Audiology devices are electronic instruments that are designed for diagnosing and treating hearing impairment. These devices are highly efficient for treating hearing impairment such as nerve deafness and congenital hearing problem. Audiology devices are gaining importance across the world as communication is the most important skill which improves relationships and retains independence. The increasing prevalence of deafness especially in elderly population is expected to drive growth over the forecast period. Major driving factors for the growth of this market are increasing the occurrence of hearing impairment in young as well as old population, increasing purchasing capacity, involvements of government for improving healthcare infrastructure and increasing investments in R&D sector.
North America market to contribute major share of revenue to global audiology devices market in next 10 years
In addition, the increasing demand for cost-effective and efficient devices, advancements in technologies especially the introduction of wireless devices, increasing awareness regarding the benefits and acceptance of these devices by elderly population are key drivers driving the growth of global audiology devices market.
However, individuals often refrain from wearing exposed hearing aids because of the social disgrace associated with deafness and high prices associated with hearing impairment solutions especially surgery based is expected to restrain market growth during the forecast period.
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The global audiology devices market has been segmented on the basis of product, technology, and region. On the basis of region market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America market dominates the global audiology devices market, followed by the European market due to increased prevalence of deafness involved with the presence of high patient disposable incomes and sophisticated healthcare infrastructure. Asia Pacific audiology market is expected to grow at the highest CAGR during the forecast period due to increasing elderly population and age-related hearing problems.
Key players of this market include William Demant Holdings A/S, GN ReSound Group, Sonova Holdings AG, Starkey Hearing Technologies, Siemens Healthcare and Widex A/S, Phonak, Audioscan, Cochlear Ltd., Interacoustics, ReSound.