Audiology Devices Market Worth $15.5 Billion by 2026
July 15, 2019 | Grand View Research, Inc.Estimated reading time: 1 minute
The global audiology devices market size is expected to reach $15.5 billion by 2026 registering a CAGR of 5.8%, according to a new report by Grand View Research, Inc. Increasing cases of hearing disorders, especially in geriatric population, rising purchasing capacity, investments in R&D, and government support for better healthcare infrastructure are expected to drive the market over the forecast period.
High comfort offered by newly introduced devices, improved connectivity, and better user interface are some of the factors attributing to high usage rate of audiology devices. Better quality of life along with acceptance of digital hearing aids are anticipated to further drive the market. In a study published in January 2019, it was observed that hearing aids reduce symptoms associated with dementia. However, usage is hampered due to the exclusion of hearing aids or exams for fitting hearing aids from the Original Medicare program.
Hearing aids segment led the market in 2018 and will hold its leading position in future. However, cochlear implants is expected to be the fastest-growing segment over the forecast period. Cochlear implants are widely used owing to their high effectiveness, in terms of sentence understanding.
Further key findings from the study suggest:
-
Digital hearing aids led the technology segment in terms of market share in 2018 due to their increased adaptability and connectivity with mobile devices
-
Retail sales channel was the dominant segment in 2018 and is projected to expand further at the fastest CAGR during the forecast period
-
North America dominated the global audiology devices market in 2018 due to technological advancements and presence of major market participants in the region
-
Asia Pacific is anticipated to witness the fastest CAGR owing to improving healthcare infrastructure along with growing geriatric population in emerging countries, such as India and China
-
Key industry participants include GN ReSound Group;William Demant Holdings A/S; Starkey Hearing Technologies; Widex A/S; Sonova Holdings AG; Phonak, Audioscan; MedRx; Austar Hearing; National Hearing Care; and NHC/Amplifon
Suggested Items
Amphenol Reports Q1 2024 Results, Announces New Stock Repurchase Program
04/26/2024 | BUSINESS WIREAmphenol Corporation reported first quarter 2024 results. In addition, the Company is announcing a new three-year, $2 billion stock repurchase program.
Chinese Smartphone Market Maintains its Recovery Momentum at 6.5% Growth in 1Q24,
04/26/2024 | IDCAccording to preliminary data from the International Data Corporation (IDC) Worldwide Quarterly Mobile Phone Tracker, China smartphone shipments grew 6.5% year over year (YoY) to 69.3 million units in 1Q24.
Nanotechnology Market to Surpass $53.51 Billion by 2031
04/25/2024 | PRNewswireSkyQuest projects that the nanotechnology market will attain a value of USD 53.51 billion by 2031, with a CAGR of 36.4% over the forecast period (2024-2031).
Technica USA Presents Inaugural Supplier Alliance Award at IPC APEX EXPO 2024
04/24/2024 | Technica USADuring IPC APEX EXPO 2024, Technica USA took the opportunity to thank all of their supply partners that made the effort to join them for the exhibition in their booth, as well to all of our SMT partners that had their own booths, with the latest in automation and process technology.
IDTechEx Report Unveils 3D Electronics Status and Opportunities
04/22/2024 | PRNewswire3D electronics is an emerging manufacturing approach that enables electronics to be integrated within or onto the surface of objects. 3D electronic manufacturing techniques empower new features, including mass customizability, greater integration, and improved sustainability in the electronics industry.