Fact.MR Forecasts Sales of Audiological Devices to Exceed US$ 13 Bn by 2026
Prominent players in the audiological devices market are pushing for the adoption of cochlear implants, to meet the needs of patients with severe hearing loss.
"Tech advancements will be a key influencer in bolstering the revenue of the audiological devices market. Rechargeable devices powered by lithium-ion batteries will help reduce costs and will replace conventional audio devices," concludes the Fact.MR report.
Audiological Devices Market – Key Takeaways
• Audiometer devices to gain substantially, accounting for US$ 685 Mn through the forecast period, driven by clinic and hospital applications.
• In terms of end user segments, hospitals are gradually losing ground, to clinics owing to high costs and long wait times.
• Clinics will attain half of the global market share by the end of 2026.
• Diagnostic devices to gain importance with impetus from growing awareness among patients.
• Europe to remain a leading global market, with major growth through 2026, driven by a high number of hearing loss cases.
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Audiological Devices Market – Driving Factors
• Rising awareness among end users about the treatment options for hearing impairments are driving the profits of audiological devices market.
• Growth in the prevalence of Meniere's disease cases to support growth of global market, accounting for a 33% growth in the adoption rate.
• The rising geriatric population and a number of emerging market players has resulted in a larger consumer base, sustaining market growth.
• Renewed focus on customized design options is pushing the audiological devices market.
• Advances in technology such as wireless connectivity contribute to sales of audiological devices.
Audiological Devices Market – Constraints
• The high cost of surgical solutions involving hearing aids is a key factor impacting market growth.
• The social stigma associated with the appearance of audiology devices will also restrict the market.
The leading players profiled in the report include, but are not limited to Sivantos Pte. Ltd., William Demant Holding A/S, WIDEX A/S, GN Store Nord A/S, and Sonova.
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