Audiology Devices Market to exceed $13bn by 2023
Published Date: February 6, 2017 Author: Global Market Insights, Inc.
Audiology Devices Market size should exceed USD 13 billion by 2023; according to a new research report by Global Market Insights, Inc.
Increased elderly population base with rise in the hearing impairment prevalence is expected to boost the audiology devices market. In accordance with NIDCD, 15% of American adults aged 18 years and over suffer from hearing impairment. People of age group between 60 and 69 are mainly afflicted by hearing loss.
Favorable government initiatives for screening hearing impairment is expected to accelerate the audiology devices market over the forecast timeframe. For instance, Universal new-born hearing screening program offers screening of hearing impairment prior to leave hospital. In 2001, 50% of cochlear implant surgeries in U.S. involved children under 18 years of age. Technological advancements provide innovative solutions such as less visible products. For instance, in-the canal (ITC) hearing aids, completely-in-the-canal (CIC) offers better sound quality than other hearing aids.
Robust investments in R&D to develop novel hearing aids should create better opportunities for the market players. Companies are majorly focused on digital hearing aids to gain competitive advantages.
The cochlear implants market is likely to witness significant growth due to its advantages over the conventional products. Favorable insurance and reimbursement policies for cochlear implants are accelerate the demand.
North America audiology devices market was USD 2.6 billion in 2015, and is expanding at 5.3% growth rate from 2016 to 2023. Increased hearing loss prevalence and adoption of advanced technologies are major factors enables drive the market. As per NIDCD, about 2 to 3 out of every 1,000 children in U.S. born with a detectable level of hearing impairment and more than 90% of deaf children are born to the hearing loss parents.
Browse key industry insights spread across 112 pages with 62 market data tables & 6 figures & charts from the report, “Audiology Devices Market Size By Product [Hearing Aids Market By Product [In-The-Ear, Receiver-in-the-Ear (RITE), Behind-the-Ear (BTE), Canal], By Technology (Analog, Digital)], Cochlear Implants, BAHA/BAHS, Diagnostic Devices (Tympanometers, Otoscopes, Audiometers), 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” in detail along with the table of contents:
U.S. hearing aids market was over USD 1.4 billion in 2015, and will grow at 4% CAGR from 2016 to 2023. The market is majorly driven by insurance policies of Medicare and Medicaid. Public insurance plans cover about 25% population, offers payment and coverage for health services. Private insurers follow public plan guidelines. Medicare is the federal government insurance policy for disabled citizens over 65 years of age and Medicaid is a jointly funded state-federal healthcare program.
UK accounted for majority of revenue share in 2015, and expected to continue its market share over the forecast time frame. Increased awareness among the patients will boost the Europe audiology devices market.
Japan hearing aids market was over USD 300 million in 2015, and it is expanding at 6.5% CAGR over the forecast timeframe. Rise in the geriatric population and increased healthcare expenditure expected to boost the market. Middle East & Africa audiological devices market was over USD 271 million in 2015, the market has witnessed for significant growth due to increase in the geriatric population coupled with reimbursement plans.
Some audiology devices industry players include Sonova Holdings AG, William Demant Holding A/S, Starkey Hearing Technologies, Tremetrics, Phonak, Benson Medical, Sophono, Ambco, Inmedico, Micro-tech, Advanced Bionics, TV Ears, Geemarc, GN ReSound Group, Siemens Healthcare, Widex A/S, Maico, Natus, MED-EL, MedRx, Amplicomms, Serene Innovations, etc.
Audiology devices market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2012 to 2023, for the following segments:
Audiology Devices Market by Product
- Hearing Aids
- Cochlear Implants
- Diagnostic Devices
Audiology Devices Market by Technology
Diagnostic Devices Market by Product
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- Latin America (LATAM)
- Middle East and Africa
- South Africa