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The World Health Organization’s (WHO) factsheet on deafness and hearing loss states that over 5% of the world’s population suffers from disabling hearing loss. This amounts to 360 million people globally. The U.S. National Institute on Deafness and Other Communication Disorders’ (NIDCD) studies show that that among every 1000 people aged 65 years and over in the U.S., 314 suffer from hearing impairment. The figure represents the massive market that exists for audiological devices – equipment and systems used by audiologists for studying hearing loss. Audiological devices are also used for the diagnosis and treatment of hearing loss.
Broadly segmented, the global audiological devices market is composed of hearing aids, bone anchored hearing aids, cochlear implants, and diagnostic devices. Each of these segments has been further sub-segmented to provide a detailed analysis of the global audiological devices market.
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The report’s overview section features a detailed qualitative analysis of the drivers, restraints, and opportunities that exist in the market. Other highlights of the report are: A market attractiveness analysis, competitive overview, representation of key players’ market shares in 2011, and Porter’s five forces analysis. Furthermore, new market entrants stand to benefit from a list of recommendations that forms a part of the report.
Overview of the Audiological Devices Market
The global audiological devices market, which approximated US$6.2 billion in 2011, is expected to stand at US$8.6 billion by 2018, registering a moderately healthy CAGR of 4.9% during this period.
The market for audiological devices is expected to grow on account of both incremental and radical advances. While the former can be predicted with some amount of certainty, the latter are difficult project and analyze in advance because they are highly innovative and singular in nature. However, one trend that will be evident in the market is that analog hearing devices will be supplanted by digital versions in the next few years.
The report segments the global audiological devices market by product into: Hearing aids, cochlear implants, bone anchored hearing aids (BAHA), and diagnostic devices. The hearing aids segment is further split into: Behind-the-ear (BTE) aids, in-the-ear (ITE) aids, receiver-in-the-ear aids, and canal hearing aids/in-the-canal (ITC). On similar lines, the diagnostic devices segment is sub-segmented into: Audiometers, otoscopes, and tympanometers. Each of these key segments and sub-segments is analyzed on the basis of sales revenue, effectiveness, and degree of adoption in the market.
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BTE and ITE are the two most popular types of hearing aids essentially because they offer unmatched convenience to users, are high on the aesthetics quotient, and provide easy connectivity. The aged are seen to prefer BTE hearing aids because they are easier to handle and clean as compared to their ITE counterparts.
The audiological devices market is segmented by geography as: North America, Europe, Asia Pacific and Rest of the World. Europe was seen as the dominant market in 2011 as most leading market players are based in Western Europe. This also makes the Western European region a hub for the latest products in the audiological devices market. The Asia Pacific audiological devices market is projected to expand rapidly as a result of the vast aging population, improvement in healthcare infrastructure and a high rate of the prevalence of deafness.
Companies Mentioned in the Audiological Devices Market
Key participants in the audiological devices market that have been profiled in this report include: Cochlear Limited, Siemens Healthcare, GN ReSound Group, Sonova Holding AG, Widex A/S, Starkey Hearing Technologies, and William Demant Holding A/S.