San Francisco, CA -- (SBWIRE) -- 07/30/2014 -- The global market for audiology devices is expected to reach USD 9,542.3 million by 2020, growing at an estimated CAGR of 5.0% from 2014 to 2020, according to a new study by Grand View Research, Inc. Introduction of technological advancements such as wireless devices, acceptance of these devices by the geriatric population along with increase in demand of cost-effective and efficient devices are some of the major drivers of this market. In addition, presence of untapped growth opportunities in emerging countries such as India, Brazil and China and the increasing health awareness are expected to serve this market as future growth opportunities.
Hearing aids dominated the overall market in terms of revenue share at 64.1% in 2013. High comfort rendered by these products, enhanced connectivity and enhanced user friendliness are some of the factors attributing to its high usage rates and subsequently large market share.
The report “Audiology Devices Market Analysis By Product (Cochlear Implants, Bone Anchored Hearing Aids, Hearing Aids, Audiometers, Otoscopes, Tympanometers) And Segment Forecasts To 2020,” is available now to Grand View Research customers at http://www.grandviewresearch.com/industry-analysis/audiology-devices-market
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Further key findings from the study suggest:
- Behind-the-Ear (BTE) aids dominated the hearing aid market by product in terms of share at over 55.5% in 2013 due to its ease of use and connectivity.
- Europe was the largest regional market in 2013, accounting for over 40.0% of global revenue due to the increased prevalence of deafness coupled with the presence of high patient disposable incomes and sophisticated healthcare infrastructure.
- Asia Pacific audiology devices market is expected to grow at the fastest CAGR of 7.4% from 2014 to 2020. Presence of unmet medical needs coupled with a regularly improving healthcare infrastructure coupled with growing population in emerging markets such as India and China are some of the factors attributing to its lucrative growth.
- Cochlear implants are expected witness significant growth over the forecast period, owing to its high effectiveness in terms of sentence understanding. A cochlear implant achieves an average of 80% sentence understanding as compared to hearing aids with 10% sentence understanding.
- Key industry participants of this market include William Demant Holdings A/S, GN ReSound Group, Sonova Holdings AG, Starkey Hearing Technologies, Siemens Healthcare and Widex A/S, Phonak, Audioscan, Cochlear Ltd., Interacoustics, ReSound, Rayovac, Advanced Bionics, MED-EL, Natus, Duracell, Grason-Stadler, Sophono, Oticon, MedRx, Power One, Austar Hearing, National Hearing Care, and NHC/Amplifon.
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For the purpose of this study, Grand View Research has segmented the audiology devices market on the basis of product, technology and region:
- Audiology Devices Product Outlook
- Cochlear implants
- Diagnostic devices
- Bone anchored hearing aid Open system
- Hearing Aids Market by Products
- In-the-ear aids (ITE)
- Receiver-in-the-ear aids (RITE)
- Behind-the-ear aids (BTE)
- Canal hearing aids: in-the-canal (ITC), invisible-in-canal (IIC), completely-in-canal (CIC)
- Hearing Aids Market by Technology
- Digital hearing aids
- Analog hearing aids
- Audiology Devices Regional Outlook
- North America
- Asia Pacific
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About Grand View Research
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit http://www.grandviewresearch.com/
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