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Demand for Audiological Devices Gains Impetus due to Increasing Prevalence of Hearing Impairment

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The audiological devices market has gained remarkable impetus in the global arena over the last few years. The increasing prevalence of hearing impairment, worldwide, has boosted the demand for audiological devices significantly. The rising patient pool suffering from age-related partial hearing loss, fueled by the increase in geriatric population across the world, is also propelling the global audiological devices market to a great level.

In addition to this, the increasing number of government initiatives aimed at providing better healthcare facilities is likely to stimulate the global audiological devices market in the coming years. The emergence of wireless as well as waterproof hearing aids is also expected to drive growth in the worldwide market for audiological devices over the next few years.

Browse Full Global Audiological Devices Market Report with

Transparency Market Research (TMR) has recently published a report on the global audiological devices market. According to this research study, the worldwide market for audiological devices is projected to rise at a CAGR of 4.90% during the period from 2012 to 2018 and increase from a total value of US$6.2 bn in 2011 to an estimated value of US$8.6 bn by the end of 2018.

Presence of Major Players Boosts North America Audiological Devices Market

Europe led the global audiological devices market in 2011. The presence of a large pool of market participants in this region is the key factor behind this remarkable performance of the Europe audiological devices market.

Asia Pacific is also exhibiting a steady rise in the worldwide audiological devices market. Constant infrastructural developments in the Asia Pacific healthcare industry, the increasing incidence of hearing impairment, and rising number of healthcare reforms are driving the Asia Pacific market for audiological devices substantially.

Sonova Leads Global Audiological Devices Market

GN ReSound, Sonova Holding, Siemens Healthcare, Starkey Hearing Technologies, Amplifon, Cochlear, William Demant Holding, and Widex are some of the major international participants in the worldwide audiological devices market.

Browse the full Press Release of Global Audiological Devices Market

Sonova dominates the global market for audiological devices with a share of more than 23% and is closely followed by William Demant holdings. Here is a snapshot of the performance as well as the latest activities of the prominent players operational in this market.

  • Amplifon leads the retail segment of hearing aids in the global market. The company owns around 3,500 stores across the world.
  • Sonova acquired Hearing Planet Newport Audiology in a bid to expand its product portfolio as well as its reach among consumers.
  • Siemens procured the assets of HearUSA for a total amount of US$129 mn.

Overall, the global market for audiological devices has been showing impressive growth. However, the high cost associated with surgical procedures required to fix a few types of audiological devices, is likely to hamper the growth of this market in the coming years. Nevertheless, the entry of major market players in the retail space is projected to strengthen the market significantly. These entries are also anticipated to intensify the competition in this market and increase research activities for the development of highly advanced products.