Audiology Devices Market – Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2017–2025
Deafness is a result of an impairment in the ear or damage to the nerves associated with hearing. The causes for these defect include congenital defects, injuries, diseases, side effects of medications, age-related factors, and exposure to loud noise. Audiology devices are assistive tools that help enhance hearing ability of patients. These devices vary on the basis of size, shape, features, and hearing conditions. These devices are aimed towards diagnostic purposes as well as for the treatment of impairments associated with hearing. Advancements in technology related to these devices such as PC-based audiometers and hybrid audiometers can easily be integrated with standard computers and operating systems, resulting in improved diagnostic performance and treatment decisions. This in turn, is expected to boost growth of the global audiology devices market in the near future.
Rising incidence of hearing impairments is expected to drive market growth
The audiology devices market holds a vast commercial base, as all the age groups varying from children to geriatric people can be affected by hearing problems. According to National Institute on Deafness and Other Communication Disorders (NIDCD), December 2016, around 2-3 in every 1,000 children in the U.S. suffered from an in-born detectable level of hearing loss in either one or both ears. Moreover, according to the reports of Hearing Loss Association of America (HLAA), 2017, around 20% of the population in the U.S., accounting for 48 million people are estimated to be suffering from some degree of hearing issues and hearing loss. As per statistical analysis conducted by World Health Organization (WHO), in 2016, hearing disorders affected around 360 million people around the globe, out of which, 32 million were children.
Among devices, the cochlear implants segment is expected to witness maximum traction over the forecast period, as these implants serve to be an ideal substitute for hearing. Cochlear implant provides around 80% better understanding of a sentence, as compared conventional hearing aids that provide an average of 10% understanding. These implants use a technology that bypasses the impaired sensory hair cells, further presenting a virtual sense of sound. However, high costs associated with audiology devices, especially hearing implants are hampering growth of the audiology devices market. This creates greater opportunity for market players to develop cost-effective devices at affordable prices with longer shelf life.
North America to dominate the global audiology devices market, owing to significant investments in research and development of innovate models
North America is the leading geographical region in the global audiology devices market, owing to the presence of majority of key players as well as rampant development in audiology technology in the region. Asia Pacific is expected to witness maximum growth over the forecast period, owing to incorporation of various initiatives in the healthcare sector by regional government bodies and private organizations. For instance, World Wide Healing, a non-profit organization, provides hearing treatment to the poor in emerging economies of Asia. The organization provides new digital hearing aids shipped from manufacturers in North America and Europe. Furthermore, growing healthcare sector and growing awareness regarding hearing assistance among the populace is expected to favor growth of the audiology devices market in Asia Pacific.
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Key players operating the global audiology devices market include Widex A/S, Rayovac, Ambco, Benson Medical, Amplicomms, Tremetrix, Sonova Holdings AG, Starkey Hearing Technologies, Sophono, MED-EL, Advanced Bionics, AllHear, Cochlear Ltd., and Microson Hearing Aids. Regional players are developing innovative products to establish a strong foothold in the global market. For instance, Rayovac, a Europe based company debuted its active core technology for the first time offering longest durable high-quality battery in the hearing devices.
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