The report titled “Audiology Devices Market- Growth, Future Prospects, and Competitive Analysis, 2016 – 2023” offers strategic insights into the overall audiology devices market along with the market size and estimates for the duration 2013 to 2023. The said research study covers in-depth analysis of multiple market segments based on type of products, and different geographies. Audiology devices are known as the electronic equipment that is designed for diagnosis and treatment of hearing impairment in patients. These devices are highly proficient for treating hearing impairment or other disorders related with hearing loss such as congenital hearing problem and nerve deafness. As per severity type sensorineural, conductive and mixed hearing loss are the three types of hearing loss. Market experts suggest that, audiology devices are generating high demand across the world as communication is the most vital skill which develops relationships and networking. In case of market introduction of advanced technologies such as wireless devices and ultimately high acceptance of these devices by the geriatric population along with increase in demand of cost-efficient and high performance devices are some of the key drivers of this market. Asia-Pacific and Lain America are the fastest growing audiology devices market in the near future due to existence of untapped opportunities in emerging countries of this region such as India, Brazil and China. The competitive landscape suggests that, the market is oligopolistic in nature and is marked with presence of large number of mergers and acquisitions. The market was led by Sonova Holding AG, in 2015 as the company manufactures products in line existing market trends and user preferences. For example, in 2014, the company launched Phonak Audeo V which accommodates to preferences specific to the use of aesthetically attractive products. Moreover, Sonova remains on the strategy to merge and acquire companies to expand its overall market penetration and geographical reach.
The geographical segmentation comprised regions such as North America, Europe, Asia-Pacific, Latin America & Middle East and Africa. Each geographical region is further split to provide market revenue for select countries such as the U.S., Canada, U.K. Germany, China, Japan, Brazil, and GCC countries. Market size and forecast for these segments during 2013 to 2023 and their CAGRs for the period 2016 to 2023 are provided in this report.
The audiology devices market is observed as the most diversified and competitive market comprising large number of players. The market is dominated by several players, depending on their major competencies. The key players in this market are Sonova Holding AG, William Demant Holdings A/S, GN Re Sound Group, Seimens Healthcare, Starkey Hearing Technologies, Widex A/S and Others.
In year 2015, hearing aids accounted for 65.3% of the overall market and are anticipated to maintain its market dominance throughout the forecast period 2016 - 2023. The key factors assisting the growth of audiology devices market are mounting prevalence and incidence of hearing impairments, and aging population. Market experts suggest that, significantly rising market penetration and acceptance of digital hearing aid technology and demand for aesthetically attractive hearing aids are additional key factors responsible for growth of overall market. In addition, rise in full or partial reimbursement for hearing aids devices by the government of some countries and the augmentation in prevalence of hearing impairments such as congenital hearing problem and nerve deafness assist the growth of global audiology devices market. It was observed that growth in audiology devices market for stakeholders or key manufactures comprises direct effect of their rising contribution in retail sales and expansion of product portfolio. Otolaryngologist suggests that early diagnosis of hearing loss provides major enhancement in the treatment procedure. Hearing loss diagnosis comprises ear examination with the support of equipment such as audiometers, otoscopes and tympanometers.
In base year 2015, Europe accounted for the largest market share of 40.1% mainly due to rising prevalence of hearing impairment, mounting public awareness related with diagnosis, high market penetration of novel and advanced products accompanied with the presence of supportive reimbursement policies. According to the British MRC Institute of Hearing Research study, around 900 million people in the world will suffer from hearing loss in 2025 which is expected to be an opportunity for audiology devices manufacturers. In addition, Europe is anticipated to account for more than 10% of this projected prevalence. Hence, the development of audiology devices market in this region is also projected to witness a significant growth owing to the presence of supportive and uniform government regulations across the Western European region. During the forecast period 2016 – 2023 Asia-Pacific region is expected to observe an exponential growth due to factors such as presence of unmet needs of patients suffering with hearing loss along with swiftly developing healthcare infrastructure in the emerging markets of the region such as India and China, and consequent establishment of retail chains by key market players. Key market players in Asia-Pacific mainly comprises of GN ReSound, Siemens Healthcare, Starkey, Sonova, and Widex
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Audiology Devices market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
