Audiology devices are electronic devices used by audiologists for the diagnosis and treatment of hearing impairment or hearing loss. They are also used for monitoring or studying hearing. Hearing impairment or frequent hearing loss is often associated with old age and is a growing problem globally. The high prevalence of hearing problems is precipitated by the growing ageing population and the rising incidence of impairment and loss of hearing among younger generations; these factors are therefore the key drivers for this market. Moreover, the cosmetic appeal of hearing devices and high prevalence of deafness is spurring the growth of this market. Additionally, technological advancement, cost-effective and efficient devices (such as wireless devices), and widespread acceptance of novel devices amongst the geriatric population is also expected to fuel market growth.
On the other hand, the high cost of solutions used in surgeries and social stigma associated with the appearance of audiology devices act as major restraints for this market. Nevertheless, the untapped opportunities in emerging countries such as Brazil, China and India, growing health awareness and government initiatives to provide improved healthcare services are the key opportunities for players to gain traction in the global audiology devices market. The key companies profiled in this market are GN ReSound Group, Cochlear Limited, Sonova Holding AG, Siemens Healthcare, William Demant Holding A/S, Widex A/S, Starkey Hearing Technologies and others.
The global audiology devices market is segmented into product type and geography. On the basis of product type the market is segmented into bone anchored aids for hearing, cochlear implants, hearing aids and diagnostic devices. Hearing aids dominate the market as they are comfortable, user friendly and possess superior connectivity. Additionally, cochlear implants are witnessing the highest growth rate in the overall market during the forecast period, due to technological advancements and rising demand from consumers. In terms of geography, the market is segmented into various regions such as North America, Europe, Asia Pacific and LAMEA. European countries hold the largest market share. This is attributed to the prevalence of deafness and growing awareness regarding the technology in these countries. The Asia-Pacific region shows the highest CAGR during the forecast period due to the large customer base, the attempts made by key players to educate consumers and growing awareness regarding the benefits of using hearing aids.
The audiology devices market is segmented according to product and geography as follows: