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
- Patients in developed regions, and in developing regions to some extent, are increasingly becoming conscious of their health issues, which is encouraging them to undergo diagnosis and avail quality care. This continues to gain significance to diagnostic devices in the audiological devices market.
- Demand for audiometers is high in hospitals and clinics to measure the hearing levels of patients. On the back of high adoption, audiometers are likely to record sales tantamount to US$ 685 Mn by 2026.
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- Increasing sales of audiological devices are highly attributable to the growing prevalence of Meniere’s disease. Also, the study finds that, a larger pool of women is affected by this disease as compared to men. Adoption of audiological devices among patients suffering from the disease is projected to grow to 33% by 2026.
- Hospitals are gradually losing prominence in the audiological devices market to clinics, owing to long-wait windows and high treatment costs associated with the former. Clinics are expected to account for nearly 50% of the audiological devices market by 2026.
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.
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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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