Audiology devices are known to facilitate in treatment of hearing disorders such as congenital hearing and nerve deafness. It caters to three types of hearing loss viz., conductive, sensorineural, and mixed and grouped according to severity of deafness.
The global audiology devices market is estimated to grow at a 4.9% CAGR over the forecast phase (2016-2024). It would be worth around USD 10 billion by 2024. Technological advances of these devices as well as the increasing need by the elderly as well as those afflicted with hearing disorders will drive the market.
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The market is segmented by products and regions. Products of the audiology devices market encompass of diagnostic devices, cochlear implants, hearing aid, technological aid, and bone anchoring hearing aids (BAHA). Hearing aids are further divided into In-the-ear (ITE), Receiver-in-the-ear (RITE), canal hearing, and Behind-the-ear (BTE) aids. Canal hearing aids encompass completely-in-canal (CIC), in-the-canal (ITC) hearing, and invisible-in-canal aids. Major end-users of audiology devices are audiologists, service providers, and the healthcare sector.
Hearing aids was the leading product of the market in 2015. It generated more than 60% revenue on account of its user-friendliness and high comfort. BTE aids had the largest share (55%) of the market in 2015. Cochlear implants are predicted to see major growth due to its effectiveness. Demand for canal hearing aids is projected to drive market demand in the coming years.
Asia Pacific, Europe, North America, and RoW (Rest of the World) comprise as major geographical regions of the market. North America dominated the audiology devices market in 2015 owing to superior healthcare infrastructure and high disposable incomes. Europe accounted over 40% revenue shares in the same year. Asia Pacific is predicted to display a CAGR above 7% over the forecast period. Largely untapped markets in India and China will aid in market growth.
Reputed global vendors of the audiology devices market are NHC/Amplifon, Duracell, Sophono (Medtronic), and Starkey Hearing Technologies. They employ strategies of mergers, acquisitions, alliances and partnerships in order to stay competitive. Main challenges faced by these players are lowered prices and increased shelf life of these products. A clear policy regarding fair trade practices can create new pathways.