Market Executive Summary

REPORT HIGHLIGHT

The audiology devices market was valued at USD 7.35 billion by 2017, growing with a 4.8% CAGR during the forecast period, 2017-2028

Market Dynamics

Audiology is a branch of science which deals with the study of hearing, balance and its disorders. Generally, problems like progressive hearing loss, impairments are perceived as old age health disorders. The scale of this problem is close to becoming a global epidemic with a steady rise in the number of elderly people.

It will be wrong to consider that the steady growth of the aging population is solely responsible for the surge of hearing problems. In contemporary times, there is a rise of such disorders among the younger generation too. Collectively they are the chief facilitators that are providing impetus to the growth of this market. Apart from the increasing cases of reported deafness that spurring the industry growth. Hearing devices that are trending in the market today have a cosmetic appeal. Hence, as time passes by the acceptance of these novel devices among the end users will contribute to the product demand.

On the downside, premium pricing of these devices and implantation surgery will slow down the market?s progression. The audiology devices with their high cost like cochlear implants make a tough investment proposition although it is highly rewarding.

Product Takeaway

The audiology industry can be classified into four types such as cochlear implants, hearing aids, bone anchored aid, and diagnostic devices. Hearing aids had a humongous revenue share and it is unlikely to exhibit a variation. Thanks to its greater efficiency and smaller size contributing to its popularity. The market is anticipated to grow at a compounded annual rate of nearly XX% from 2017 to 2028.

Canal hearing aids have high demand among the end-users as they are small in size with attractive aesthetics. At times they can be difficult to maintain and handle which are probably the only deterrents to its demand.

Cochlear implants will exhibit growth at a robust CAGR between 2017- 2028. At present, their market penetration is slow when compared with other kinds of hearing aids. Increasing awareness on the ability of the cochlear implant to improve hearing will propel the segment growth during the study period.

Regional Takeaway

Europe dominates the global market and it is going to certain for the forecast period. As per the European Federation of Audiology Societies, the prevalence of self-reported hearing related problems has increasing significantly. Therefore, the adoption rate of hearing aids among the patient population has increased from 33% to 337% in European countries, contributing the regional growth.

Asia Pacific has the fastest growing audiology market with CAGR of over XX%, particularly in China. Humongous patient pool, adequate government support coupled with modern healthcare infrastructure will propel the growth of the industry in the coming period. The demand for audiology devices in India is increasing too. On the flip side, the absence of awareness regarding new devices and high product cost is impeding the industry growth to some extent.

Key Vendor Analysis

In the global audiology devices industry, some of the stalwart key players are, Sonova Holding AG, William Demant Holding, GN ReSound Group, Starkey Technologies, Siemens Healthcare, Widex A/S, and others. Among these companies, Sonova Holding AG and William Demant Holding A/S have the highest share over 40%.

The leading exponents of this industry are prioritizing the development of state-of-the-art, innovative, and cutting edge technology with economical solutions. In this regard, one should take notice that GN Group, entered into the market with ReSound ENZO 3D and Beltone Boost Max. It is a bold step forward to enrich GN?s product offerings.

The market size and forecast for each segment and sub-segments has been considered as below:

Historical Year ? 2017 ? 2021
Base Year ? 2021
Estimated Year ? 2022
Projected Year ? 2028
TARGET AUDIENCE

Traders, Distributors, and Suppliers
Manufacturers
Government and Regional Agencies
Research Organizations
Consultants
Distributors
SCOPE OF THE REPORT

The scope of this report covers the market by its major segments, which include as follows:

MARKET, BY PRODUCT

Cochlear implants
In the Ear (ITE) Aids
Behind-the-Ear (BTE) Aids
Receiver-in-the-Ear (RITE) Aids
Canal Hearing Aids
Hearing aids
Bone-anchored hearing aid
Diagnostic devices
Audiometer
Tymphanometers
Otoscope
MARKET, BY REGION

North America
The U.S.
Canada
Europe
Germany
France
Rest of Europe
Asia Pacific
India
China
Rest of APAC
Rest of the World
The Middle East and Africa
Latin America