January 10, 2020
According to the research report titled ‘Audiology Devices Market Size 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 (U.S., Canada, Germany, UK, France, Spain, Italy, China, Japan, India, Australia, Mexico, Brazil, South Africa, Saudi Arabia), Application Potential, Competitive Market Share & Forecast, 2019 – 2025’, available at MarketStudyReport.com, the global audiology devices market is expected to cross USD 11 billion by the year 2025.
According to the research report, growing geriatric population, in tandem with rising prevalence of severe hearing disorders are major factors driving the audiology devices market growth. Individuals aged 60 years and above usually suffer from hearing loss which adversely affects their daily activities and overall functioning. Rising adoption of hearing aids among elderly population, along with advancements in technology associated with audiology devices are aiding the expansion of the market.
Audiology devices such as hearing aids utilize frequency-modulated radio waves in order to transmit sound efficiently, which further helps in reducing irritation caused by tinnitus. This factor, coupled with convenience and improved cognitive learning offered by these devices will augment the market outlook. However, aesthetic concerns associated with the use of audiology devices may hinder the market growth.
As per product type, diagnostic audiology devices market segment is expected to grow with a CAGR of 3% during the period of 2019-2025. Advanced diagnostic devices not only offer quantitative analysis concerning the intensity of hearing loss, but also provides qualitative data pertaining to hearing impairment. These devices enable the surgeons to perform surgical procedures efficiently by providing high-quality images.
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Considering the geographical landscape, the report cites that Asia-Pacific held 20% revenue share of audiology devices market in 2018. Growing elderly population, in tandem with favorable government initiatives which promote early diagnosis of hearing loss, especially in China and India, are contributing towards the popularity of the product across the region. Surging levels of noise pollution in Asian nations has led to rising occurrence of hearing disability, which in turn is facilitating the business scenario.
Demant, Widex, Starkey Hearing Technologies, Sonova Holdings, Sivantos Pte. Ltd., Nurotron Biotechnology Co., Ltd., Medtronic, Inc., MedRX, MED-EL GmbH, GN Store Nord A/S, Cochlear Ltd., Benson Medical Instruments, and AMBCO are the prominent companies operating in the audiology devices market.
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