Bone conduction devices market expected to grow
- Published on 17 August 2017
RnR Market Research has released a new market research and competitive analysis report on the global bone conduction devices market which it reports is expected to grow at an annual rate of 14.23%.
The reported growth rate of over 14% corresponds to the compound annual growth rate (CAGR), commonly used in market analyses. The report is based on market analysis and industry input, and covers the market landscape and its growth prospects for the period 2017-2021. It contains a comprehensive market and vendor landscape and a SWOT analysis (strengths, weaknesses opportunities, threats) of the key vendors including Cochlear Ltd, MED-EL, Medtronic and William Demant, indicates WhaTech.
One of the strong drivers of the technology-centered bone conduction devices market is the advantages of bone-anchored hearing aids (BAHAs) compared to other devices. The lower levels of discomfort associated with BAHAs are considered an important factor, according to the report.
The analysis found that one major challenge in this industry is the high cost of the devices: the products are sold at an average price of USD 4,000 to 7,500, considerably higher than conventional hearing aids that often cost USD 1,000 to USD 4,000. Despite this, the cost of the devices is expected to increase over the forecast period because of the strong focus on quality and technology.
The report divides the market into segments based on geographical grouping, the Americas, APAC (Asia-Pacific) and EMEA (Europe, the Middle East and Africa).