Audiological devices are used for the study of hearing, and are used by audiologists for the diagnosis and treatment of hearing loss. The audiology devices market has witnessed impressive growth in the past decade, the prime reason being increased adoption of digital technology in every aspect of product design and development of audiological devices.
Albany, NY -- (SBWIRE) -- 07/28/2016 -- The global audiological devices market, which approximated US$6.2 billion in 2011, is expected to stand at US$8.6 billion by 2018, registering a moderately healthy CAGR of 4.9% during this period.
The market for audiological devices is expected to grow on account of both incremental and radical advances. While the former can be predicted with some amount of certainty, the latter are difficult project and analyze in advance because they are highly innovative and singular in nature. However, one trend that will be evident in the market is that analog hearing devices will be supplanted by digital versions in the next few years.
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The report segments the global audiological devices market by product into: Hearing aids, cochlear implants, bone anchored hearing aids (BAHA), and diagnostic devices. The hearing aids segment is further split into: Behind-the-ear (BTE) aids, in-the-ear (ITE) aids, receiver-in-the-ear aids, and canal hearing aids/in-the-canal (ITC). On similar lines, the diagnostic devices segment is sub-segmented into: Audiometers, otoscopes, and tympanometers. Each of these key segments and sub-segments is analyzed on the basis of sales revenue, effectiveness, and degree of adoption in the market.
BTE and ITE are the two most popular types of hearing aids essentially because they offer unmatched convenience to users, are high on the aesthetics quotient, and provide easy connectivity. The aged are seen to prefer BTE hearing aids because they are easier to handle and clean as compared to their ITE counterparts.
The audiological devices market is segmented by geography as: North America, Europe, Asia Pacific and Rest of the World. Europe was seen as the dominant market in 2011 as most leading market players are based in Western Europe. This also makes the Western European region a hub for the latest products in the audiological devices market. The Asia Pacific audiological devices market is projected to expand rapidly as a result of the vast aging population, improvement in healthcare infrastructure and a high rate of the prevalence of deafness.
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Companies Mentioned in the Audiological Devices Market
Key participants in the audiological devices market that have been profiled in this report include: Cochlear Limited, Siemens Healthcare, GN ReSound Group, Sonova Holding AG, Widex A/S, Starkey Hearing Technologies, and William Demant Holding A/S.
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