+1-888-308-5802     
News Contact Us

Audiology Devices Market drivers of growth analyzed in a new research report

Author : Rahul Sankrityayan | Published Date : 2019-04-12 

Audiology Devices Market size is set to exceed USD 10 billion by 2024; according to a new research report by Global Market Insights.

Increasing geriatric population vulnerable to hearing loss and different hearing disorders will augment the global audiology devices market growth over the forecast timeframe. Risk of developing hearing loss sharply increasing with increasing age. As per recent United Nations report number of people aged 65 years and over is expected to increase from 962 million in 2017 to around 2.1 billion by 2050. Such stupendous increase in the global geriatric population will boost the demand better audiology devices.

Ongoing technological advancements and product innovation will serve as a high impact rendering factor for industry growth. Audiology devices are becoming increasingly smaller in size and more efficient. Advent of such products in the industry will boost the adoption rates augmenting its demand.

Request sample copy of this report @ www.gminsights.com/request-sample/detail/426

However, high cost of audiology devices and implant surgeries will impede the market growth. Audiology devices such cochlear implants are highly priced and significant portion of population cannot afford them. 

Hearing aids dominated the audiology market in 2016 followed by cochlear implants. Bone anchored hearing aids is forecast to witness highest CAGR due to long term benefits of the devices. Technological advances in bone anchored hearing aids coupled with advent of superior sound processors will drive the segment growth over the forecast timeframe.

Hearing aids accounted for largest market share in 2016 and will continue to dominate audiology devices industry forecast period. Amongst the different types of hearing aids, receiver in the ear hearing aid segment is poised to grow at a robust CAGR. The rapid growth can be attributed wide range of benefits such as comfort and reduced size of the device. However, disadvantages such as high cost of the device compared with the other types of hearing aids and frequent maintenance required is predicted to impede adoption rates to some extent.

Make Inquiry about this report @ www.gminsights.com/inquiry-before-buying/426

Germany market should witness robust growth over the foreseeable future. High prevalence of people with hearing disabilities will stimulated the demand for audiology devices. With only 20 percent of German population with hearing loss use hearing aids, it remains the lucrative market for business growth. Increasing efforts to raise awareness in potential hearing aid users, highly developed infrastructure and availability of skilled personnel will fuel industry growth.

Increasing patient pool with hearing disabilities and favorable government initiatives will propel audiology devices demand in India. However, high cost of audiology devices, lack of awareness and inadequate access to healthcare services will impede the industry growth.

Some of the key industry players operating in global audiology devices market are Sivantos, WIDEX, William Demant Holdin, Sonova Holdings, Benson Medical, Medtronic, Starkey Hearing Technologies, Advanced Bionics, MicroTech, GN Group, MED-EL, MedRx, Nurotron Biotechnology, and AMBCO.

The industry players are focusing on development of innovative, technologically advanced and cost-effective solutions to address increasing demand for audiology devices. For instance, in August 2017, GN Hearing launched hearing aids, ReSound ENZO 3D and Beltone Boost Max. The product launch strategy extended the existing product portfolio of GN Hearing.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

Related News

Food & Beverages Color Fixing Agents Market will witness 4.4% CAGR by 2025

Published Date: 2019-06-18         Author: Rahul Sankrityayan

Global F&B Color Fixing Agents Market is forecast to exceed USD 3.27 billion by 2025; according to a new research report by Global Market Insights. Global F&B color fixing agents market will be driven by rapidly growing beverages industry. Product demand in beverages industry is projected to... Read More

Food & Beverage Sterilizing Agent Market to register phenomenal growth rate over 2018-2024

Published Date: 2019-06-18         Author: Rahul Sankrityayan

F&B Sterilizing Agent Market will surpass USD 500 million by 2025; according to a new research report by Global Market Insights. Sterilizing agent market has been witnessing a consistent growth rate since the last few years and is even forecast to pace its growth in the upcoming era. This steady... Read More

France Food Binders market from bakery & confectionery application will cross USD 20 million by 2025

Published Date: 2019-06-18         Author: Rahul Sankrityayan

Food Binders Market is set to surpass USD 1.9 billion by 2025; according to a new research report by Global Market Insights, Inc. Growing westernization of food dishes has led to increase in demand of binders owing to its adhesive property which keep ingredients intact. These products are widely use... Read More

© 2019 Fractovia. All Rights Reserved