Dubai, UAE, March 31, 2020 (GLOBE NEWSWIRE) -- The audiological devices industry is projected to surpass a value pool of US$ 13 Bn between 2020 and 2026. The widespread prevalence of auditory impairments on a global scale, and the enormous cost of relevant healthcare is a primary factor supporting sales figures. The growing population of the elderly, and the resultant rise in hearing impairments will continue to aid the growth of the audiological devices market. This healthy growth outlook can be attributed to tech advancements and audiological device designs, reveals Fact.MR in its new study.
“Tech advancements will be a key influencer in bolstering the revenue of the audiological devices market. Rechargeable devices powered by lithium-ion batteries will help reduce costs and will replace conventional audio devices,” concludes the Fact.MR report.
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Audiological Devices Market – Key Takeaways
- Receiver-in-ear devices will remain a bestselling segment through the forecast period.
- Audiometer devices to gain substantially, accounting for US$ 685 Mn through the forecast period, driven by clinic and hospital applications.
- In terms of end user segments, hospitals are gradually losing ground, to clinics owing to high costs and long wait times.
- Clinics will attain half of the global market share by the end of 2026.
- Diagnostic devices to gain importance with impetus from growing awareness among patients.
- Europe to remain a leading global market, with major growth through 2026, driven by a high number of hearing loss cases.
Audiological Devices Market – Key Driving Factors
- Rising awareness among end users about the treatment options for hearing impairments are driving the profits of audiological devices market.
- Growth in the prevalence of Meniere’s disease cases to support growth of global market, accounting for a 33% growth in the adoption rate.
- The rising geriatric population and a number of emerging market players has resulted in a larger consumer base, sustaining market growth.
- Renewed focus on customized design options is pushing the audiological devices market.
- Advances in technology such as wireless connectivity contribute to sales of audiological devices.
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Audiological Devices Market – Key Constraints
- The high cost of surgical solutions involving hearing aids is a key factor impacting market growth.
- The social stigma associated with the appearance of audiology devices will also restrict the market.
Competition Landscape
The global audiological devices market is largely consolidated. The leading players profiled in the report include, but are not limited to Sivantos Pte. Ltd., William Demant Holding A/S, WIDEX A/S, GN Store Nord A/S, and Sonova. Market leaders are investing in expanding product portfolios, to offer a wide range of auditory solutions. Manufacturers are channeling their efforts towards the inclusion new tech features such as Bluetooth streaming and app functionality, as indicated by the Fact.MR report.
About the Report
This 170-page study offers readers a comprehensive market forecast of the audiological devices market. Global, regional and country level analysis of the latest industry trends impacting the audiological devices market are covered in this Fact.MR study. The report offers compelling insights on the audiological devices market on the basis of product type (hearing aids, cochlear implants, bone-anchored hearing aids, and diagnostic devices), disease type (otosclerosis, Meniere’s disease, acoustic tumors, otitis media, and others), end user (hospitals, ambulatory surgical centers, and clinics), across five regions (Middle East and Africa, Asia Pacific, Europe, Latin America, North America).
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