DUBLIN--(BUSINESS WIRE)--The "Global Audiological Devices Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2019 To 2027" report has been added to ResearchAndMarkets.com's offering.
The Audiological Devices market was valued at US$ 9,934.9 Mn in 2018 and expected to reach US$ 16,007.8 Mn by 2027 at a CAGR of 5.5% throughout the forecast period from 2019 to 2027. The market size in terms of volume was 15.80 Mn Units in 2018 and is projected to reach 25.95 Mn Units in 2027 expanding at a CAGR of 5.7%.
Increasing geriatric population across the globe prone to hearing disorders coupled with rapid technological advancements are key factors propelling the market growth. According to a recent report by the United Nations, the number of people above the age of 65 is anticipated to increase from 962 Mn in 2017 to 2.1 Bn in 2050. This, in turn, is expected to boost the demand for audiological devices market. According to recent surveys by MarkeTrak, EuroTrak by EHIMA and JapanTrak shows that 1 out of 10 people above the age of 50 are suffering from hearing loss. It is also estimated that out of 134 Mn babies born every year, 150,000 are candidates for cochlear implants. These demographic factors are key factors contributing to the growth of the audiological devices market.
In addition, deregulation, competition, and ubiquity of consumer electronics are seeing new models of service delivery emerge. This trend is especially prevalent in North America and Europe among others. The increasing integration of traditional devices with modern technologies by major market players is expected to increase the treatment rate of hearing disorders. With increasing technological advancements audiological devices are becoming smaller and more efficient. However, the high cost of audiological devices such as cochlear implants is hindering the growth of the global audiological devices market.
- In February 2019, Widex A/S and Sivantos Pte. Ltd. announced the successful merger. The newly created company operates under the name WS Audiology. This merger has helped both the companies redefine the competitive landscape.
Key Market Movements
- Globally, the audiological devices market is expanding at a CAGR of 5.5% in terms of revenue for the period of 2019 to 2027. In 2018, the market accounted for US$ 9934.86 Mn. In 2018, in terms of volume, the global sales were 15.80 Mn Units and the market is expanding at a CAGR of 5.7%.
- Based on technology, the market is classified into digital and analog. Digital technology dominates the market owing to the rapid adoption of digital technologies across the globe.
- Analog devices which are programmable and include a microchip allowing different program setting are preferred over digital devices
- North America region dominated the global audiological devices market in terms of market revenue. This can be associated with the rapidly increasing geriatric population in the US around 35 million American's suffers from hearing loss.
List of Companies Covered:
- William Demant Holdings A/S
- Starkey Hearing Technologies
- Widex A/S
- GN ReSound Group
- Sonova Holdings AG
- Amplifon SpA
- Cochlear Limited
- GN Store Nord
- Siemens Healthcare
Key Topics Covered:
2. Executive Summary
3. Market Dynamics
3.1.1. Global AD Market Value, 2017-2027, (US$ Mn)
3.2. Market Dynamics
3.2.1. Market Drivers
3.2.2. Market Restraints
3.3. Attractive Investment Proposition, by Geography, 2018
3.4. Market Positioning of Key Players, 2018
3.4.1. Major Strategies Adopted by Key Players
4. Global Audiological Devices (AD) Market, by Product , 2017-2027 (US$ Mn)
4.2. Hearing Aid
4.3. Hearing Implants
4.4. Diagnostic Instruments
4.5. Bone Anchored Hearing Aid (BAHA)
5. Global Audiological Devices (AD) Market, by Technology, 2017-2027 (US$ Mn)
6. Global Audiological Devices (AD) Market, by Sales Channel, 2017-2027 (US$ Mn)
6.4. Others (Private & Public Initiatives, National Health Programs)
7. North America Audiological Devices (AD) Market Analysis, 2017-2027 (US$ Mn)
7.1.1. North America AD Market Value and Growth, 2017-2027, (US$ Mn)
7.2. North America AD Market Value, By Product, 2017-2027 (US$ Mn)
7.2.1. Market Analysise
7.3. North America AD Market Value, By Technology, 2017-2027 (US$ Mn)
7.3.1. Market Analysis
7.4. North America AD Market Value, By Sales Channel, 2017-2027 (US$ Mn)
7.4.1. Market Analysis
7.5. North America AD Market Value, By Region/Country, 2017-2027 (US$ Mn)
7.5.1. Market Analysis
7.5.3. Rest of North America
8. Europe Audiological Devices (AD) Market Analysis, 2017-2027 (US$ Mn)
9. Asia Pacific Audiological Devices (AD) Market Analysis, 2017-2027 (US$ Mn)
10. Rest of the World Audiological Devices (AD) Market Analysis, 2017-2027 (US$ Mn)
11. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/lzc6h2