Audiology Devices Market Research Report - Forecast to 2029 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Audiology Devices Market 
Industry / Sector Trends

Audiology Devices Market Size was valued at USD 7.8 billion in 2018 and is expected to witness 5.7% CAGR from 2019 to 2025.

Audiology Devices Market Size, By Product, 2018 & 2025 (USD Million)

Growing incidences of otic disorders will boost the market growth. According to WHO, it is anticipated that by 2050 over 900 million people will suffer from hearing loss. Hearing loss occurs due to several reasons such as complications at the time of birth, genetic mutations, chronic ear infections, excessive exposure to noise and ageing. Therefore, to overcome difficulties arising from hearing loss, people have started preferring audiology devices such as cochlear implants that significantly improve persons hearing ability. Above mentioned factors should escalate the audiology devices industry growth in the coming years.

Positive regulatory scenario will boost audiology devices market over the forecast timeframe. Regulatory authorities such as FDA and Europe Commission have framed favourable regulations for OTC hearing devices that will make them easily available to consumers through retail outlets without intervention of audiologists. Thus, regulations imposed for increasing the accessibility of audiology devices will positively impact otological devices market growth in forthcoming years. However, concerns regarding aesthetic appeal may hinder the global market growth to certain extent.

Market Segmentation, Outlook & Regional Insights: Audiology Devices Market

By Product

BAHA/BAHS segment of audiology devices is anticipated to witness around 6.5% growth during the analysis time frame. BAHA implanting hearing device system is an innovative technology that has been approved by FDA to treat hearing loss. The technology combines sound processors with small titanium fixture that is implanted behind the ear. BAHA audiology devices are mostly preferred by people suffering from chronic otitis media (a group of inflammatory diseases associated with middle ear), cholesteatoma, acoustic neuroma and Menieres disease that will drive segmental growth.

Diagnostic devices segment was valued for more than USD 460 million in 2018 and it will grow substantially in coming years. Currently available diagnostic devices such as tympanometers, otoscopes and audiometer provide accurate diagnosis along with qualitative analysis pertaining to degree of hearing loss. Additionally, diagnosing devices provide images that assist surgeons during surgical procedures increasing the surgery success rate. Moreover, growing awareness regarding early otological disease diagnosis will foster demand for diagnostic devices thereby, enhancing the segmental growth.

Germany Audiology Devices Market Size, By Hearing Aids, 2018 (USD Million)

By Region

Germany market size is estimated to witness more than 6% CAGR over the forecast timeline. Increasing incidence of hearing disorders, favourable regulatory scenario and supportive government initiatives will favour Germanys audiology devices market growth. Additionally, availability of technologically advanced audiology devices and favourable reimbursement policies in the country will raise their demand, thereby stimulating the industry growth.

Indian market accounted for around 19% revenue share in 2018 and it is anticipated to witness significant growth over the forecast period. Surging noise pollution levels lead to increase in number of cases suffering from hearing impairment and disorders thereby escalating demand for audiology devices in India. Metro cities of India witness rise in incidences of auditory disorders particularly noise-induced hearing loss (NIHL) among construction workers that positively impacts the industry growth. Additionally, presence of several associations such as Indian Speech and Hearing Association (ISHA), raising awareness among people for early diagnosis and treatment of hearing ailments will trigger the market growth in the near future.

Latin America Audiology Devices Market Size, By Country, 2025 (USD Million)

Key Players, Recent Developments & Sector Viewpoints: Audiology Devices Market

Some of the industry players operating in the audiology devices market are AMBCO, Benson Medical Instruments, Cochlear, GN Store Nord, MED-EL, MedRX, Medtronic,  , Sivantos, WIDEX, Sonova, Starkey Hearing Technologies and William Demant. These industry players are implementing several strategies such as collaborations, mergers, acquisitions and geographical expansions in order to capture higher audiology devices industry share and sustain the competition.

Recent industry developments:

In December 2017, Cochlear Limited announced strategic collaboration with Sensorion, a pioneering biotech company engaged in providing solutions based on hearing implantable. This collaboration aimed at enhancing Cochlears product portfolio.

In January 2019, GN hearing launched most intuitive and personalized hearing solutionthat enhances users experience. This new product launch allows company to extend its existing product offerings in audiology devices market.

Audiology Devices Industry Viewpoint

Audiology devices industry can be traced back to 1898 that initiated with the introduction of electrical hearing aid. Miller Reese Hutchison invented portable hearing aid that was successfully accepted to manage hearing loss. In early 1920s, first audiometer was developed. Even though, technology was advanced enough to design audiometer, the term audiology was coined in 1946.  After several years, with advancements in technology, in 1996 modern hearing aids were developed. These technologically advanced hearing aids had commendable features that helped it to gain popularity. Lately, the U.S. FDA approved use of smaller hearing aids that are efficient and diffuses sound vibrations to the ear utilizing precise laser beam. Traditional digital and analog sound-transmission technology has been replaced by the recently developed advanced technology integrated in hearing aids. Currently, audiology devices industry is in the developing phase and will witness numerous growth opportunities with advent of technolog

Key Insights Covered: Exhaustive Audiology Devices Market

1. Market size (sales, revenue and growth rate) of Audiology Devices industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Audiology Devices industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Audiology Devices industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Audiology Devices industry.

Research Methodology: Audiology Devices Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.