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(Wireless-NewsWire.Com, June 30, 2016 ) Global Audiology Devices Market to Reach Worth USD 11.5 Bn by 2022: Point-of-Care Testing and Molecular Diagnostics to Drive the Market Growth
According to the latest report published by Credence Research, Inc. “Global Audiology Devices Market - Growth, Future Prospects and Competitive Assessment, 2016 - 2022,” the audiology devices market was valued at USD 8,240.1 Mn in 2015, and is expected to reach USD 11,494.1 Mn by 2022, expanding at a CAGR of 4.8% from 2016 to 2022.
Browse the full report Global Audiology Devices Market - Growth, Opportunities, Competitive Analysis, and Forecast, 2016 – 2022 report at http://www.credenceresearch.com/report/audiology-devices-market
Market Insights
The global burden of deafness and hearing loss is significant. As of 2012, 360 million persons suffer with hearing loss, out of which, 328 million are adults. Moreover, approximately one-third of geriatric population (over 65 years) are affected by disabling hearing loss. The prevalence of deafness is further high in middle- and low-income countries of Asia-Pacific, South Asia and Sub-Saharan Africa. The global audiology devices market is anticipated to stay stable through the forecast period.
The market has not witnessed any breakthrough entry of new players over the past several years. Market consolidation had been prominently witnessed in the audiology market over the past. Hearing aids is the largest product segment in the audiology devices market, with behind-the-ear (BTE) instruments leading in terms of both revenue and units sold. BTE is the most preferred hearing aid in several cases and also the first choice for beginners. Cochlear implants and bone anchored hearing aids on the other hand, will witness strong demand through 2022. These segments are believed to be still underpenetrated and more development is anticipated to be witnessed. Among the sales channels, independent dispensers are the largest vendor medium for audiology devices.
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Among the regional markets, Europe is the largest consumer of hearing aids, and is attributed by huge geriatric population and over 10% population of OECD countries suffering with hearing loss. Europe is followed by North America and Asia-Pacific. Baby boomer population in North America and phenomenal proportion of geriatric population in South Asia contribute to huge demand for audiology diagnostic devices and assisted listening instruments. United States, United Kingdom, Germany, France, Japan, China and India are the largest markets for audiology devices.
The global audiology devices market have witnessed large-scale consolidation over the past years with no introduction of breakthrough player. Approximately five market players together capture over 80% of the market share in 2015. The major strategic focus of the market players is on OECD countries, and particularly on pediatric and geriatric patient groups. Some of the prime companies in the global audiology devices market are William Demant Holdings, Sonova, Cochlear, GN ReSound, Siemens, Widex, Starkey and others.
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