Audiology Devices Market worth USD 13 Billion by 2023: Global Market Insights, Inc.
Global audiology devices market share was dominated by four companies namely Sonova Holdings AG, William Demant Holding A/S, GN Resound Group, and Siemens Healthcare, and comprised about 80% of total market demand.
As per the new study based comprehensive research report by Global Market Insights Inc., Audiology Devices Market size is projected to surpass USD 13.4 billion at a growing CAGR of over 5.5% from 2016 to 2023. The report provides in-depth industry analysis and 7 year growth projections, with special focus on the factors affecting industries such as drivers, impediments, opportunities and challenges. The report contents comprise of market size and characteristics, key market participants, current trends, competitive scenario, growth estimates for the predicted time frame as well as key success and risk factors.
Industry Outlook:Audiology includes diagnosis, prevention and treatment of hearing disorders, including nerve deafness and congenital hearing. Rising occurrence of deafness, especially among the global geriatric population is a key driving factor. Patients can regain their communicating ability and through the audiology devices. Technology advancement and aesthetically appealing devices are likely to boost the demand growth. Factors like narrow profit margins, strict regulations about fair trade and product shelf life and need to develop efficient and long-lasting products may hinder the market growth.The advent of technology like the introduction of DSP (Digital signal processing) may open new market avenues. Adoption of this technology has proved to be a boon for the hearing impaired population by expanding applications. High R&D and innovation investments in digital wireless technology are likely to create prospects for industry players.
Products outlook: Hearing aids is the largest industry segment. The majority of manufacturers is striving to launch visibly hidden aids and miniature sized behind-the-ear products. Rising population of senior citizens is likely to prove crucial in demand growth. Developing innovations that incorporate superior functionality by means of wireless technology are likely to further demand. Cochlear implants market size is anticipated to grow over USD 3.5 billion in revenue during the forecast time frame.
Regional outlook: Europe audiology devices market dominates the regional industry and is likely to surpass USD 5 billion by 2023, owing to fast implementation of technologically advanced hearing aids and favorable regulatory scenario. Asia-Pacific is anticipated to register growth of over 8% revenue by 2023. LATAM market size is expected to witness growth at over 7% CAGR by 2023.
Competitive Outlook and key drivers: Report covers profiles of key participants in the global audiology devices market. William Demant, Sonova, Siemens and GN Resound, Starkey Hearing Technologies, Widex A/S are some of the key players in the market.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.