Geriatric Population Driving Demand in Audiological Devices Market

San Francisco, California, December 29, 2017: According to the World Health Organization (WHO), nearly five percent of the world’s population or about 360 million people suffered from hearing disorders as of February 2017. This substantial consumer base forms a formidable market for audiological devices, according a fresh business intelligence report by TMR Research. The report, titled “Audiological Devices Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025,” provides exhaustive outlook of the current condition of the market and estimations on its future prospects.

Recent technological advancements such as the advent of wireless hearing aids have been a boon for the global audiological devices market, which is further gaining traction from escalating percentage of geriatrics in global population. It must be noted that in addition to geriatrics, complications during birth, particular infectious diseases, usage of certain drugs, and exposure of laud noise can cause hearing issues. People aged over 60 years frequently suffer from hearing disorders and these technologically advanced devices and wireless hearing aids ideally meet the requirement, and thereby driving the demand in the global audiological devices market.

In addition to that, the reimbursement policies in a number of countries across developed and developing economies have improved radically, providing basic care to their citizens and promoting the usage of new aids. The WHO report has also said that nearly a billion younger generation between the age-gap of 12 to 35 years stand at the risk of hearing disorders as a result of frequent exposure to noise in recreational settings.

On the other hand, the premium cost of these products as well as associated surgeries, social stigma pertaining to the presentation of these devices, and lack of information among large masses in emerging economies are some of the restraints obstructing the global audiological devices market.

Based on product type, the audiological devices market can be segmented into cochlear implants, bone anchored aids for hearing, hearing aids which can be digital or analog, RITE (receiver in the ear) aids, ITE (in the ear) aids, canal aids such as ITC (in the canal), CIC (completely in canal), and IIC (invisible in canal), audiometers, diagnostic devices, otoscopes, and tympanometers.

Geographically, the developed country of the U.S. is expected to maintain North America are the most profitable region in the global audiological devices market during the forecast period of 2017 to 2025. Nearly a quarter of citizens of the U.S. have public plans which includes Medicaid, which is funded by the state government and includes more than fifty percent of the children. While Germany, the U.K., and France make Europe as second most profitable region, vastly populated region of Asia Pacific is expected to turn into highly profitable towards the end of the forecast period. The emerging economies of India and China are at the forefront of the demand in Asia Pacific audiological devices market.

This report evaluates the potential of demand for audiological devices from every important region and country across the globe, providing historical figures on how the demand has evolved in the past few years and estimates how it will develop in the future.

As far as the competitive landscape of the global audiological devices is concerned, the scenario of fragmented although a few players do hold a position of strength via their impressive product portfolio. Sonova Holdings, William Demant Holdings, Benson Medical, Tremetrics, Advanced Bionics, Sophono, Phonak, Ambco, Inmedico, Starkey Hearing Technologies, Micro-tech, TV Ears, Geemarc, Siemens Healthcare, GN ReSound Group, Widex, Natus, Maico, MED-EL, MedRx, Serene Innovations, and Amplicomms are some of the notable vendors operating in this market.

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Author: Rohit Bhisey

As Head of Marketing at TMR Research, Rohit brings to the table over a decade of experience in market research and Internet marketing. His dedication, perseverance, and passion for perfection have enabled him to achieve immense success in his field. Rohit is an expert at formulating new business plans and strategies to help boost web traffic. His interests lie in writing news articles on technology,healthcare and business.

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