Audiology Devices Market Hits USD 9,542.3 Million By 2020: By Grand View Research, Inc.
The Global audiology devices market is expected to reach USD
9,542.3 million by 2020, growing at an estimated CAGR of 5.0% from 2014 to
2020, according to a new study by Grand View Research, Inc. Introduction
of technological advancements such as wireless devices, acceptance of these
devices by the geriatric population along with increase in demand of
cost-effective and efficient devices are some of the major drivers of this
market. In addition, presence of untapped growth opportunities in emerging
countries such as India, Brazil and China and the increasing health awareness
are expected to serve this market as future growth opportunities.
Hearing aids dominated the
overall market in terms of revenue share at 64.1% in 2013. High comfort
rendered by these products, enhanced connectivity and enhanced user
friendliness are some of the factors attributing to its high usage rates and
subsequently large market share.
Browse full research report on Audiology
Devices Market Analysis:
Further key findings from the report suggest:
- Behind-the-Ear
(BTE) aids dominated the hearing aid market by product in terms of share
at over 55.5% in 2013 due to its ease of use and connectivity.
- Europe was
the largest regional market in 2013, accounting for over 40.0% of global
revenue due to the increased prevalence of deafness coupled with the
presence of high patient disposable incomes and sophisticated healthcare
infrastructure.
- Asia Pacific
audiology devices market is expected to grow at the fastest CAGR of 7.4%
from 2014 to 2020. Presence of unmet medical needs coupled with a
regularly improving healthcare infrastructure coupled with growing
population in emerging markets such as India and China are some of the
factors attributing to its lucrative growth.
- Cochlear
implants are expected witness significant growth over the forecast period,
owing to its high effectiveness in terms of sentence understanding. A
cochlear implant achieves an average of 80% sentence understanding as
compared to hearing aids with 10% sentence understanding.
- Key industry
participants of this market include William Demant Holdings A/S, GN
ReSound Group, Sonova Holdings AG, Starkey Hearing Technologies, Siemens
Healthcare and Widex A/S, Phonak, Audioscan, Cochlear Ltd.,
Interacoustics, ReSound, Rayovac, Advanced Bionics, MED-EL, Natus,
Duracell, Grason-Stadler, Sophono, Oticon, MedRx, Power One, Austar
Hearing, National Hearing Care, and NHC/Amplifon.
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