Audiology devices market is expected to grow over the forecast period owing to the growing prevalence of hearing disorders and rising geriatric population base all over the world. The other growth drivers of this market include growing investments in R&D sector, sophisticated healthcare infrastructure and higher disposable income. Audiology devices are electronic devices that are used for treating and diagnosing hearing disorders. Audiology devices are highly designed so that it can be used in the treatment of hearing impairment such as congenital hearing problem and nerve deafness. Hearing loss is classified into mixed, conductive and sensorineural hearing loss.
Further, as per severity it is categorized into profound, moderate, severe and mild hearing loss. As we know that communication is one of the most important ways to communicate as it retain independence and improves relationships, so audiology devices are gaining importance globally. Along with the geriatric population, growing incidences of hearing impairment in youth is also one of the key drivers of this market. Healthcare industries, audiologists and service providers are the main users of these devices. Narrow pricing and development of products with high shelf life & efficiency is expected to restrain the market growth over the forecast period. The market has a huge opportunity over the forecast period due to the technological advancements such as wireless devices. Increasing demand for efficient & effective devices, acceptance of these devices especially by geriatric population and growing awareness.
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Product Insights
Audiology devices market is segmented on the basis of product types into bone anchored hearing aids, cochlear implants, audiometers, hearing aids, tympanometers and otoscopes. Diagnostic devices comprises of otoscopes, audiometers and tympanometers. Technology aid devices comprises of analog hearing and digital hearing. Further, Hearing aids devices comprises of behind-the-ear (BTE) aids, receiver-in-the-ear (RITE) aids, in-the-ear (ITE) aids and canal hearing aids such as completely-in-canal (CIC), invisible-in canal (IIC) and in-the-canal hearing aid (ITC). Among these, cochlear implant held the largest market share in 2013, as 80% sentences are understood as compared to other devices only achieves 10%. Cochlear implant gives a clear sense of sound, as it overcomes damaged sensory hair cells. It is the best substitute for hearing but is does not cure deafness. Cochlear implant comprises of stimulator, receiver, transmitter, speech processor, and microphones. Different manufacturers produce different types of electrodes. Innovation in audiology devices improves the patient’s ability to hear, operating time, complications, and reduced risk of infection. Over the forecast period audiology devices market is expected to boost due to increase in demand for complete-in-canal hearing aids and invisible-in-canal hearing aids. As cochlear implants and anchored devices are the recent innovations, so it is expected to grow at faster pace over the forecast period. Behind-the-ear (BTE) and in-the-ear (ITE) are two of the most popular among all audiology devices due to highly efficient for hearing impairment or deafness, easy to use, easy connectivity and high comfort.
Regional Insights
Geographically, the audiology devices market is studied by segmenting the market into North America, Europe, Asia Pacific and RoW. North America is dominating the whole market due to high per capita healthcare expenditure, sophisticated healthcare infrastructure, rising disposable income, various government or NGO’s initiatives and increasing geriatric population. Asia Pacific is expected to witness lucrative growth rate over the forecast period due to increasing population, government initiatives and growing economies.
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Competitive Insights
The major market players in the audiology devices market are GN ReSound Group, William Demant Holdings A/S, Starkey Hearing Technologies, Sonova Holdings AG, Audioscan, Siemens Healthcare and Widex A/S, Cochlear Ltd., Audioscan, ReSound, Interacoustics, Advanced Bionics, Rayovac, Natus, MED-EL, Grason-Stadler, Duracell, Oticon, Sophono, Power One, MedRx, NHC/Amplifon, National Hearing Care, and Austar Hearing.
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