Unexploited growth options in Brazil likely to serve audiology devices market
According to a new study conducted by Grand View Research, the global audiology devices market is anticipated to reach USD 9.54 billion by 2020, growing at an estimated CAGR of 5.0% over 2014-2020. Untapped growth opportunities in emerging markets such as Brazil, India, and China are likely to fuel the market growth. Hearing aids segment dominated the overall audiology devices market by capturing a lion’s share of 64.1% in 2013. Within the hearing aids segment, Behind-the-Ear (BTE) aids led the market with a share of over 55.5% in 2013 owing to its comfort and connectivity. Europe dominated the global market in 2013, with the largest share of 40.0% of the global revenue. Factors contributing to the market growth include, launch of advanced products such as wireless devices and adaptation of these devices by the aged population, along with increase in demand of cost-effective and efficient devices. The Asia Pacific audiology devices market is estimated to represent the fastest growth rate of 7.4% over 2014-2020 owing to unmet medical needs, improving healthcare infrastructure, and a growing population. Cochlear implants would probably achieve significant growth over the forecast period due to its high efficiency in terms of sentence understanding. The key global players of this market are William Demant Holdings, GN ReSound Group, Sonova Holdings, Starkey Hearing Technologies, Siemens Healthcare and Widex A/S, Phonak, Audioscan, Cochlear, Interacoustics, ReSound, Rayovac, Advanced Bionics, MED-EL, Natus, Duracell, Grason-Stadler, Sophono, Oticon, MedRx, Power One, Austar Hearing, National Hearing Care, and NHC/Amplifon.