New forecast analyses for the audiological devices market

TMR emphasizes the high market concentration in this sector: the top six players account for a massive proportion of the overall market share. According to the group, there is a high entry barrier to new entrants but the market is nonetheless characterized by strong competition, with each of the majors working to maintain their standing.

Among the factors supporting the market, the report cites the increasing incidence of diagnosed hearing loss and greater support from many governments and international organizations for the use of hearing assistive devices. The stigma associated with these devices may still be affecting the market, although innovation and design improvements bringing smaller, less visible devices are mitigating this factor.

iData also highlights the importance of innovation in the market in its report. The efforts companies have made in the technological area have led to improvements in sound quality and customer satisfaction. Multiple new features on offer are also supporting growth in the hearing aids market. Concerning concentration, iData reports that emerging competitors are gaining market share through niche segments like bone-anchored hearing aids, cochlear implants, and middle ear implants.

The audiological diagnostic equipment segment is expected to show overall slower growth than the other segments due to high market penetration. The device battery segment is, however, expected to grow rapidly in light of new technologies and increased demand.