Global Audiological Devices market report
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Analysts at TMRR, influenced by the potential, have published a report on the global Audiological Devices market. As per the report, government support, rising consumption of Audiological Devices , and enhanced purchasing capacity of consumers are characterizing the Audiological Devices market is expected to grow at a CAGR of xx% over the forecast timeframe 2019-2029.
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Trends and Opportunities
Of the key factors supporting the overall growth of the global audiological devices market, the report cites the rising incidence rate of diagnosed hearing loss cases, technological advancements enabling high sound quality, and the vast rise in world’s geriatric population – a demographic highly vulnerable to age-related hearing loss. Rising support from government and international bodies for the increased usage of hearing assistance devices is also boosting the uptake of audiological devices across the globe. Improvements in design and innovations, bringing compact and less visible devices packed with several new features to the market, are also driving the increased adoption of audiological devices across the globe.
Global Audiological Devices Market: Market Potential
The high costs of technologically advanced audiological devices and their exclusion from medical reimbursement plans across most key markets have limited their uptake to a huge extent. The Hearing Loss Association of America states that over 48 mn people in the U.S. suffer from hearing loss and only about 20% of the people who can benefit from hearing aids wear them. With low cost products, the remaining 80% population can be turned into potential consumer base. This is an excellent incremental opportunity as the world’s population is ageing at a rapid pace. A report by United Nations states that over the period between 2015 and 2030, the number of people aged 60 years or more across the globe will rise from nearly 901 mn to 1.4 bn, denoting a 56% rise.
Global Audiological Devices Market: Regional Overview
From a geographical standpoint, the market for audiological devices in Europe contributes to the leading share of revenue to the global market. As a large number of key players in the audiological devices market are based in Western Europe, the region is often the first choice for new product launches. The Europe market also benefits owing to the rapid pace of technological advances, the increasing consumer demand for less visible audiological devices, and the rising prevalence of hearing impairment conditions.
The report identifies excellent future growth opportunities in the Asia Pacific market. Factors backing this assumption include the rising population of geriatrics and the subsequent rise in hearing disabilities, positive developments across the healthcare infrastructures of developing countries, rising disposable incomes, and easy availability of technologically advanced products. The Asia-Pacific market for audiological devices is expected to exhibit growth at a promising pace over the report’s forecast period.
Global Audiological Devices Market: Competitive Dynamics
The global market for audiological devices features a largely concentrated vendor landscape, with a small number of companies accounting for a significant share in the overall market. The need for continuous research and technological advancements in products have developed high entry barriers for new entrants in the global audiological devices market. Nonetheless, the market features intense competition, with leading companies constantly striving to maintain their stronghold. Some of the leading companies operating in the market are Widex A/S, GN ReSound Group, Siemens Healthcare, Cochlear Limited, William Demant Holding A/S, Starkey Hearing Technologies, and Sonova Holding AG.
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The Audiological Devices market research addresses the following queries:
- How does the global Audiological Devices market looks like in the next decade?
- How is the competition of the global Audiological Devices market distributed?
- Which end use segment will have the maximum share of the global Audiological Devices market by the end of 2029?
- Which governing bodies have granted approval to the application of Audiological Devices in xx industry?
- Which region currently holds the largest share of the global Audiological Devices market?
What information does the Audiological Devices market report consists of?
- Production capacity of the Audiological Devices market during the historic year as well as forecast year.
- Basic overview of the Audiological Devices , including definition, applications and manufacturing processes.
- Scrutinization of the competitive landscape into market and regional penetration, acquisitions, and agreements with SWOT analysis.
- Key regions holding significant share in the global Audiological Devices market alongwith the important countries.
- Accurate Year-on-Year growth of the global Audiological Devices market.
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This post was originally published on Analytics News