Audiology devices market size to exceed $13 bn by 2023
There has been an increased emphasis on early screening for loss of hearing function by various healthcare associations and hearing service offices all over the globe including developing economies. These associations are also engaged in dispensing hearing aids to its population.
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Moreover, education regarding well being, presence of high unmet customer needs, and increasing disposable income is also playing a crucial role in increasing the demand for hearing aids and hearing diagnostic services across the world.
Digital signal processing (DSP) has revolutionized the audiology devices industry in the past decade. The use of DSP has resulted in the incorporation of new applications, thus offering new benefits to hearing impaired population.
Asia Pacific and Latin America audiology devices market should offer growth opportunities over the next five years, due to presence of high unmet needs of the large patient pool. Estimates suggest that more than 20% of the population in Japan is over the age of 65 years. Growing geriatric population base in Asian countries with large untapped opportunities such as India, Japan and China is expected to drive growth during the forecast period.
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Key insights from the report include:
- Global audiology devices market size estimates were USD 8.57 billion in 2015, with revenue slated to exceed USD 13 billion by 2023.
- Europe audiology devices market accounted for over 40% of the global revenue in 2015, with 9% growth expected from 2016 to 2023.
- Hearing aids market size was estimated at USD 5.69 billion in 2015. Increased level of awareness among the population, and preference to use aesthetically appealing aids are some of the factors driving growth.
- The threat of new entry in the market is low, mainly due to wide clinical requirements and regulatory concerns. Moreover, the companies entering this market need high capital investment to set up manufacturing facilities.
- Rapid economic development in countries such as South Korea, India, China, Malaysia, Brazil will strengthen the platform for industry growth by enhancing buying power of consumer.
- Global audiology devices market share was dominated by four companies namely Sonova Holdings AG, William Demant Holding A/S, GN Resound Group, and Siemens Healthcare, and comprised about 80% of total market demand. Most manufactures are adopting mergers and acquisitions as major growth strategy, to maintain leadership position in the market.