Audiology Devices Market size to exceed USD 11.4bn by 2025
Published Date: August 22, 2019 Authors: Sumant Ugalmugle
Audiology Devices Market size is to exceed USD 11.4 billion by 2025; according to a new research report by Global Market Insights, Inc.
Technological advancements in audiology devices will propel industry growth in the near future. Audiology devices have witnessed considerable changes over the past few decades. Advanced otic devices delivers efficient wind noise management that filter out the unpleasant sound enhancing users experience. Additionally, other benefits include advanced speech recognition and tinnitus management. Moreover, currently available audiology devices are smaller in size and provides convenience to users that should propel its demand in the coming years.
Rising elderly population base globally will positively influence the audiology devices market growth. As reported by National Institute on Aging in the U.S., approximately one in every three individuals over 65 years of age have hearing loss and nearly 50% of people aged more than 75 years face difficulty in hearing. Therefore, mounting geriatric population experiencing hearing loss will favor demand for audiology devices thereby, elevating the industry growth. However, concerns regarding aesthetic appeal may hamper its demand thereby, restraining the otic devices market growth.
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Behind the ear hearing aids segment of the market is anticipated to witness more than 3% growth throughout the forecast time frame. Behind the ear devices are preferred by people experiencing mild to severe hearing loss. This type of device is larger in size and is capable of amplifying the sound efficiently as compared to other hearing aids. Moreover, behind the ear audiology devices are more durable, and require minimum maintenance. Therefore, advantages associated with behind the ear hearing aids will foster the segmental growth.
Browse key industry insights spread across 110 pages with 42 market data tables & 6 figures & charts from the report, “By Product (Hearing Aids [In-the-Ear Hearing Aids, Receiver-in-the-Ear (RITE), Behind-the-Ear (BTE), Canal Hearing Aids ITC, CIS and IIC], Cochlear Implants, BAHA/BAHS, Diagnostic Devices [Tympanometers, Otoscopes, Audiometer), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
North America audiology devices market was valued around USD 2.5 billion in 2018. Increasing awareness regarding availability of advanced hearing aids will positively impact the regional growth. Several associations and organizations implement programs to increase the awareness and accessibility to audiology devices. For instance, Hearing Loss Association of America (HLAA), a leading organization works in collaboration with policy makers to assist consumers by enhancing awareness related to hearing loss and audiology diagnostic devices that stimulates the regional growth.
Asia Pacific audiology devices market held 20% revenue share in 2018. Considerable revenue size can be associated with increasing geriatric population suffering from hearing loss. Moreover, favorable government support and funding for cochlear implants will favor regional growth. For instance, several initiatives undertaken by government of India includes newborn screening program for early diagnosis and treatment of hearing loss that should positively impact industry growth.
Industry players operational in audiology devices market are AMBCO, Benson Medical Instruments, Cochlear, GN Store Nord, MED-EL, MedRX, Medtronic, Nurotron Biotechnology, Sivantos, WIDEX, Sonova, Starkey Hearing Technologies and William Demant. These industry players are implementing strategic initiatives such as collaborations, product launches, geographic expansions, mergers and acquisitions in order to sustain industry competition to acquire prominent market share. For instance, in November 2018, Cochlear Limited announced company has signed agreement with GN group, a global provider of intelligent hearing solutions. This agreement allowed company to significantly expand smart hearing collaboration. The strategy aimed at enhancing company’s existing products.
Audiology devices market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2014 to 2025, for the following segments:
Audiology Devices Market, By Product (USD million)
- Hearing aids
- In-the-Ear hearing aids
- Receiver-in-the-Ear (RITE)
- Behind-the-Ear (BTE)
- Canal hearing aids ITC, CIS and IIC
- Cochlear implants
- Diagnostic devices
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia