Audiology Devices Market to Gain Traction; Increasing Prevalence of Hearing Ailment Worldwide to Bolster Growth: Fortune Business Insights™

 The global audiology devices market size is expected to expand substantially owing to increasing prevalence of hearing impairment among people during the forecast period. Fortune Business Insights, publish this information in its latest upcoming report, titled “Audiology Devices Market Size, Share & Industry Analysis, By Product Type (Hearing Aids, Cochlear Implants, Diagnostic Devices, Other Assistive Devices), By End User (Hospitals, Ambulatory Surgical Centers, Clinics, Others) Others and Regional Forecast, 2019-2026.”

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According to a report by the World Health Organization (WHO), globally around 164.5 million people above the age of 65 years are ailing from deafness. To correct the hearing loss in humans, audiology devices are used across the globe. Additionally, they are the electrical devices that comprehensively evaluate, diagnose, monitor, and better the hearing capacity of patients ailing from hearing loss. Furthermore, geriatric population are mostly affected by low hearing capabilities. However, long-term exposure to high decibel sound can also lead to hearing loss irrespective of age.

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What does the Market Report Include?

The market report includes an exhaustive study of several factors such as drivers, restraints, challenges, and opportunities that will affect the growth of the market in the forthcoming years. The report covers regional demographics that include qualitative and quantitative information about the regions that are further divided into nations that are contributing to the growth of the market between 2019 and 2026. Furthermore, the competitive landscape has been discussed in-depth that include information of several players operating in the market. Moreover, information on the adoption of strategies such as merger and acquisition, collaboration, partnerships, and joint ventures by the companies that will drive the growth of the market has been included during the projected horizon.

Drivers and Restraints:

Technological Advancement to Drive the Market

Today, huge technological development and widespread acceptance of the audiology devices has been a boon for anyone who suffer from mild to severe hearing loss irrespective of the age factor. As per the data by the charity organization, Action on Hearing Loss, about one fifth of people in UK will suffer from hearing loss by 2035. However, innovation in devices has replicated to the manufacturers developing advanced devices that will drive the market growth in the forthcoming years. For instance, Bluetooth SIG, a leading hearing aid device manufacturer, in January 2020, displayed its new audio standard hearing aid device, LE Audio. The Bluetooth-enabled hearing device includes features such as low energy consumption, high battery performance, ultra-quality sound, and multi-streaming audio along with audio sharing capabilities.

Regional Analysis:

Increasing Prevalence of Hearing Ailment in North America to Surge Demand

Among the regions, North America is expected to lead the market and further hold highest audiology devices market revenue during the forecast period. This is ascribable to factors such as high prevalence of hearing loss among the population in the region.  Europe, on the other hand, is anticipated to be the second-most leading region during the forecast period. This is attributable to rising incidents of hearing ailment among the people and technological advancement in the production of devices. The market Asia-Pacific will witness substantial growth owing to large pool of geriatric population in the forthcoming years. Additionally, constant improvements witnessed in healthcare infrastructures in Asia-Pacific will bode well for the market growth during the projected horizon.

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Competitive Landscape:

Sivantos Launching New Device to Augur Growth

According to the market report, product launches, facility expansion, merger and acquisition, and collaboration strategies by the companies to maintain market stronghold will drive the market growth during the forecast period. For instance, in March 2019, Sivantos, a leading hearing aid technology solution provider, announced its launch of latest innovation, the Styletto Connect. The device from the stable of popular brand Signia, displays striking design with superior quality connectivity to the wearer’s smartphone by streaming quality videos, music, and calls by connecting to a Bluetooth. Additionally, the device is portable and can be recharged anytime, at any place.

List of the Companies Operating in the Market:

·       Medtronic

·       MedRx

·       Siemens

·       MAICO Diagnostics MED-EL

·       WIDEX

·       Sivantos Pte. Ltd.

·       Starkey

·       Demant A/S 

·       Among others

 

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About the Author

Name: Shridhar Patil

Shridhar Patil is part of a talented team of content writers working at Fortune Business Insights™, one of the promising market research firms in the industry. With quality experience in developing content, he is actively involved in writing articles, press releases, and blogs for the company. He is highly motivated and works towards seeking knowledge from every possible source, with a penchant for updating himself to valuable information around him.