Increased Incidences of Hearing impairments to boost global Audiological Devices market
A recent study on the global Audiological Devices market has projected the revenues to rise to the worth of ~US$ xx Mn/Bn by 2026 end. The report highlights the key growth drivers and trends that will contribute to the growth momentum of the market. The report provides an incisive analysis of the growth dynamics and quantitative assessment of the revenue potential in various regions and across key products, application/end-use industry, and technology segments. It provides a comprehensive insight into the shares and sizes of the various segments in each year of the forecast period. The assessment of the growth dynamics in the Audiological Devices market cover the year-over-year growth of key geographies, and the incremental opportunities in numerous key countries.
Total amount of revenues in the global audiological devices market is estimated to grow stupendously in the forthcoming years. Some of the key reasons behind this promising growth is increased instances of hearing impairments and growth in older population. A 2019 report from World Health Organisation (WHO) highlights that total amount of expenses spent on unaddressed hearing loss issues in the world is about US$ 750 bn. The report underlines that total number of people living with hearing disabilities in the world are around 466 million. These statistics demonstrate the growth avenues for the global audiological devices market in the upcoming period. WHO also states that growing number of older population is one of the key reasons for this increased instanced of hearing impairments. This factor is spurring the demand for audiological devices.
The present Fact.MR article aims to offer detailed information on key trends and factors impacting positively or negatively on the growth of the global audiological devices market. According to the estimations from analysts, the market will show growth at a moderate pace with a CAGR of around 5% between the period of 2020 to 2026. The key reason behind this growth is said to be the growing deafness cases in worldwide population due to aging.
Based on products, the global audiological devices market is segmented into hearing aids, bone-anchored hearing aids, cochlear implants, and diagnostic devices. Among all, hearing aid segment holds major market share. Key reason behind this dominance is the convenient process while implanting these devices when compared to other procedures.
Retaining Quality of Devices
Major vendors in the global audiological devices market are poring efforts to improve the quality of products they offer. These efforts include carrying our research and development ctivities to launch technologically advanced products with improved hearing abilities. Introduction of new research center is one of such supportive moves. A case in a point is recent announcement by Sonova. The company stated that it has opened innovation lab in Canada. This move is expected to support the growth of the global audiological devices market during upcoming period.
Major healthcare centers including clinics, hospitals, and ambulatory surgical centers have focused their efforts to use advanced tools in the treatment of hearing disabilities. This move is pushing the global audiological devices market.
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Besides, several vendors are chasing key strategies such as alliances, collaborations, and mergers and acquisitions to withstand in the competitive landscape of the global audiological devices market. GN Store Nord A/S, William Demant Holding A/S, WIDEX A/S, and Sivantos Pvt. Ltd. are some of the key vendors contributing to the growth of the market besides Sonova. Many companies are also putting efforts to expand their reach in new regions through these alliances.
Increase in Various Disease Conditions to Boost Market Demand
Besides growing aging population, there will be increase in the demand for audiological devices due to numerous disease conditions. Increased instances of diseases such as Meniere’s disease, otosclerosis, otitis media, and acoustic tumors is driving the global audiological devices market.
Europe has been on the forefront when it comes to the instances of hearing impairments. Increased cases of deafness and other hearing issues will spur the growth of the audiological devices market. Besides, Asia Pacific, North America, Middle East and Africa, and Latin America are other regions pushing the global audiological devices market growth.
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