Audiology Devices Market to Reach USD 9,542.3 Million by 2020: Grand View Research Inc.

May 17 14:48 2019
Audiology Devices Market to Reach USD 9,542.3 Million by 2020: Grand View Research Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, The increasing prevalence of deafness especially in geriatric population is expected to drive the audiology devices market growth

According to a report “Audiology Devices Market Analysis By Product (Cochlear Implants, Bone Anchored Hearing Aids, Hearing Aids, Audiometers, Otoscopes, Tympanometers) And Segment Forecasts To 2020”, published 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. 

Key Takeaways from the report:

  • 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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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.

Grand View Research has segmented the audiology devices market on the basis of product, technology and region:

Audiology Devices Product Outlook

  • Cochlear implants
  • Diagnostic devices
    • Tympanometers
    • Otoscopes
    • Audiometers
  • Bone anchored hearing aid Open system
  • Hearing Aids Market by Products
    • In-the-ear aids (ITE)
    • Receiver-in-the-ear aids (RITE)
    • Behind-the-ear aids (BTE)
    • Canal hearing aids: in-the-canal (ITC), invisible-in-canal (IIC), completely-in-canal (CIC)
  • Hearing Aids Market by Technology
    • Digital hearing aids
    • Analog hearing aids

Audiology Devices Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • RoW

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

For more information: www.grandviewresearch.com

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