Audiological Devices: A Global Strategic Business Report
San Jose, California (PRWEB) September 24, 2014
Follow us on LinkedIn – Demand for audiological devices is intrinsically linked to the alarming rise in prevalence of mild to severe hearing loss. Given the higher tendency for onset of hearing loss with progressing age, the burgeoning global geriatric population presents significant market opportunities for hearing aids, cochlear implants and diagnosis instruments. In addition, the increasing prevalence of conductive, sensorineural or mixed hearing loss in children and adults is creating a large pool of patients who require hearing care therapy. Lifestyle factors such as high usage of headphones, and prolonged exposure to noise in living, work and public environments are further accelerating the incidence of hearing impairment, resulting in enormous loss to society and the economy.
The improving global economic scenario, and rising healthcare infrastructure and standards are leading to better diagnosis of hearing disabilities, and thereby driving the penetration of hearing aids. Hearing aid users are constantly on the lookout for new models with improved features and performance. Consumer affinity for binaural hearing aids is on the rise. Manufacturers are developing more customized products to meet distinct user needs. The hearing aids market is heavily influenced by wireless connectivity solutions such as Bluetooth. Hearing Aid Compatible (HAC) smartphones are making an entry into the audiological care marketplace, hence opening up lucrative opportunities for growth. Despite the opportunities offered, social stigma and lack of insurance coverage continue to hinder market growth, thereby emphasizing the need for advanced, affordable and aesthetic hearing aids and implants. In low-to-middle-income countries, high prices of certain devices, lack of awareness and poor access to audiological healthcare care continue to hinder widespread adoption of hearing aid devices and implants.
Increasing preference of receiver-in-canal and open-fit hearing aids is overshadowing traditional Behind the Ear (BTE) hearing aids models, due to benefits such as greater comfort and aesthetic appeal. Cochlear Implants are poised to register the fastest CAGR over the analysis period driven by growing awareness among audiologists and patients, as well as increasing R&D investment, and product development the world over. Expanding indications for these devices along with introduction of hybrid implants are expected to aid further growth in the coming years.
As stated by the new market research report on Audiological Devices, Europe represents the largest regional market worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 8.6% over the analysis period. Demographic factors and rising healthcare standards in emerging markets such as India, China and Taiwan are expected to fuel adoption of hearing aids in the region in the near term. Also encouraging adoption is the targeted efforts of manufacturers to expand distribution chains and spread consumer awareness.
Key players covered in the report include Cochlear Limited, GN ReSound A/S, Med-EL Medical Electronics, Otovation LLC, Siemens Audiologische Technik GmbH, Sonova Holding AG, Advanced Bionics Corporation, Phonak AG, Starkey Hearing Technologies, Widex A/S, William Demant Holding A/S, Bernafon AG, Sonic Innovations Inc., Neurelec SA, and Oticon A/S.
The research report titled “Audiological Devices: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities.. Market estimates and projections are provided in revenue terms for major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, and Rest of Asia-Pacific), Latin America, and Rest of World. Product segments analyzed in the report include Hearing Aids (Behind-the-ear, In-the-ear, In-the-canal, and Completely-in-the-canal) Measurement/Testing Devices (Otoscopes, Audiometers, Impedence Analyzers, Hearing Aid Analyzers, and Others), and Cochlear Implants.
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Audiological_Devices_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes 1500+ full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
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