- Published on 09 February 2015
San Francisco-based Grand View Research Inc. has released results of a new 2014-2020 forecast on the value of the worldwide audiology devices market.
The report analyzes the market size in 2013 and provides expected growth trends and market forecasts from 2015 through 2020. The market analysis includes all audiology devices and divides the sector into cochlear implants, diagnostic devices, tympanometers, otoscopes, audiometers, bone-anchored hearing devices, and hearing aids. It also provides regional outlooks for devices in North America, Europe, the Asia-Pacific region, and RoW (rest of the world).
According to the report, the global market for audiology devices is expected to reach more than USD 9,500 million by the year 2020. The growth forecast is estimated to be 5.0% from 2014 to 2020, as a compound annual growth rate (CAGR). Highest growth is expected in the Asia-Pacific region with 7.4%.
For 2013, it found that hearing aids had the highest overall market share in terms of revenue at 64.1% and that behind-the-ear (BTE) devices held the largest share by product at over 55%. Europe accounted for the largest proportion of global revenue from audiology devices at over 40%.
Major drivers of this market, cited in the report, include technological progress such as wireless devices, improved user acceptance among the elderly population, and increased demand for cost-effective and efficient devices. Emerging markets such as Brazil, China, and India, and increasing health awareness in these countries, are also highlighted as growth opportunities for the industry.
Source: Grand View Research Inc.