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Audiological Devices Market to Exhibit a Steady Growth and Reach US$ 8 Bn in Revenues by 2018

Age-related hearing loss is attributed to the normal aging process and other demographic factors such as environmental conditions and occupation. In addition, an individual’s genetic predisposition can also be considered as a significant factor contributing to hearing impairment.

Posted: Thursday, December 07, 2017 at 11:21 AM CST

Albany, NY -- (SBWire) -- 12/07/2017 --The recent report titled "Audiological Devices Market (Hearing Aids, Cochlear Implants, Bone Anchored Hearing Aids, Audiometers, Tympanometers and Otoscopes) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 – 2018" has been added to the online database of MRRSE.

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The World Health Organization's (WHO) factsheet on deafness and hearing loss reveals that more 5% of the global populace have hearing disorders. A survey conducted by the U.S. National Institute on Deafness and Other Communication Disorders' (NIDCD) finds that in the U.S. nearly 314 people per 1000 aged 65 or above suffer from hearing impairment. These statistics indicate towards a massive market opportunity for audiological devices – equipment and systems that are utilized for studying hearing loss as well as for diagnosis and treatment purposes.

The report on the global market for audiological devices offers a segmental analysis. The report also gives an overview of the market with detailed analysis of key driver, opportunities, trends and restraints. In this report, the reader will come across competitive overview, market attractiveness analysis and prominent market participants along with their market share. 

Market Dynamics

The global market for audiological devices which stood at US$ 6.2 billion in 2011 is estimated to surpass US$8 billion by 2018, expanding at 4.8% CAGR during the time period. The growth of the market will depend on both radical and incremental advances. In the coming years, demand for digital hearing devices will outgrow the demand for analog versions. On the basis of product, the market has been segmented into cochlear implants, hearing aids, diagnostic devices, and bone anchored hearing aids (BAHA). The hearing aids segment is further bifurcated into in-the-ear (ITE) aids, canal hearing aids/in-the-canal (ITC), behind-the-ear (BTE) aids, and receiver-in-the-ear aids. Similarly, the diagnostic devices segment has been categorized into: tympanometers, audiometers and otoscopes.  These major segments were examined on the basis of effectiveness, degree of adoption and sales revenue. ITE and BTE are the two most preferred devices of hearing aids primarily due to their superior functional properties and the unmatched convenience that offer to users. Moreover, these devices can be easily connected and have high aesthetics quotient. Most aged individuals prefer BTE owing to its easy handling and comfortable use as compared to the ITE.

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The global market for audiological devices is also segmented on the basis of key regions, which include Asia Pacific, Europe, North America and Rest of the World. Among these, Europe is expected to lead the global market as it is home to most of the leading companies. This, in turn, makes the region a vast marketplace for latest audiological product. Meanwhile, the market Asia Pacific is anticipated to witness a fast expansion of the market attributed to factors such as a growing geriatric population, robust development of health system and widespread occurrence of deafness.

Competitive Landscape

Some of the leading market participants that have been profiled in the report include: Siemens Healthcare, GN ReSound Group, Widex A/S, William Demant Holding A/S, Cochlear Limited, Sonova Holding AG, and Starkey Hearing Technologies. Many of these companies are actively focusing on further product innovation in order to improve sales and market position.

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