Follow us on LinkedIn - Hearing impairment is a global and increasing problem often reported among elderly people. Continuous rise in the number of people suffering from moderate to severe hearing loss and the relatively lower penetration of hearing instruments among hearing-impaired population presents enormous growth opportunities for the audiological devices market. Market growth is expected to stem from growing demand for hearing instruments that are less visible, and which incorporate superior hearing technologies such as digital and programmable hearing instruments. A major factor affecting market growth is the miniaturization trend that led to the development of highly advanced hybrid analog/digital devices. Digital hearing aids continue to gain market share at the expense of conventional analog hearing aids. The trend is driven by the narrowing price difference between digital aids and analog aids.
As stated by the new market research report on Audiological Devices, the US continues to remain the single largest regional market. Though the population of US, Canada, Japan, Western Europe and Australia put together constitutes only 15% of the global population, these regions capture a predominant share of the audiological devices market. Increase in the number of people with fading hearing ability is a major driving factor for the markets growth. Russia, Poland, Argentina, Mexico, Brazil, Korea and China are key growth markets with potential for significant expansion. Asia-Pacific is poised to register the fastest compounded annual growth rate of 11.4% over the analysis period. Developing countries, in particular China and India, are registering robust growth in demand for various medical devices including audiological devices. The large unmet need and growing affluence of the population offer potential opportunities for the market.
The global market for hearing aids is witnessing important technological advancements that are contributing to the emergence of cosmetically appealing, efficient and innovative hearing systems. Some of the new advancements in the hearing aids products include enhanced design for easy usage, battery longevity, customized hearing aids with wireless capability for total communication, as well as enhanced signal processing. Manufacturers are focusing efforts on capturing the interest of the younger population through the launch of cosmetically attractive and small sized hearing aids. Additionally, hearing devices are offered in convergence with consumer electronics including FMs and iPods. The relatively lesser penetration of hearing aids in countries across Asia presents potential market opportunities. While hearing aids segment leads the audiological devices market, cochlear implants represents the fastest growing segment with a CAGR of 16% over the analysis period.
Major players in the marketplace include Advanced Bionics Corporation, Cochlear Limited, GN ReSound A/S, Med-EL Medical Electronics, Neurelec SA, Otovation LLC, Phonak AG, Siemens Audiologische Technik GmbH, Starkey Laboratories Inc., Sonic Innovations Inc., Widex A/S, and William Demant Holding.
The research report titled "Audiological Devices: A Global Strategic Business Report" announced by Global Industry Analysts, Inc., provides a comprehensive review of trends, issues, strategic industry activities, and profiles of major companies worldwide. The report provides market estimates and projections (US$ Million) for product segments 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. Key geographic markets analyzed include the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific, Latin America, and Rest of World.
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 more than 1300 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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