Audiology is a highly recognized and well-respected profession. Audiologists are healthcare professionals who diagnose, evaluate, manage, and treat tinnitus, hearing loss, and balance disorders in children, newborns, and adults. Audiological devices are used for studying hearing and are utilized by audiologists in order to diagnose and treat any kind of hearing loss. Audiology devices are utilized in a number of settings including clinics, hospitals, ENT offices, government and private practices, K-12 schools, universities, military, and VA hospitals, among others.
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Rising Initiatives by Governments Globally to Boost Audiological Devices Market
The audiological devices market is fuelled owing to the rising adoption of digital technology within all aspects of development and the improving product design of audiological devices. In addition, the rising prevalence of age-related hearing impairment, along with the rising prevalence of deafness, is also amongst the prime factors stimulating the market for audiological devices.
Furthermore, the increasing cosmetic appeal of hearing aids is also augmenting the growth of the market. The rising initiatives taken by several governments globally for providing enhanced healthcare services and the launch of waterproof and wireless hearing aids are the prime growth opportunities in the audiological devices market. On the other hand, the soaring prices of surgical solutions and the social stigma of wearing hearing aids are amongst the chief factors that may restrain the growth of the market in the coming years.
BTE and ITE Hearing Aids Lead Global Audiological Devices Market
In terms of product type, the market for audiological devices is segmented into hearing aids, cochlear implants, bone anchored hearing aids, and diagnostic devices. Amongst these, hearing aids include behind-the-ear (BTE) aids, in-the-ear (ITE) aids, receiver-in-the-ear aids, completely-in-canal (CIC), canal hearing aids, and invisible-in-canal (IIC) hearing aids. On the other hand, diagnostic devices are further segmented into otoscopes, audiometers, and tympanometers. Amongst these, the segment of hearing aids led the market in 2012. In this segment, BTE and ITE are currently amongst the most demanded hearing aids owing to their enhanced efficiency, ease of use, connectivity, customers’ cosmetic preference, and comfort level.
Europe Audiological Devices Market Emerged as Largest Market in 2012
On the basis of geography, the global audiological devices market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Amongst these, Europe led the market in 2012. This is due to the presence of key players in the region of Western Europe, because of which a variety of products first get launched within this region. In addition, the rising occurrence of hearing impairments, technological advancements in audiological devices, and the increasing preference of consumers for the use of small and inconspicuous hearing aids are also amongst the top factors fuelling the audiological devices market in the region of Europe. On the other hand, the region of Asia Pacific is also predicted to grow owing to the rising aging population, increasing technological advancements, rising number of healthcare reforms, the increasing occurrence of deafness, and enhancement of the healthcare infrastructure within this region.
The prominent players operating in the audiological devices market are Siemens Healthcare, Cochlear Limited, GN ReSound Group, Widex A/S, Sonova Holding AG, William Demant Holding A/S, and Starkey Hearing Technologies, among others.