Acumen Research and Consulting, Recently Published Report On “Audiology Devices Market Size, Share, Trends, Scope, Growth Opportunity and Forecast 2019-2026”.
LOS ANGELES, July 11, 2019 (GLOBE NEWSWIRE) -- The global audiology devices market is estimated to grow at CAGR above 6 % over the forecast time frame 2019 to 2026 and reach the market value around USD 14.8 billion by 2026.
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Audiology devices are electronic instruments for the diagnosis and therapy of hearing impairment and/or hearing loss by audiologists. They are also used for auditory surveillance or study. Often ancient age is affected by hearing impairment or frequent hearing loss and is worldwide increasing. The large prevalence of hearing difficulties is precipitated by the increasing population and the increasing incidence of disability and hearing loss among younger generations. Moreover, this market is driven by the cosmetic attraction of hearing aids and a high incidence of survival. Furthermore, technological advances, cost-effective and effective devices (such as wireless phones) and wide adoption of new appliances by the geriatric population are also anticipated to boost the development of the industry.
The costly alternatives used in operations and social stigma linked to the appearance of audiology instruments are significant limitations for this industry, on the other side. Nevertheless, untapped opportunities for players to gain momentum on the worldwide market of audio systems in emerging countries such as Brazil, China and India, increased awareness and public initiatives to provide better health care facilities.
In 2018, the general industry dominated North America with respect to income shares. The development of the US industry can be ascribed to advances in audiology technologies, the growth of audiologists and the introduction by present suppliers of innovative digital platforms. The introduction of patient-centric audiology systems, which simplify the handling of the products, further leads to patient adherence and market development.
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Over the forecast period, the Asia-Pacific region will grow at the largest CAGR. Market development can be ascribed to the growing Geriatric population and hearing issues associated with age, the constant improvement of health facilities, increased healthcare costs and increased consumer awareness.
In the foreseeable future, Germany's market should witness strong development. The high incidence of hearing impaired individuals will stimulate demand for audiology equipment. It is still the profitable market for company development with 20 percent of German auditory loss population using hearing aids. Growing awareness-raising initiatives for prospective auditory aid users, advanced facilities and the accessibility of qualified staff will foster development in the sector.
The growing pool of patients with hearing impairments and positive public initiatives is boosting the demand for audiology instruments in India. However, the sector development will be hindered by high price for audiology instruments, lack of consciousness and poor access to health facilities.
In a strong CAGR over timeframe, China's market for audiology instruments is anticipated to expand due to a big patient pool. The sector will be driven over the forecast period by increasing public assistance and developing healthcare infrastructure. Low knowledge of sophisticated audiology systems will, however, in some respects impede sector development.
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As the amount of hearing loss cases increases and a burning out in studies and growth in advanced and developed countries, the adoption of audiological devices increases. Development of fresh high effectiveness and inexpensive pricing goods and technological advances are other driving forces contributing to worldwide audiology market growth as well as development. During the forecast period it was expected that the incidence of deafness in the geriatric population would increase.
Key Players & Strategies
Main players in the market include are Sonova Holdings AG, GN ReSound Group, MedRx, and NHC / Amplifon, Starkey Hearing Technologies, William Demant Holdings A / S, Widex A / S, Phonak, Audioscan, others.
Mergers & acquisitions, the creation of new goods, joint-ventures and partnerships form the strategies of these market actors. In March 2019, for instance Sivantos Pte the company was merged into WS Audiology, which formed a varied range of audio assistance products including Signia, Widex and Rexton. Widex A. and Ltd. finished a company fusion.
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