Audiology Devices Market - Segmentation, Industry Size & Share, Comprehensive Analysis to 2026
Posted: Nov 02, 2018
The Global Audiology Devices Market Size growth is majorly attributed by the increased incidences of hearing losses, and continuous product developments by market leaders.
Audiology devices are the devices that are designed for amplifying the sound used in making the sound audible to a person suffering from hearing loss. Audiology devices majorly includes variety of hearing aid in most countries. These devices are implemented in treating hearing impairment related to nerve deafness and congenital hearing problem. According to WHO, around 466 million people worldwide are suffering from hearing loss and estimated that around 900 million people will have hearing impairment by 2050. Moreover, approximately 1 billion people are at risk of hearing loss due to exposure to loud noise. Basically, hearing loss is of three types namely; conductive, sensorineural and mixed hearing loss.
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Audiology devices are gaining more attention as communication has become one of the major factors that improves relationships and retains them. Hence, this growing demand has encouraged manufacturers to focus on new product development. Recently, Signia announced the launch of Pure Charge&Go Nx. hearing aid combining with wireless lithium batteries that gives discretion, convenience, and crystal clear sound. Moreover, the manufacturers are continuously focusing on mergers and acquisitions for getting a worldwide access. Recently in early 2015, Simens AG combined with Siivantos Group that has helped Simens AG concentrate on large market area.
Increase in the new product development and rising number of patients suffering for hearing impairment to boost the global audiology device market.
The global audiology devices market is primarily driven by increasing focus of manufacturers on developing new products and partnerships with other companies to enable quicker approval and marketing of their products. Moreover, large untapped market with large amount of target population, and increased preference for wireless devices regarding its benefits and acceptance by the older population is likely to influence the audiology device market during the forecast period.
Rising consolidations by the leading manufacturers is a growing trend in global audiology device market in Europe.
On the basis of geography, Europe is expected to dominate the global audiology device market over forecast period. The primary factors influencing growth of audiology device market in this region are continuous new product development by the manufacturers, and mergers & acquisitions between manufacturers for covering the untapped market. While, North America holds the second largest share in audiology device market owing to improved medical infrastructure for treating hearing loss of older population.
However, Asia Pacific is supposed to be a lucrative market during the forecast period. Increasing awareness for the use of hearing aid as the treatment of hearing impairment, and increased focus of manufacturers on the untapped market is driving the audiology device market in this region.
Key players in the global audiology device market are:
- William Demant Holding A/S
- Sonova Holding AG
- Seimens Healthcare
- GN ReSound Grou
- Widex A/S
- Starkey Hearing Technologies
- Benson Medical
- Advanced Bionics
- Nurotron Biotechnology Co. Ltd.
- Medtronic plc.
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Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises.