Sep 18, 2017   SOURCE: BusinessWire

High Prevalence of Hearing Disorders to Boost the Audiology Devices Market: Technavio

The global audiology devices market is expected to grow at a CAGR of around 7% during the forecast period, according to Technavio’s latest market research.

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Technavio has published a new report on the global audiology devices market from 2017-2021. (Graphic ...

Technavio has published a new report on the global audiology devices market from 2017-2021. (Graphic: Business Wire)

In this market research report, Technavio covers the market outlook and growth prospects of the global audiology devices market for 2017-2021. The market is further categorized into four product segments, including hearing aids, cochlear implants, diagnostic devices, and BAHA, of which the hearing aids segment dominated the market with more than 57% of the overall market share in 2016.

“The demand for audiology devices is increasing, and the manufacturers are focusing on meeting the rising demand. Initiatives are being taken by the governments in various countries to increase awareness about audiology devices to improve the lives of the people. With continuous advances in technology, the devices have become much more efficient and are producing better results,” says Neha Noopur, a lead orthopedics and medical devices research expert from Technavio.

Technavio’s research analysts segment the global audiology devices market into the following regions:

  • Americas
  • EMEA
  • APAC

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Audiology devices market in Americas

The market in the Americas will continue to grow significantly over the forecast period. The adoption of premium hearing aids and the number of cochlear implant procedures are increasing in the region. Hearing loss in the elderly population is also contributing to the growth of the market. The reimbursement scenario is better in the region when compared with the other two regions. The increased incidence of hearing related problems and high adoption of technologically advanced products will drive market growth in the region.

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Audiology devices market in EMEA

The market in EMEA is expected to grow significantly during the forecast period, as the developing nations in the region are underserved. Vendors are focusing on increasing their market reach in the region. Also, initiatives are being taken up by governments in the Middle East and Africa to increase the awareness about audiology devices among the people.

Key vendors are expanding into the developing countries by acquisition or partnership with the regional players. They are also acquiring smaller companies to use their technology to develop new devices.

Audiology devices market in APAC

The market in APAC is expected to show a significant growth during the forecast period. The region has a high growth potential as governments in different countries are dedicated towards improving the healthcare facilities. The high population in the region, owing to the increasing population in the countries such as India and China offers huge potential for growth of the market.

Various surveys from India, Thailand, and Pakistan indicate that hearing loss among children is more prevalent in rural areas, because of the presence of dangerous infectious diseases. Also, genetic defect can also be a reason for hearing loss. All these factors are expected to drive the audiology devices market in APAC during the forecast period.

The top vendors in the global audiology devices market as highlighted in this market research analysis are:

  • Medtronic
  • Sonova
  • Starkey Hearing Technologies
  • William Demant

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