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Global Audiological Devices Market to Register a Value of US$ 13 Bn by 2026
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The audiological devices market is set to reach $13 billion by 2026, driven by increased adoption of hearing aids and cochlear implants.
A recent study published by Fact.MR shows a marked rise in the adoption of hearing aids, which is projected to grow in excess of US$ 8 Bn by 2026, as individuals are evincing high interest towards high-tech devices to treat hearing loss. Availability of a wide range of hearing aids further offers choices to select the right audiological device, which is resonating well with individuals suffering from poor hearing conditions.
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Receiver-in-the-ear is the most preferred hearing aid, and is expected to witness a CAGR of around 5.1% during the forecast period (2020-2026), on account of its lightweight and easy accessibility. However, hearing aids may not be effective among individuals with severe hearing loss, which is likely to fuel the adoption rate of cochlear implants during the forecast period.
Key Highlight of Audiological Devices Market Study
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Audiological Devices Market Segmentation
Fact.MR has studied the audiological devices market with detailed segmentation on the basis product, disease type, end-user and key regions.
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Product Innovation – A Key Strategy Adopted by Players across All Tiers
Key parameters forming the basis of competition in the audiological devices market include distribution partnerships, pricing, and product differentiation. Leading players—Medtronic, William Demant, Sonova, and Starkey Hearing Technologies—undertake intense research & development activities to stay ahead of the curve through product innovation.
The latest hearing aids are integrated with wireless technology that helps them connect to Android and iOS devices. Moreover, players in the audiological devices market continue to focus on the development of sleeker hearing aids to offer convenience to patients.
Expansion of product portfolio is the strategy adopted by players of all tiers. For instance, GN Store Nord A/S announced the launch of Interton Ready, which is built on 2.4 GHz connectivity that helps individuals listen to songs and use it for phone calls.
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The article discusses the growth of the global audiological devices market, projected to reach $13 billion by 2026.
Increased adoption of hearing aids and cochlear implants, along with technological advancements, drive market growth.
Receiver-in-the-ear hearing aids are the most preferred, expected to have a 5.1% CAGR.
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