Audiological Devices Market to Witness Modest Growth, Amid Increased Hearing Impairment Incidences
The Hearing Loss Association of America (HLAA) advocates that auditory impairments account for the 3rd largest physical condition among people. Gradual hearing loss affects people of all ages, with varying degrees of deafness.
In 2019, W.H.O anticipated that unaddressed hearing loss poses and annual cost of US$ 750 Bn globally. It further stated that there were approximately 466 million people with hearing disabilities worldwide.
Around nine out of ten patients were adults, with males accounting for more than half the number.
According to W.H.O, aging is the main driver behind most hearing impairment cases.
By 2020, the number of people above 60 years shall increase substantially, leading to a rise in deafness. Consequently, there is greater demand for treatment solutions.
On the back of these factors, the global audiological devices market shall gather significant momentum in the foreseeable future.
Predictions indicate a moderate growth trend, with a projected CAGR of 5% between 2020 and 2026.
Hearing Aids to Gain Traction, Cochlear Implants to Follow
Hearing Aids are expected to soar in popularity within the forecast period. The segment is projected to hold almost three-fifth share of the global audiological devices market.
The most preferred type of hearing aid is the receiver-in-the-ear (RITE) as they can be conveniently placed behind the ear.
It is much thinner and smaller compared to a regular hearing aid. Cochlear Implants follow the Hearing Aids segment, accounting for over 1/5th of the market share.
These implants are becoming increasingly popular due to their suitability for profoundly deaf patients, by electronically stimulating their nerves in the inner ear. Projected CAGR for Cochlear Implants is pegged at 5.7% during the forecast period.
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Clinics to Remain at the Forefront, Ambulatory Surgical Centers Catching Up
The clinics segment is projected to account for almost half of the overall market share by 2026.
This is primarily due to increasing demand for quality care services. Clinics are poised to represent an absolute $ opportunity of US$ 1,738.9 Mn during the forecast period.
The Ambulatory Surgical Centers segment is set to gain traction during the same period, representing an absolute $ opportunity of US$ 1,188.7 Mn. This segment is gaining traction on back of patients opting for less waiting time for the surgery.
Europe to Capture Attractive Market Share, Asia-Pacific to Register Impressive Growth
Europe is anticipated to be the most attractive market for the global audiological devices market. Expansion of market share is attributed to high prevalence of hearing loss in the region.
The W.H.O. predicts that by 2030, the number of people with hearing impairments shall reach 40 million. In 2017, Europe accounted for almost two-fifth of the market share. This is expected to expand at a CAGR of 4.5% from 2020-2026.
Asia-Pacific shows promising growth for the global audiological devices market. Technological developments, rise in geriatric population and emergence of new market players are the key drivers behind the growth of the market.
By 2026, the audiological devices market in Asia-Pacific is projected to reach US$ 3,434.6 Mn.
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Technological Developments and Product Launches will Act as Growth Levers
The global audiological devices market consists of five major players. These are:
- William Demant Holding A/S
- GN Store Nord A/S
- WIDEX A/S
- Sivantos Pte. Ltd.
Their main strategies include development of technologically advanced audiological devices and introducing new products to expand into potential markets.
Out of these, Sonova is the leading player in the audiological devices market. It offers a wide range of solutions, ranging from hearing aids to wireless communications solutions to address all kinds of hearing problems.
The company provides a wide range of service channels through its Phonak, Unitron and Hansaton brands. Recently, the company unveiled its Marvel customized in-the-ear (ITE) hearing aids.
Christened “Virto M Black”, it is the company’s first custom-made hearing aid equipped with Marvel technology which includes Bluetooth streaming and a personalized hearing experience through its myPhonak app.
The company also markets cochlear implants through its Advanced Bionics brand.
Another leading player, William Demant Holding A/S, offers hearing impairment solutions through renowned brands like Oticon, Bernafon, Sonic, Audika, MAICO, etc.
Its core businesses include hearing devices, hearing implants, diagnostic instruments and intelligent audio solutions.
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Audiological Devices Market Segmentation
Fact.MR has studied the audiological devices market with detailed segmentation on the basis product, disease type, end-user and key regions.
“This taxonomy prepared is confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.”
Audiological Devices Market- Scope Of The Report
The recent study by Fact.MR on audiological devices market offers a 6-year forecast between 2020 and 2026.
The study analyzes crucial trends that are currently determining the growth of audiological devices market.
This report explicates on vital dynamics such as the drivers, restraints and opportunities for key market players along with key stakeholders as well as emerging players associated with the manufacturing of audiological devices.
The study also provides dynamics that are responsible for influencing the future status of the audiological devices market over the forecast period.
A detailed assessment of audiological devices market value chain analysis, business execution, and supply chain analysis across the regional markets has been covered in the report.
A list of prominent companies operating in the audiological devices market along with their product portfolio enhances the reliability of this comprehensive research study.
Audiological Devices Market: Report Summary
The study offers a comprehensive analysis on diverse features including production capacities, demand, product developments, revenue generation and sales in audiological devices market across the globe.
A comprehensive estimate on audiological devices market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of audiological devices market during the forecast period.
Price point comparison by region with global average price is also considered in the study.
Audiological Devices market: Analysis on Market Size Evaluation
Audiological devices market has been analyzed for each market segment, in terms of value (US$ Mn).
Market estimates at global and regional levels for audiological devices is available in terms of “US$ Mn” for value. A Y-o-Y growth contrast on prominent audiological devices market segments, along with market attractiveness evaluation has been incorporated in the report.
Audiological Devices market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the audiological devices report, which have helped to deliver projection on the regional markets.
These chapters include the regional macros (political economic, and business environment outlook), which are expected to have a momentous influence on the growth of audiological devices market during the forecast period.
Country-specific valuation on demand for audiological devices has been offered for each regional market, along with the market scope estimate and forecast, price index, and impact analysis of dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value for emerging countries has also been included in the report.
Audiological Devices market: In-Depth Analysis on Competitive Landscape
The report sheds light on the leading manufacturers of audiological devices along with their detailed profiles.
Essential and up-to-date data information related to the market performers, who are principally engaged in the production of audiological devices, has been brought with the help of a detailed dashboard view.
Market share analysis and comparison of prominent players provided in the report permits the report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which includes essentials such as product portfolio, key strategies along with all-inclusive SWOT analysis on each player.
Company presence is mapped and presented through the matrix for all the prominent players thus providing the readers with actionable insights, which helps in thoughtfully presenting market status, and predicting the competition level in audiological devices market.
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