Increasing elderly population to foster audiology devices market growth by 2025
As per a research report by Global Market Insights, audiology devices market is estimated to exceed $11bn valuation by 2025. The rising elderly population will augment the audiology devices market growth over the coming years as cases of hearing loss and the issues associated with it increase in tandem with the growth of this demographic.
Elderly population generally suffers from age-associated high frequency hearing loss, which creates problems for them to understand sounds and speech.
This type of hearing loss is gradual and increase in severity overtime, adversely affecting the daily activities along with overall functioning of the elderly. Consequently, people aged 60 years and above who suffer from hearing loss rely heavily upon advanced audiology devices, which is likely to encourage the industry growth.
Considering the growth of their most prominent demographic, key industry players are increasingly focusing on consolidating their position in the market through several tried-and-tested methods. Citing an instance, on March 2019, Sivantos, a renowned hearing aid company, and Widex, another leading hearing aid firm, successfully completed merger, creating an industry juggernaut, WS Audiology. The new firm, WS Audiology, with a combined revenue of over €1.7bn, is driven by a desire to enhance the quality of life for nearly 700 million people with hearing needs.
The diagnostic devices segment will witness around 3% CAGR over the forecast timeframe. Advanced equipment used in diagnosing hearing loss not only offers qualitative data related to hearing impairment but also brings quantitative analysis that portrays the intensity of hearing loss. Moreover, these devices also give top quality images that help surgeons during surgical procedures. These afore-mentioned determinants will boost the segmental growth over the analysis period.
Moreover, R&D in the field of audiology has further led to the development of several new technologies. These new technologies that are available today give audiologists as well as gearing loss patients many new options that help them lead a better life. Likewise, the integration of Bluetooth technology in the industry has allowed significant advancement of enhancing hearing devices. Products that were add-ons previously are directly incorporated into hearing devices today, resulting in more seamless and complete hearing aid systems. With new technologies and frequent innovation in the field, the audiology devices market share is expected to witness substantial rise over the coming years.
From a regional frame of reference, APAC audiology devices market represented a revenue share of 20% in 2018, which is expected to showcase a tremendous rise by the end of the projected timeframe. Favorable conditions like increasing geriatric population are anticipated to fuel the demand for audiology devices in the region.
Moreover, the governments of different APAC countries such as China and India are actively creating awareness about the benefits related to early diagnosis of hearing loss, which will further surge the adoption of audiology diagnostic devices. In addition, the tremendous rise in the level of noise pollution that is being observed in Asian countries will also fuel industry demands by generating cases of hearing disability among the regional population, further triggering regional growth.
MedRX, Sivantos, Cochlear, AMBCO, William Demant, Nurotron Biotechnology, WIDEX, GN Store Nord, Sonova, Benson Medical Instruments, Medtronic, Starkey Hearing Technologies, and MED-EL among others are some of the key players operating in the market today.
Overall, the market is likely to be driven by new technological advancements and frequent activities from industry players. Presently available audiology devices like hearing aids utilise frequency-modulated radio waves for transmitting sound more efficiently, which further helps decrease irritation caused by tinnitus. Furthermore, recently developed devices are also more convenient to use and greatly improve cognitive learning among people suffering from hearing loss. These factors are expected to drive the audiology devices industry outlook by the end of the forecast period.
You can view the report here.