Audiological Devices Market to Surpass US$ 1.3 Bn by 2026, Growth Leveraged by Burgeoning Hearing Impairment Cases
Published : 11 Mar 2020 Industry: Healthcare
Auditory impairments affect people of all age groups, ranging from moderate to severe. According to the Hearing Loss Association of America (HLAA), auditory impairments account for the 3rd largest physical disability among people. Furthermore, the World Health Organization estimated in 2019 that unaddressed hearing losses have cost countries US$ 750 Bn annually. 90% of the patients were adults, of which males constituted more than 50%.
The high incidence of hearing disabilities in the geriatric population is the main factor behind increasing deafness. As a consequence, people are increasingly seeking treatment for the same. On the premise of the aforementioned trends, the global audiological devices market shall experience a moderate growth pegged at 5% during the forecast period (2020-2026). The market is poised to surpass a value of US$ 1.3 Bn by 2026-end.
Key Takeaways of the Audiological Devices Market Study:
- Hearing Aids are expected to retain a major chunk of the audiological devices market share, accounting for 60% of the market. However, cochlear implants are gaining traction, owing to their suitability for severely hearing impaired patients.
- Meniere’s disease is the most prevalent hearing impairment among patients. Accounting for one-third of the total market share, the Meniere’s disease type is expected to leverage the audiological devices market share in the forecast period. Projected CAGR for the same is 5.8%.
- While clinics shall account for a major chunk of the audiological devices market, ambulatory services are gaining momentum. Reduced waiting time for treatment is a key driver for the growth of the ambulatory services segment.
- By region, Europe remains the most lucrative market for audiological devices, due to increasing geriatric population. By 2026, Europe shall account for more than one-third of the market share.
- However, Asia-Pacific shall register impressive growth, due to technological developments and entry of key audiological market players. Projections indicate a CAGR of 6.5% from 2020-2026.
“The global audiological devices shows a positive growth trend in the future. Increase in the elderly population, coupled with burgeoning research in addressing hearing impairments, shall drive key market players to innovate,” concludes a Fact.MR analyst.
New Product Launches to Shape Audiological Devices Competition Landscape
Important audiological devices market players such as Sonova International and William Demant Holdings A/S, focus on development of technologically advanced audiological devices and product launches to increase their footprint. For instance, Sonova International recently unveiled its “Virto M Black” custom made hearing aid. Part of Sonova’s Marvel customized in-the-ear (ITE) technology, the device includes Bluetooth streaming and a personalized hearing experience through the myPhonak App. Likewise, William Demant Holdings A/S offers hearing impairment solutions through its Oticon, Bernafon, Sonic, Audika and MAICO brands. Core businesses include hearing devices, hearing implants, diagnostic instruments and intelligent audio solutions.
Looking for more information?
The research study on the audiological market by Fact.MR incorporates an unbiased assessment of key factors and trends responsible for shaping the landscape of the global audiological devices market over 2020-2026. It includes a detailed assessment of key parameters that are anticipated to exert influence during 2020-2026. Market statistics have been presented on the basis of Product (Hearing Aids, Cochlear Implants, Bone-Anchored Hearing Aids and Diagnostic Devices) Disease Type (Otosclerosis, Meniere’s disease, Acoustic Tumors, Otitis Media and Others) and End-user (Hospitals, Ambulatory Surgical Centers and Clinics) across five major regions.
>>> To Get more insights on audiological devices market, visit-https://www.factmr.com/report/4444/audiological-devices-market
Fact. MR’s Domain Knowledge in Healthcare
Fact .MR’s healthcare and research professionals guide organizations at each step of their business strategy by helping you understand how contemporary influencers impact transformation in the healthcare sector. Our expertise in recognizing the challenges and trends affecting the global healthcare industry provides valuable insight and support, helping identify critical issues and construct relevant solutions.