Global Audiology Devices Market
Global audiology devices market report provide a comprehensive outlook on audiology devices worldwide with specific focus on key region such as North America, Europe, Asia Pacific, Latin America and MEA. The report on global audiology devices market gives historical, current and future market size (US$ Mn) on the basis of device type, disease type, end user, and geography. This study analyses the global audiology devices market dynamics in a detailed manner to identify current trends and drivers, growth opportunities and potential challenges to the key stakeholders in the operating market. In addition, PBI has analyzed the global market to better equip customers with possible investment opportunities across region and consumer unmet needs.
Global Audiology Devices Market:
Audiology devices market Size in 2019 was valued at US$ 8.1 billion and from 2020 to 2026, 5.7% CAGR is expected. Factors leading to market growth are the growing geriatric population, the rising prevalence of hearing disorders and the increasing frequency of disability. Moreover, the growing number of deafness-related patients and the demand for cosmetic aesthetics for audiology equipment impose an optimistic outlook on the growth of the industry. However, with the appearance of audiology equipment, the high cost and social stigma are expected to hamper market growth.
Growing incidence of otic disorders boost the market growth:
Rising incidences of otic disorders will fuel growth in the industry. It is expected that by 2050, more than 900 million people will suffer from hearing loss, according to the WHO. Hearing loss happens for a variety of causes, including birth complications, genetic abnormalities, recurrent ear infections, prolonged noise exposure, and ageing. Therefore, people have begun to favor audiological devices such as cochlear implants to address difficulties resulting from hearing loss, which substantially enhance the hearing capacity of the person. The above factors could increase the growth of the audiology equipment sector in the coming years.
North America dominates the market share during the forecast period:
In terms of sales share, North America led the overall market in the year 2018. The growth of the U.S. industry can be due to developments in audiology systems, an increase in the number of audiologists, and the adoption by existing suppliers of new digital platforms. Launching patient-centered audiology systems that enable easy handling of goods leads to more market growth in patient compliance.
Key players profile in global audiology devices market include-
- Benson Medical Instrument
- Cochlear Ltd.
- GN Store Nord A/S
- MED-EL GmbH
- Medtronic Inc.
- Nurotron Biotechnology Co. Ltd.
- Sonova Holdings
- In January 2019, lively launched an online audiology platform that provides hearing aids, tests, and 24/7 online support for all clients.
- In January 2019, GN hearing launched most intuitive and personalized hearing solution that enhances user’s experience. This new product launch allows company to extend its existing product offerings in audiology devices market.
Key findings of report:
- Global audiology devices market expanding at significant CAGR over 2020 to 2026 owing to growing geriatric population, the rising prevalence of hearing disorders and the increasing frequency of disability.
- North America accounted for larger share of market revenue based on the region and projected a gain in market revenue over a forecast period.
- Players focusing on innovation of technologies and collaboration strategies to retain market position in global market.
Key features of the report:
- The report provides granular level information about market size, regional market share, historic market (2015-2019) and forecast (2020-2026).
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market.
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market.
- The report provides plethora of information about market entry strategies.
- Cochlear Implant
- Diagnostic Devices
- Bone-anchored Hearing Aid
- Technological Hearing Aids
- Hearing Aids
- Otitis Media
- Ménière´s Disease
- Acoustic Tumors
- Acoustic Trauma
- Audiology Clinics
- Rehabilitation Centers
- Rest of Europe
- Southeast Asia
- Rest of APAC
- Rest of SA
- Saudi Arabia
- South Africa
- Rest of MEA