Audiology Devices Market Worth $15.5 Billion By 2026 | North America Dominated the Market in 2018 due to Technological Advancements: Grand View Research, Inc.

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Audiology Devices Market Worth $15.5 Billion By 2026 | North America Dominated the Market in 2018 due to Technological Advancements: Grand View Research, Inc.

Audiology Devices Market Worth $15.5 Billion By 2026 | North America Dominated the Market in 2018 due to Technological Advancements: Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to a new report by Grand View Research, Inc the global audiology devices market size was valued at USD 9.84 billion in 2018 and is projected to expand at a CAGR of 5.8% over the forecast period. The market growth can be attributed to factors, such as growing geriatric population and cases of hearing disorders along with supportive government initiatives for easy access to hearing aid.The total number of geriatric population in the world is estimated to be 1.4 billion by 2030.

The global audiology devices market size is expected to reach USD 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.

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U.S. audiology devices market

 

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.

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

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Global audiology devices market

 

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.

Access complete Audiology Devices Market Report By Grand View Research, Inc.

Grand View Research has segmented the global audiology devices market on the basis of product, technology, sales channel, and region:

Audiology Devices Product Outlook (Revenue, USD Million, 2015 – 2026)

  • Hearing Aids

  • Cochlear Implants

  • BAHA/BAHS

  • Diagnostic Devices

Audiology Devices Technology Outlook (Revenue, USD Million, 2015 – 2026)

  • Digital

  • Analog

Audiology Devices Sales Channel Outlook (Revenue, USD Million, 2015 – 2026)

  • Retail Sales

  • E-commerce

Audiology Devices Regional Outlook (Revenue, USD Million, 2015 – 2026)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa

    • South Africa

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About Grand View Research

 

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research Guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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Website: https://www.grandviewresearch.com/industry-analysis/audiology-devices-market

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