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Audiological Devices - Global Market Trajectory & Analytics

  • ID: 338839
  • Report
  • July 2020
  • Region: Global
  • 390 Pages
  • Global Industry Analysts, Inc
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Global Audiological Devices Market to Reach $13.3 Billion by 2027

Amid the COVID-19 crisis, the global market for Audiological Devices estimated at US$10 Billion in the year 2020, is projected to reach a revised size of US$13.3 Billion by 2027, growing at a CAGR of 4.2% over the analysis period 2020-2027. Hearing Aids, one of the segments analyzed in the report, is projected to record a 4.1% CAGR and reach US$8.8 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Cochlear Implants segment is readjusted to a revised 4.9% CAGR for the next 7-year period.

The U.S. Market is Estimated at $2.7 Billion, While China is Forecast to Grow at 7.5% CAGR

The Audiological Devices market in the U.S. is estimated at US$2.7 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.9 Billion by the year 2027 trailing a CAGR of 7.4% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.3% and 3.2% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 2.2% CAGR.

BAHA/BAHS Segment to Record 3.8% CAGR

In the global BAHA/BAHS segment, USA, Canada, Japan, China and Europe will drive the 3.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$298.9 Million in the year 2020 will reach a projected size of US$373.9 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.9 Billion by the year 2027, while Latin America will expand at a 4.7% CAGR through the analysis period. We bring years of research experience to this 18th edition of our report. The 390-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.

Competitors identified in this market include, among others:
  • Advanced Bionics Corporation
  • AUDITDATA A/S
  • Bernafon AG
  • Cochlear Limited
  • GN ReSound A/S
  • Natus Medical Inc.
  • Oticon A/S
  • Oticon Medical AB
  • Phonak AG
  • Sivantos Pte. Ltd.
  • Sonic Innovations Inc.
  • Sonova Holding AG
  • Starkey Hearing Technologies
  • Widex A/S
  • William Demant Holding A/S

The global analysis and forecast periods covered within the report are 2020-2027 (Current & Future Analysis) and 2012-2019 (Historic Review). Research estimates are provided for 2020, while research projections cover the period 2021-2027.
Note: Product cover images may vary from those shown
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I. INTRODUCTION, METHODOLOGY & REPORT SCOPE

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

Audiology Devices - A Review

Recent Market Activity

Growth Drivers and Restraints

Growth Drivers

Growth Restraints

Outlook

Hearing Aids Market Review

Cochlear Implants - The Fastest Growing Product Segment

Developed Markets - Traditional Revenue Contributors

Emerging Markets - Underpenetrated with Immense Growth Potential

Overcoming Social Stigma - Critical to Boost Penetration

Hearing Loss - Global Landscape

A Snapshot of Global Hearing Loss Statistics

Rising Prevalence of Age-Related Hearing Loss

Increasing Hearing Impairment among Younger Population

Global Competitor Market Shares

Audiological Devices Competitor Market Share Scenario Worldwide (in %): 2020 & 2029

Impact of Covid-19 and a Looming Global Recession

2. FOCUS ON SELECT PLAYERS

AUDITDATA A/S (Denmark)

Cochlear Limited (Australia)

GN ReSound A/S (Denmark)

Med-EL Medical Electronics (Austria)

Natus Medical Incorporated (USA)

Sivantos Pte. Ltd (Singapore)

Sonova Holding AG (Switzerland)

Advanced Bionics Corporation (USA)

Phonak AG (Switzerland)

Starkey Hearing Technologies (USA)

Widex A/S (Denmark)

William Demant Holding A/S (Denmark)

Bernafon AG (Switzerland)

Oticon A/S (Denmark)

Oticon Medical AB (Sweden)

Sonic Innovations, Inc. (USA)

3. MARKET TRENDS & DRIVERS

Innovations Drive Penetration of Hearing Aids

Next-Generation Hearing Aids to Extend Functionality beyond Hearing

Wearables/Hearables - An Emerging Alternative

PSAPs Draw Attention

Smart Glasses - Heralding a New Revolution

RIC/RITE Hearing Aids Gain Share

Hearing Aid Suppliers Eye Rechargeable Batteries

Market Ramps Up Miniaturization

Digital Technology Takes Precedence

Binaural Fittings Market to Grow

Consumers Demand More Value-Added Features

Customization - The Driving Force behind Product Specialization

Growing Need to Curb Healthcare Costs to Spur Demand for Audiology Devices

E-Commerce Boom to Buoy Growth in Hearing Aids Market

Hearing Aids and the World of Connectivity

Exciting Possibilities Afforded by Hearing Aid Compatible Smartphones

Mobile Hearing Apps Ecosystem Continues to Expand

Disposable Hearing Aids

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

GEOGRAPHIC MARKET ANALYSIS

UNITED STATES

Market Facts & Figures

US Audiological Devices Market Share (in %) by Company: 2020 & 2025

Market Analytics

CANADA

JAPAN

CHINA

EUROPE

Market Facts & Figures

European Audiological Devices Market: Competitor Market Share Scenario (in %) for 2020 & 2025

Market Analytics

FRANCE

GERMANY

ITALY

UNITED KINGDOM

SPAIN

RUSSIA

REST OF EUROPE

ASIA-PACIFIC

AUSTRALIA

INDIA

SOUTH KOREA

REST OF ASIA-PACIFIC

LATIN AMERICA

ARGENTINA

BRAZIL

MEXICO

REST OF LATIN AMERICA

MIDDLE EAST

IRAN

ISRAEL

SAUDI ARABIA

UNITED ARAB EMIRATES

REST OF MIDDLE EAST

AFRICA

IV. COMPETITION

Total Companies Profiled: 57

Note: Product cover images may vary from those shown
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