic Devices [Tympanometers, Otoscopes, Audiometers]), By Technology (Analog, Digital), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Brazil, South Africa), Application Potential, Price Trend, Competitive Market Share & Forecast, 2016 - 2023
Published Date: May 2016 | 112 Pages | Report ID: GMI426 Report Format: PDF
Audiology Devices Market size was over USD 8.5 billion in 2015 with 5.8% CAGR estimation from 2016 to 2023.
UK Hearing Aids Market Size, By Product, 2012-2023 (USD Million)
Growing geriatric population coupled with increasing prevalence of hearing disorders will drive global audiology devices market size. As per UN, the population with more than 80 years is growing at a faster rate than other age groups. The geriatric population accounted for more than 125 million in 2015 with expectations to surpass 434 million by 2050.
Favourable government initiatives for screening hearing impairment and increased R&D to develop innovative hearing aids should create lucrative opportunities for the audiology devices market. Companies are majorly focused on digital hearing aids to gain more advantages such as connect to mobiles, laptops and other electronic devices. Inadequate reimbursement and insurance policies in low and middle income nations hamper the market over the forecast timeframe.
Audiology Devices Market, By Product
Global hearing aids market is estimated to seize more than 60% revenue share of the global audiology devices market by 2023. BTE hearing aids market held the major share of hearing aids market in 2015 and is forecast to become highest revenue generating segment due to the range of benefits offer by BTE products. Canal hearing aids market will surpass USD 800 million by 2023. These hearing aids fits within the ear canal. The custom crafted hearing aids are more effective to treat mild to moderate hearing loss.
Cochlear implants market will expand with more than 10% CAGR from 2016 to 2023. The cochlear implants have exhibit tremendous growth due to its additional advantages over the other conventional products along with increased reimbursement policies. Diagnostic devices market was over USD 950 million in 2015, and will register significant growth during the forecast years.
Audiology Devices Market, By Technology
Digital hearing aids market size is estimated to grow at approximately 5% CAGR from 2016 to 2023 on account of better solutions offer to hearing impaired patients with mild to severe hearing loss. It enhances speech signals and reduces background noises to produce clear sound. It automatically adapts to environments without need of manual adjust of volume level. Analog devices will reach over USD 500 million from 2016 to 2023.
Audiology Devices Market, By Region
U.S. audiology devices market was valued over USD 2.0 billion in 2015. Increasing public and private insurance coverage should accelerate the regional share during the forecast period. Public plans cover approximately 25% American population. These plans will influence over payment and coverage for health services. Private insurers follow public plan guidelines. Medicaid is a mutually funded state-federal health program for people with special or chronic healthcare needs and who meet specific income guidelines. It covers almost 50% of children. Medicare is the federal government insurance policy for disabled citizens over 65 years of age.
Germany audiology devices market share will grow at notable rate by 2023 due to favourable subsidies in the country eventually increasing the product demand. Favourable reimbursement policies across many European countries majorly drives the regional market.
Increased healthcare expenditure and low penetration rate coupled with favourable hearing impairment screening programs offers significant growth opportunities for China audiology devices market. In 1999, China has implemented Universal Newborn Hearing Screening (UNHS). By 2010, UNHS was expanded in 20 of the 32 provinces. By the end of 2009, the government provided nearly 1,500 implants to the children aged 1 to 5 years.
Japan diagnostic devices market was more than USD 50 million in 2015, and will expand at lucrative rate over the forecast period owing to increasing geriatric population. India digital hearing aids market registered over USD 140 million in 2015, and should expand at 9.0% rate for 2016 to 2023. Increased healthcare expenditure and demographical change are the major factors driving product demand in the country.
Competitive Market Share
Some of the industry players of audiology devices market include William Demant Holdings, Sonova Holdings, Tremetrics, Benson Medical, Sophono, Starkey Hearing Technologies, Phonak, Ambco, Inmedico, Micro-tech, Advanced Bionics, TV Ears, Geemarc, GN ReSound Group, Siemens Healthcare, Widex, Maico, Natus, MED-EL, MedRx, Amplicomms, Serene Innovations etc. Companies are majorly entering in strategic collaborations in order to gain strategic advantages. This offers innovative products to tap the unmet needs of customers.
Audiology Devices Industry Background
The global audiology devices market is driven by few players. There are no significant new entrants entered since past three decades. Major players are investing in R&D for developing novel solutions in order to maintain dominancy. Cochlear implants and bone anchored systems are growing at unprecedented growth rates. These product segment offers lucrative opportunities. Reimbursement policies in developed countries will spur the overall regional audiology devices market. Emerging countries are significantly underpenetrated and offers a better scope and untapped opportunities to the new entrants.
What Information does this report contain?
Why Global Market Insights?Comprehensive Research
- All-inclusive coverage
- In-depth and granular data (ex: information for 8 to 15 countries, with clients open to add to this list, in each report)
- Penetrative insights & latest trends
- Offers holistic understanding of the market
- Unique methodology
- Iterative in nature to eliminate errors
- Detailed methodology, scope, assumptions and data sources available for reference
- Committed to making a positive difference for our clients
- Given the nature of this industry, we are committed to ensure that our clients get maximum return on their investment in our services
- Every purchase comes with an option to obtain additional information:
- up to 10% of the original cost
- 45-minute analyst tele-call to obtain further clarity on the market.
- Global Market Insights, Inc. strictly adheres to PCI-DSS security norms.
- Only PCI-DSS compliant payment methods used for highest level of client data security