Market Overview

Aging Population and Rising Incidence of Hearing Loss to Drive Demand for Audiological Devices, According to New Report by Global Industry Analysts, Inc.

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GIA announces the release of a comprehensive global report on Audiological Devices markets. Global market for Audiological Devices is projected to reach about US$9.0 billion by the year 2018, primarily driven by rising prevalence of hearing problems and technological advancements in these devices, especially the incorporation of wireless technology. Further, factors such as Government support in the form of favorable policies and support programs, waxing prominence of emerging markets and favorable dynamics in usage patterns regarding these devices are expected to foster market growth.

San Jose, California (PRWEB) October 25, 2012

Follow us on LinkedIn – Prevalence of hearing problems has been on the rise over the last few decades, primarily due to increasing aging population as well as increasing incidences of hearing loss in the younger generation. Accordingly, the area of science and technology made significant advances bringing to the fore several devices and implants that help address hearing loss issues and restore hearing functions. Innovative hearing aids and implants assist patients in leading a normal life, in turn leading to significant adoption of these devices.

As the incidence of acquired hearing loss, especially among younger generations, as well as among the elderly increases, demand for audiological devices used for diagnosing and addressing hearing loss is expected to expand. Initiatives from Governments worldwide as well as dynamics in usage patterns of these devices are also expected to drive the demand in the foreseeable future. On the flip side, factors such as the stigma associated with usage of these products, reimbursement issues, coverage under insurance schemes, and macro economic conditions act as major hurdles to rapid growth of these products. In some regions, and in case of some product segments, prices of these devices, along with lack of awareness continue to be major roadblocks to widespread adoption of hearing aid devices and implants. These factors have historically resulted in lower penetration of hearing aids and implants, which even to this date plague the market.

As stated by the new market research report on Audiological Devices, North America and Europe dominate the global market. Technological advances and an aging population are the key drivers of growth for these devices in the developed markets. The latter is particularly true with respect to hearing aid sales, which is highest among the aged population in the US and Europe, when compared to individuals with hearing loss in other age groups. Asia-Pacific represents the fastest growing regional market for audiological devices, with dollar sales projected to grow at a compounded annual rate of 6.8% over the analysis period. The region dominates in terms of number of patients with hearing problems worldwide. Although penetration/adoption levels of hearing aid devices and implants presently sulk at the bottom, this in turn also represents a perfect ground for robust future growth. Additionally, increasing incomes in emerging markets such as India, China, and Taiwan would act as a major driver for the adoption of audiological devices such as hearing aids in the years ahead.

Global market for hearing aids has been witnessing dramatic technological advancements over the past decade or two. A noteworthy trend was the shift from analog devices to digital hearing aids. Following this was the integration of wireless technology in these devices, marked by the launch of the Epoq instrument by William Demant Holding. A more recent advancement was the emergence of the wireless RISE technology. Technological advancements are important from the manufacturers' point of view, especially in their drive to maintain higher price levels. Pertinently, manufacturers continue to make design and technology advancements in the premium segment, to sustain margins. Other advancements within hearing aid products include enhanced design for easy usage, battery longevity, customized hearing aids with wireless capability for total communication, as well as enhanced signal processing.

Manufacturers are putting in efforts to capture the interest of the younger population with cosmetically attractive and small sized hearing aids. Additionally, hearing devices are also being offered in convergence with consumer electronics including FMs and iPods. Resultantly, market growth is expected to stem from growing demand for hearing instruments that are less conspicuous, and which incorporate superior hearing technologies, such as digital and programmable hearing instruments. Another factor impacting market growth is the miniaturization trend that led to the development of hybrid analog/digital devices, which are more advanced than their contemporaries. Digital hearing aids continue to gain market share at the expense of conventional analog hearing aids. The trend is driven by the narrowing price difference between digital aids and analog aids.

Cochlear implants represent the fastest growing segment in the audiological devices market. Over 278 million people worldwide suffer from moderate to profound hearing loss, which highlights significant growth potential for this market. For years, cochlear implant makers have witnessed tremendous growth in sales buoyed by an effervescent pediatric segment in the developed markets. A major factor that benefited this market growth was a broader implementation of screening programs for children. The market has also benefited from the emergence of trend towards bilateral implantation. Despite the potential, garnering growth in this market is expected to be a tough task for manufacturers owing to high product costs and lack of reimbursement available in certain markets.

Rising competition in the audiological devices market is promoting players to scout for means to sustain presence. Of all such endeavors, product diversification and vertical integration appears to be catching significant momentum, particularly in the hearing aids industry, with players continuing to purchase dispensers of these products. Cochlear Ltd., Med El, and Sonova represent global leaders in the cochlear implants market. Major players in the hearing aids marketplace include William Demant, Starkey, Siemens, GN Resound, Sonova, and Widex.

The research report titled "Audiological Devices: A Global Strategic Business Report" announced by Global Industry Analysts, Inc., provides a comprehensive review of trends, issues, strategic industry activities, and profiles of major companies worldwide. The report provides market estimates and projections (US$) for product segments Hearing Aids (Behind-the-ear, In-the-ear, In-the-canal, and Completely-in-the-canal); Measurement/Testing Devices (Otoscopes, Audiometers, Impedence Analyzers, Hearing Aid Analyzers, and Others); and Cochlear Implants. Key geographic markets analyzed include the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific, Latin America, and Rest of World.

For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Audiological_Devices_Market_Report.asp

About Global Industry Analysts, Inc.

Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

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Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

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