Global Audiology Devices Market 2017-2021

Overview of the global audiology devices market

Technavio’s market study identifies the increasing prevalence of hearing disorders to be one of the primary growth factors for the audiology devices market. Owing to various factors such as genetic causes, congenital disability, infectious disease, chronic ear infection, usage of drugs, and exposure to excessive noise, there is an exponential increase in the prevalence of hearing losses. Early identification of the need for hearing aids benefits people with hearing disorders as they start using hearing aids, cochlear implants, and other assistive devices. Our market research analysts estimate that the market for audiology devices will grow steadily at a CAGR of more than 6% by 2021.

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Audiology devices market trends

Researchers and developers are focusing on developing new signal processing strategies to design hearing aids that can enhance speech signals to improve understanding. Additionally, computer-aided technology is also used to design and manufacture improved hearing aids and researches are improving sound transmission to provide clear and better quality of sound. Such technological advancements in hearing aids will be one of the major trends that will gain traction in the hearing aid market during the next four years.

Audiology devices market forecast: Competitive landscape and key vendors

Owing to the presence of four major players who account for the major shares of the audiology devices market appears to be concentrated. Audiology device manufacturers are focusing on developing new and innovative products and geographical expansion to attain a competitive advantage among the other players in the hearing aid market. The key vendors compete mainly based on pricing, product differentiation, and distribution partnerships, and employ competitive strategies such as M&A.

The leading vendors in the audiology devices market

• Medtronic

• Sonova

• Starkey Hearing Technologies

• William Demant

Audiology devices market segmentation by product type

• Hearing aids

• Cochlear implants

•  

• Diagnostic devices

• Bone anchored hearing aids

  (BAHA)

Owing to the increasing prevalence of hearing disorders in children and adults, the demand and adoption of hearing aids will grow steadily in the coming years. Additionally, the growing consumer awareness about hearing loss and aids and rapid technological advancements in hearing aid devices, will also contribute to the growth of the audiology devices market in the hearing aid segment.

Audiology devices market segmentation by end user

• Hospitals

• Ambulatory surgical centers (ASCs)

• Research institutes

There is a growing awareness for hearing aids procedures among the consumers and they prefer to visit ASCs as they provide better facilities, personalized care, experienced professionals, and highly compliant post-operative follow-ups. ASCs provide better efficiency and procedures at reduced prices as compared to large hospitals. Their efficiency and greater regulatory control for reimbursement will drive the preference of consumers towards ASCs for a few procedures.

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Key questions answered in the report include

• What will the market size and the growth rate be in 2021?

• What are the key factors driving the global audiology devices market?

• What are the key market trends impacting the growth of the global audiology devices market?

• What are the challenges to market growth?

• Who are the key vendors in the global audiology devices market?

• What are the market opportunities and threats faced by the vendors in the global audiology devices market?

• Trending factors influencing the market shares of the Americas, APAC, and EMEA.

• What are the key outcomes of the five forces analysis of the global audiology devices market?

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