According to a new market report published by Transparency Market Research “Audiological Devices Market (Hearing Aids, Cochlear Implants, Bone Anchored Hearing Aids, Audiometers, Tympanometers and Otoscopes) -Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 – 2018,“ the global audiological devices market was valued at USD 6.2 billion in 2011 and is expected to grow at a CAGR of 4.9% from 2012 to 2018, to reach an estimated value of USD 8.6 billion in 2018.
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The global audiological devices market is expected to have a steady growth of 4.9% from 2012 to 2018 owing to the aging population and related rise in prevalence of hearing loss, increasing technological advancements in digital hearing aids and newer forms of hearing devices. The rise in incidence of hearing impairment in both children and adults, and occupational, nerve and congenital deafness, generates a large patient pool to be dispensed with hearing aids. The rise in demand for hearing aids with an aesthetic appeal such as invisible-in-the-canal hearing aids, is also expected to fuel the growth of this market.
The market for hearing aids accounted for the largest share of the total audiological devices market, whereas the cochlear implants market is expected to witness the highest growth during the period of forecast. Exhaustive product portfolios offered by manufacturers, favorable reimbursement policies and efficient sales and distribution networks laid by manufacturers drive the growth of the market for hearing aids. BTE and ITE are the most popular types of hearing aids due to their ease of use, efficiency in treating a wide extent of hearing loss, comfort level, connectivity and cosmetic preferences of consumers.
Europe was the largest geographical market for audiological devices in 2011 because of the rise in the prevalence of deafness and increase in awareness about technological advances. Despite the financial upheaval going on in Western Europe, the European audiology devices market will continue to grow at a steady rate as several countries will continue to offer considerable level of reimbursement to patients. In terms of growth rate, the Asia-Pacific region will register the highest CAGR of about 7% during the forecast period. Promotion of the benefits associated with the use of hearing aids and intensive customer and consumer educationconducted by major market players will also drive the increase in adoption of hearing aids in this region.
The global market for audiological devices is consolidated in nature and has few key players that account for the highest market share. Players such as Sonova Holding AG, William Demant Holding A/S and GN ReSound Group together contribute to more than half of the total market revenue. The other prominent players in this market are Siemens Healthcare, Starkey Hearing Technologies and Widex A/S.
The global audiological devices market is segmented as follows:
Audiological Devices Market, by Products
- Behind-the-Ear (BTE) aids
- Receiver-in-the-Ear (RITE) aids
- In-the-Ear (ITE) aids
- Canal hearing aids (In-the-Canal(ITC), Completely-in-Canal(CIC) and Invisible-in-Canal (IIC))
- Analog hearing aids
- Digital hearing aids
- Cochlear implants
- Bone anchored hearing aids
Audiological Devices Market, by Geography
- North America
- Rest of the World (RoW)
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