Steady growth expected in audiology market

Details

Published on 16 July 2013

The global audiological devices market was valued at $6.2 billion (US) in 2011 and is expected to grow at a Compound Annual Growth Rate of 4.9% from 2012 to 2018 – an estimated value of $8.6 billion by 2018, according to a new market report published by Transparency Market Research.

This steady growth is related to the aging population and rise in the prevalence of hearing loss, increasing technological advancements in digital hearing aids and newer forms of hearing devices.

“The rise in incidence of hearing impairment in both children and adults, and occupational, nerve and congenital deafness, generates a large patient pool to be dispensed with hearing aids,” the report states. “The rise in demand for hearing aids with an aesthetic appeal such as invisible-in-the-canal hearing aids, is also expected to fuel the growth of this market.”

The market for hearing aids accounted for the largest share of the total audiological devices market, whereas the cochlear implants market is expected to witness the highest growth during the period of forecast.

Exhaustive product portfolios offered by manufacturers, favorable reimbursement policies and efficient sales and distribution networks laid by manufacturers drive the growth of the market for hearing aids. BTE and ITE are the most popular types of hearing aids due to their ease of use, efficiency in treating a wide extent of hearing loss, comfort level, connectivity and cosmetic preferences of consumers.

Source: Transparency Market Research (Ed note: the company is based in US and India)