San Francisco, California (PRWEB) July 29, 2014
The global market for audiology devices is expected to reach USD 9,542.3 million by 2020, growing at an estimated CAGR of 5.0% from 2014 to 2020, according to a new study by Grand View Research, Inc. Introduction of technological advancements such as wireless devices, acceptance of these devices by the geriatric population, along with increase in demand of cost-effective and efficient devices are some of the major drivers of this market. In addition, presence of untapped growth opportunities in emerging countries such as India, Brazil, and China, and the increasing health awareness are expected to serve this market as future growth opportunities.
Hearing aids dominated the overall market in terms of revenue share at 64.1% in 2013. High comfort rendered by these products, enhanced connectivity, and enhanced user friendliness are some of the factors attributing to its high usage rates and subsequently large market share.
The report, “Audiology Devices Market Analysis by Product (Cochlear Implants, Bone Anchored Hearing Aids, Hearing Aids, Audiometers, Otoscopes, Tympanometers) and Segment Forecasts To 2020,” is available now to Grand View Research customers at http://www.grandviewresearch.com/industry-analysis/audiology-devices-market
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Further key findings from the study suggest:
Browse all reports of medical devices market by Grand View Research at http://www.grandviewresearch.com/industry/medical-devices
For the purpose of this study, Grand View Research has segmented the audiology devices market on the basis of product, technology, and region:
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