Global value could reach $10 billion by 2024
The global market for audiology devices is estimated to grow at a rate of almost 5 percent annually for the next five years, according to Hexa Research. By 2024, the end of this five-year period, the global market should have a total value approaching or equal to $10 billion.
The market advances will be driven by further developments in technology, as well as the needs of an aging population to utilize hearing-assistive devices.
Hearing aids remain the leading product of the market, generating approximately 60 percent of the market share. Behind-the-ear (BTE) aids had the largest share of the market at about 55 percent, but cochlear implants are predicted to see major growth due to their effectiveness. Demand for canal hearing aids is projected to drive market demand in the coming years.
The researchers said that superior healthcare infrastructure and higher degrees of disposable income cause North America to remain the world’s leading region for use of audiology product, with Pacific Asia and Europe the other main areas of focus. However, India and China, which together comprise a little less than half the world’s total population, remain largely untapped markets for future financial success.
SOURCE: Digital Journal