Global Audiological Devices Market to Reach US$22 Billion by 2015, According to a New Report by Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global report on Audiological Devices markets. The global market for audiological devices market is forecast to reach US$22 billion by the year 2015. Aging population, and the related diseases translates into favorable growth for hearing instruments and audiological services worldwide. Market growth is expected to stem from growing demand for hearing instruments that are less visible, and which incorporate superior hearing technologies, such as digital and programmable hearing instruments. Another factor impacting market growth is the miniaturization trend that led to the development of hybrid analog/digital devices, which are more advanced than their contemporaries.
San Jose, CA (Vocus/PRWEB) January 17, 2011
According to the World Health Organization, about 300 million people worldwide currently suffer from moderate to severe hearing loss, and this number is expected to inflate to 700 million by the year 2015. With less than 20% of hearing-impaired people presently using hearing instruments, there exists huge potential for hearing aids in the coming years. Long life expectancy and affluence are important factors that favor the market. Regions that offer favorable environment, particularly the above two factors, represent areas of fastest growth. Small size is of vital importance since it enables more number of patients to be fitted and makes the aids less conspicuous. In addition, digital hearing aids continue to gain market share at the expense of conventional analog hearing aids. The trend is driven by the narrowing price difference between digital and analog aids.
Europe represents the largest region for Audiological Devices, as stated by the new market research report on Audiological Devices. The US is the second largest market. However, growth is expected to mainly emanate from Asia-Pacific, which is expected to register a compounded annual growth of more than 9.0% during the analysis period.
Hearing aids, the largest segment, is emerging strong after a brief slowdown during 2008-2009 owing to the global crisis. The market is driven by aging population, expanding patient base, rapid advancements in hearing-aid technology, growing demand for quality healthcare, and rebounding consumer income level. North America and Europe represents the largest markets for hearing aids globally. In Europe, one out of seven individuals are estimated to be facing the problem of reduced hearing, and one out of ten require a hearing aid due to poor hearing. However, Asia housing more than half of the hearing impaired population worldwide, represents the fastest growing market for hearing aids. Relatively low penetration rate in emerging countries such as Russia, Brazil, India, Taiwan, and China presents huge untapped market potential for hearing aid manufacturers. Behind-the-Ear hearing aid represents the largest and fastest growing sub segment.
Cochlear implants represent fastest growing segment in the audiological devices market, and is forecast to grow at a compounded annual growth rate of more than 15% during the analysis period. Growth in the segment is fuelled by technological advancements, digital technology, and new products with truly open fittings and new wireless connectivity features.
Hearing aids market is witnessing rapid technological advancements, with the development of novel, and enhanced hearing systems. Innovation in Hearing Assistive Technologies (HATS) is enabling the adoption of cosmetically attractive and open mini-instruments. Few of the noteworthy advancements in hearing aid products include enhanced design capabilities, advanced digital signal processing, and battery life. In addition, the market is also witnessing the launch of combination devices, i. e., hearing aids combined with consumer electronics, including FMs and ipods, etc. There is also niche demand for disposable hearing aids. Another trend attracting concern is the growing demand for hearing aids from totally new segment of population belonging to the younger generation - teenagers and the thirty plus age group.
Major players operating in the audiological devices market profiled in the report include Advanced Bionics Corp., Cochlear Limited, GN ReSound A/S, Med-EL Medical Electronics, Neurelec SA, Phonak AG, Siemens Audiologische Technik GmbH, Starkey Laboratories Inc., Sonic Innovations Inc., Widex A/S, William Demant Holding, among others.
The research report titled “Audiological Devices: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of the Audiological Devices markets, impact of the recession on the market, current market trends, key growth drivers, product introductions, recent industry activity, and profiles of major/niche global as well as regional market participants. The report provides annual sales estimates and projections for Audiological Devices for the years 2007 through 2015 for the following geographic markets – United States, Canada, Japan, Europe, Asia-Pacific, Latin America, and Rest of World. Key product segments analyzed includes Hearing Aids (Behind-the-Ear, In - the-Ear, In-the-Canal and Completely-in-the Canal), Measurement / Testing Devices (Otoscopes, Audiometers, Impedance Analyzers, Hearing Aid Analyzers and Others), and Cochlear Implants. Also, a seven-year (2000-2006) historic analysis is provided for additional perspective.
For more details about this comprehensive market research report, please visit – http://www. strategyr. com/Audiological_Devices_Market_Report. asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www. StrategyR. com/
# # #
