Audiological Devices Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

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Audiological Devices Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

Status : August, 2020 | Medical Devices | PPT format

Report Digest


Global Audiological Devices Market: Snapshot

Audiological devices are amplifiers that are utilized as a part of the conclusion and treatment of hearing misfortune and adjust issue. A listening device chips away at change of sound waves to electrical signs. A sound wave is send crosswise over through a receiver, which at that point believers to electrical flags and conveys to an enhancer. The signs are then recovered by the intensifier and send through a speaker. The market now includes a huge assortment of reduced and even some for all intents and purposes undetectable amplifier frameworks, improving the probability of individuals buying them to treat their listening ability misfortune; a huge segment of the aggregate number of individuals with hearing misfortune over the globe don't have portable amplifiers due to the shame related with them. With undetectable or exceptionally minimized listening devices, the devices are less obvious, in this way alleviating this shame.

Of the key variables supporting the general development of the global audiological devices market, the report refers to the rising occurrence rate of analyzed hearing misfortune cases, mechanical progressions empowering high solid quality, and the immense ascent in world's geriatric populace - a statistic very helpless against age-related hearing misfortune. Rising help from government and worldwide bodies for the expanded utilization of hearing help devices is additionally boosting the take-up of audiological devices over the globe. Enhancements in outline and advancements, bringing minimized and less noticeable devices stuffed with a few new highlights to the market, are additionally driving the expanded appropriation of audiological devices over the globe.

Global Audiological Devices Market: Overview

Over the past few years, the market for audiological devices, the variety of advanced technological devices used to study audiology and cure hearing-related conditions, has witnessed a sharp rise in the adoption of digital technology across key aspects of product design and development. The result has been the development of devices with vast improvement in sound quality and reduction in product sizes. 

The market now features a vast variety of compact and even some virtually invisible hearing aid systems, increasing the likelihood of people purchasing them to treat their hearing loss; a significant portion of the total number of people with hearing loss across the globe do not have hearing aids because of the stigma associated with them. With invisible or highly compact hearing aids, the devices are less visible, thus mitigating this stigma. 

Global Audiological Devices Market: Trends and Opportunities

Of the key factors supporting the overall growth of the global audiological devices market, the report cites the rising incidence rate of diagnosed hearing loss cases, technological advancements enabling high sound quality, and the vast rise in world’s geriatric population - a demographic highly vulnerable to age-related hearing loss. Rising support from government and international bodies for the increased usage of hearing assistance devices is also boosting the uptake of audiological devices across the globe. Improvements in design and innovations, bringing compact and less visible devices packed with several new features to the market, are also driving the increased adoption of audiological devices across the globe. 

Global Audiological Devices Market: Market Potential

The high costs of technologically advanced audiological devices and their exclusion from medical reimbursement plans across most key markets have limited their uptake to a huge extent. The Hearing Loss Association of America states that over 48 mn people in the U.S. suffer from hearing loss and only about 20% of the people who can benefit from hearing aids wear them. With low cost products, the remaining 80% population can be turned into potential consumer base. This is an excellent incremental opportunity as the world’s population is ageing at a rapid pace. A report by United Nations states that over the period between 2015 and 2030, the number of people aged 60 years or more across the globe will rise from nearly 901 mn to 1.4 bn, denoting a 56% rise. 

Global Audiological Devices Market: Regional Overview

From a geographical standpoint, the market for audiological devices in Europe contributes to the leading share of revenue to the global market. As a large number of key players in the audiological devices market are based in Western Europe, the region is often the first choice for new product launches. The Europe market also benefits owing to the rapid pace of technological advances, the increasing consumer demand for less visible audiological devices, and the rising prevalence of hearing impairment conditions.

The report identifies excellent future growth opportunities in the Asia Pacific market. Factors backing this assumption include the rising population of geriatrics and the subsequent rise in hearing disabilities, positive developments across the healthcare infrastructures of developing countries, rising disposable incomes, and easy availability of technologically advanced products. The Asia-Pacific market for audiological devices is expected to exhibit growth at a promising pace over the report’s forecast period.

Global Audiological Devices Market: Competitive Dynamics

The global market for audiological devices features a largely concentrated vendor landscape, with a small number of companies accounting for a significant share in the overall market. The need for continuous research and technological advancements in products have developed high entry barriers for new entrants in the global audiological devices market. Nonetheless, the market features intense competition, with leading companies constantly striving to maintain their stronghold. Some of the leading companies operating in the market are Widex A/S, GN ReSound Group, Siemens Healthcare, Cochlear Limited, William Demant Holding A/S, Starkey Hearing Technologies, and Sonova Holding AG.

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.