Product innovation will provide substantial boost to audiology devices market
Meridian Market Consultants (MMC) has published a new report titled, “Audiology Devices Market: Opportunity Analysis and Future Assessment 2019 to 2027”
Global Audiology Devices Market, by Product Types (Hearing Aids, Cochlear Implants, BAHA/BAHS, Diagnostic Devices), By Technology (Digital Audiology Devices, Analog Audiology Devices), by Distribution Channel (Retail Sale, Government Purchases, & E-Commerce) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2019 and 2027.
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As per the report, audiology devices refers to the devices which are mainly used to diagnose and to treat problems related to hearing or for hearing impairment. Hearing loss mainly occur in old age people and it is increasing with rapid growth rate. For instance, according to data published by WHO in March 2019, more than 466 million (which is 5% approx. of total world population) of population around the globe is suffering from hearing impairment or hearing loss. Out of these 466 million people, 34 million are children, and estimated to touch 900 million milestone by the end of the year 2050. According to the WHO, one third of population age more than 65 years are suffering from hearing impairment or hearing loss. According to Hearing Loss Association of America, more than 48 million population in the U.S. is suffering from some degree of hearing loss and more than 50 million U.S. population is experiencing tinnitus i.e. a condition in which person feels ringing in the year. According to NIH, around 10% of the U.S. population is experiencing tinnitus which last around 5 minutes and more than 28.8 million U.S. population can get benefits from the usage of hearing aids.
Some of the major factors that are expected to drive the growth of the market in the near future are increasing population suffering from hearing loss mainly in the region such as Asia Pacific and Africa, increasing product innovation, and favorable government regulations.
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Furthermore, Meridian Market Consultants (MMC) Study identifies that, In terms of regional segmentation, market is segmented into six regions i.e. North America, Latin America, Asia Pacific, Europe, Middle East, and Africa.
In terms of revenue, North America audiology devices market is accounted hold largest market share and expected to maintain its dominance throughout the forecast period (2019-2027). Owing availability of key players, technical advancement and key innovations in the region. Also due to the increasing audiologist in comparison to other regions. Asia Pacific region is expected to generate highest growth rate in comparison to other mainly due to the betterment in healthcare infrastructure and increasing per capita income in the region.
MMC Study identifies some of the key participating players in audiology devices market globally are Demant A/S, GN Store Nord A/S, Sonova, Starkey Hearing Technologies, Siemens AG, WS Audiology A/S, Maico Audiological Services, Natus Medical Incorporated, MED-EL, MedRx, Tremetrics, Benson Medical Instruments, Medtronic, Ambco, MicroTech and others.
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