Global Audiology Devices Market valued $13bn by 2023: Fractovia.org As per the new research report “Audiology Devices Market Size By Product [Hearing Aids Market By Product [In-The-Ear, Receiver-in-the-Ear (RITE), Behind-the-Ear (BTE), Canal], By Technology (Analog, Digital)], Cochlear Implants, BAHA/BAHS, Diagnostic Devices (Tympanometers, Otoscopes, Audiometers), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Brazil, South Africa), Application Potential, Price Trend, Competitive Market Share & Forecast, 2016 - 2023”, Audiology Devices Market size was over USD 8.5 billion in 2015 with 5.8% CAGR estimation from 2016 to 2023. Rising geriatric population along with frequent cases of sensorineural hearing loss will fuel audiology devices market share substantially. Increasing incidences of deafness is a major health concern, in which regards, several government and organisational initiatives have been launched to spread awareness pertaining to the hearing impairment and encourage the use of audiology devices, which will inturn enhance the audiology devices industry outlook. According to Global Market Insights, Inc., “Worldwide audiology devices market is predicted to generate a revenue of more than USD 13 billion by 2023.” Moreover, huge R&D investments by the market players to enhance product portfolio and develop innovative hearing aid products will further fuel audiology devices market size over the next few years.
Hearing aids market is anticipated to contribute over 60% of the overall audiology devices industry revenue by 2023. Hearing aids product is mainly divided into behindthe-ear (BTE), receiver-in-the-ear (RITE), in-the-ear, and canal. BTE products contributed majorly towards the hearing aids industry share in 2015 and is expected to be a prominent revenue contributor over the coming years. Canal hearing aids will collect a revenue of more than USD 800 billion by 2023, driven by its ability to fit in the ear canal comfortably. Digital, analog, BAHA or BAHS, cochlear implants, and diagnostic devices are the key technology segmentations for the audiology devices market. Cochlear implants technology will exhibit a lucrative growth rate by recording a CAGR of 10% over the coming six years. The growth can be primarily attributed to its benefits over the conventional products. In addition to this, increased reimbursement strategies will further influence the cochlear implant based audiology devices industry considerably. Diagnostic device technology was worth USD 500 million in 2015 and is predicted to grow noticeably over the coming timeline. 1|Page