Audiology devices market size to exceed $13 bn by 2023

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Audiology Devices Market Size to Exceed 13 bn by
2023 Global Market Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Key Insights from Audiology Devices Market

• Global audiology devices market size estimates
  were USD 8.57 billion in 2015, with revenue
  slated to exceed USD 13 billion by 2023.
• Europe audiology devices market accounted for
  over 40 of the global revenue in 2015, with 9
  growth expected from 2016 to 2023.
• Hearing aids market size was estimated at USD
  5.69 billion in 2015. Increased level of
  awareness among the population, and preference to
  use aesthetically appealing aids are some of the
  factors driving growth . 
• The threat of new entry in the market is low,
  mainly due to wide clinical requirements and
  regulatory concerns. Moreover, the companies
  entering this market need high capital investment
  to set up manufacturing facilities.

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Continued...

• Rapid economic development in countries such as
  South Korea, India, China, Malaysia, Brazil will
  strengthen the platform for industry growth by
  enhancing buying power of consumer.
• Global audiology devices market share was
  dominated by four companies namely Sonova
  Holdings AG, William Demant Holding A/S, GN
  Resound Group, and Siemens Healthcare, and
  comprised about 80 of total market demand. Most
  manufactures are adopting mergers and
  acquisitions as major growth strategy, to
  maintain leadership position in the market.

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Global audiology devices market size, by product,
2016-2023, (USD Million)

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360 Analysis

• Product Analysis
• Hearing aids market size is a predominant
  industry segment, generating over 66 audiology
  devices industry revenue in 2015. Population
  pertaining to the age group 65 years and above
  is expected to rise from 7 in 2000 to 16 in
  2050, which will play a key role in demand
  development.
• Regional Analysis
• Europe audiology devices market size is forecast
  to exceed USD 5 billion by 2023, still remaining
  the largest regional industry. Favorable
  regulatory landscape in the European Union as
  well as rapid adoption of technologically
  advanced hearing aids in response to the high
  deafness prevalence and increased awareness among
  patients are key driving factors.
• Competitive Market Share
• Global audiology devices market share is led by
  Sonova, William Demant, GN Resound, and Siemens.
  These companies collectively accounted for over
  80 of the global demand in 2015.

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