The future of the global audiological devices market will be shaped by digital devices supplanting their analog counterparts, says Transparency Market Research in a report published recently. In its report, titled, “Audiological Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018,” TMR analysts predict that the market will be worth US$8.6 bn by 2018. The market is expected to rise from its 2011 valuation of US$6.2 bn at a 4.9% CAGR through the report’s forecast period. Audiological devices are used for identifying whether a hearing impairment exists and to what degree. The treatment of hearing disorders is done via a separate set of audiological equipment.

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A rise in the number of people suffering from age-related hearing impairments will create a massive demand for audiological devices worldwide. Globally, a third of people aged 65 years or more are reportedly affected by disabling hearing loss. The WHO estimates that over 360 million people across all ages worldwide suffer from disabling hearing loss and that the current production rate of hearing aids fulfils just about 10% of the global need. As healthcare agencies work toward filling this gap, companies in the audiological devices market will have to respond by launching new products and upping their production volume.

However, people often desist from wearing conspicuous hearing aids because of the social stigma associated with deafness, especially if it is not age-related. Discreet and sophisticated hearing aids provide a better solution in such cases. According to a TMR analyst, “there is a massive market for hearing aids that offer advanced features such as water resistance and wireless form factor. Companies in the market cannot afford to overlook design specifications as the cosmetic appeal of hearing aids is taking precedence.”

The report segments the global audiological devices market by product type and geography. By products, the market is segmented into: Hearing aids, bone-anchored hearing aids, cochlear implants, and diagnostic devices. The hearing aids segment is further segmented into: canal hearing aids, in-the-ear (ITE) aids, behind-the-ear (BTE) aids, and receiver-in-the-ear aids. Likewise, the diagnostic devices segment is split into otoscopes, audiometers, and tympanometers. The use of in-the-ear and behind-the-ear hearing aids is most widespread primarily because they allow the wearer to hear clearly and are comfortable to use. Among the elderly, there is a higher preference for BTE hearing aids because they can be cleaned easily and are easier to handle.

Basis geography, the report studies the following markets: North America, Asia Pacific, Europe, and Rest of the World. Europe is the leader in the audiological devices market – the region is home to several audiological device makers and thus benefits from several new products being launched here first. The developing healthcare infrastructure will open a window of opportunity for companies in the audiological devices market in Asia Pacific in the coming years, the report states.

Companies profiled in the report include: GN ReSound Group, Cochlear Limited, Siemens Healthcare, Starkey Hearing Technologies, Sonova Holding AG and others.

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Global Audiological Devices Market, by Product Type

• Hearing Aids
  • Behind-the-Ear (BTE) Aids
  • Receiver-in-the-Ear Aids
  • In-the-Ear (ITE) Aids
  • Canal Hearing Aids (In-the-Canal(ITC), Completely-in-Canal(CIC) and Invisible-in-Canal (IIC))
• Bone Anchored Hearing Aids (BAHA)
• Cochlear Implants
• Diagnostic devices
  • Audiometers
  • Tympanometers
  • Otoscopes

Major geographies analyzed under this research report are:

• Europe
• North America
• Asia-Pacific
• Rest of the World