New audiology device market analysis: 2015-2023
Market
Global Market Insights released a new review of the audiology market this month, showing that market growth is expected across all sectors in the coming years.
According to the report, the increasing prevalence of hearing loss along with an expanding elderly population worldwide, and integration of new technologies, explain the growing size of this market, which was valued at USD 8.57 billion in 2015. Demand for visually appealing devices is also driving the market. Increased adoption and penetration rates for digital hearing aids have also been observed.
Hearing aids represent by far the largest market segment, accounting for over 66% of revenue in the industry in 2015. Cochlear implants are second in line, followed by bone-anchored hearing aids (BAHA) and diagnostic devices. A similar level of growth is expected across all these market segments. The cochlear implants market is expected to generate over USD 3.5 billion in revenue by 2023. Europe is still the largest region in terms of revenue and the size of the audiology devices market is forecast to exceed USD 5 billion by 2023 in this region. The EU’s favorable regulatory landscape and rapid adoption of technologically advanced hearing aids are cited as important factors.
The forecast target for the market exceeds USD 13.4 billion by 2023, with a CAGR (compound annual growth rate) of over 5.5%. The report includes a market share analysis. Sonova, William Demant, GN Resound, and Siemens together currently account for over 80% of global demand.
Source: Global Market Insights
