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.
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.
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.
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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