Future of Audiology Devices Market, Industry Insights, Business Trends & Forecast 2024
Date: 2018-09-04   Author: Rahul Sankrityayan  Category: #market

Future of Audiology Devices Market, Industry Insights, Business Trends & Forecast 2024

Audiology Devices Market size is anticipated to experience significant growth of over 5% CAGR from 2017 to 2024.

Increasing elderly population prone to hearing loss will drive the growth of the audiology devices market. According to the estimates by WHO, one-third of people with age over 65 years are affected by disabled hearing loss. Aging facilitates complex changes in the nerve pathway from ear to brain, resulting in loss of hearing. This will help in propagating the audiology device market.

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Rising prevalence of people suffering from disabled hearing loss will stimulate the audiology device market significantly. According to WHO estimatesof 2018, 6.1% of the total world’s population accounting 466 million people suffers from disabled hearing loss and this number could go up to 630 million by 2030. Audiology devices assist these people, thus propelling the growth of the market.

Technological advancement in the audiology devices will render in promoting the growth of the industry. Companies are involved in extensive R&D activities to launch new products in order to sustain in the market. For instance, in August 2017, GN Hearing declared the launch of ReSound ENZO 3D, and Beltone Boost Max, which aids people with severe to mild hearing loss, while, in October 2017, Widex launched Widex Custom, thereby enhancing their product portfolio.

Prohibitive cost associated with audiology devices and surgeries, especially cochlear implants will hinder the growth of the market. Also, lack of operating skills will further hamper the growth of the audiology devices market.

Hearing aid segment is growing at a lucrative rate and is expected to follow a similar trend over the forecast period. It also provides targeted amplification of specific voices or sounds to focus on and is available in a variety of styles and configurations. These factors stimulate the demand for hearing aids, thus, driving the audiology devices market.

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U.S. dominated the audiology devices market owing to the rising prevalence of hearing disabilities. As per NIDCO, 15% of the American adults (37.5 million) with age 18 or over have difficulty in hearing. Improved healthcare infrastructure and favorable policies also aids in driving the U.S. market.

China is growing at a lucrative rate and is anticipated to follow similar trend in the future owing to the greater geriatric population that are prone to hearing disabilities. Initiative taken by government to improve healthcare infrastructure will further drive the growth of the audiology devices market.

Some of the major industry players of audiology devices market are WIDEX, Sivantos, Sonova Holdings, William Demant Holdin, Benson Medical, Medtronic, Starkey Hearing Technologies, MicroTech, Advanced Bionics, GN Group, MedRx, MED-EL, AMBCO andNurotron Biotechnology. These companies focus on launching new products and are involved in strategic alliance to enhance their product portfolio and business revenue. For instance, in April 2018, Widex launched Widex Evoke, thereby increasing their product portfolio.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for AlgosOnline, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in t...

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