Albany, NY, May 8, 2015 (GLOBE NEWSWIRE) -- A recent study by Transparency Market Research (TMR) forecasts that the global audiological devices market will grow at a CAGR of 4.9% between 2012 and 2018. TMR, a market intelligence company, based in the United States reports that the global audiological devices market valued at US$6.2 billion in 2011 and is Expected to reach a market value of US$8.6 billion by 2018. The report titled 'Audiological Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018' is available for sale on the website. .
"Audiological Devices Market to be Propelled Technological Developments and Growth in Hearing Disabilities"
This TMR research report states that few of the prominent factors driving the global audiological devices market include: introduction of newer varieties of hearing devices, a growing geriatric population, and greater technological developments in the area of digital hearing aids. Apart from being used as devices for studying hearing, audiologists use these devices for diagnosing and treating hearing loss. The audiological devices market is characterized by rising demand for aesthetically designed hearing aids and devices. Invisible-in-the-canal hearing aid is one such device. The demand for aesthetically designed hearing aids is expected to increase in the years to come.
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According to this market research report, the global audiological devices market is segmented on the basis of product type and geography. Owing to improved performance, analog hearing aids are being replaced by digital hearing aids. Based on type of product, the global audiological devices market is categorized into cochlear implants, hearing aids, diagnostic devices, and bone anchored hearing aids (BAHA). In-the-ear (ITE), behind-the-ear (BTE), receiver-in-the-ear, and canal are the different variants of hearing aids dominating the global market for audiological devices. Otoscopes, tympanometers, and audiometers are the three main forms of diagnostic devices in this market. Canal hearing aids are further categorized into invisible-in-canal (IIC), completely-in-canal (CIC), and in-the-canal (ITC).
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Geographically, the research report segments the global audiological devices market into Asia Pacific, North America, Europe, and Rest of the World. Europe holds the highest share in the global audiological devices market both in terms of revenue and volume. The introduction of latest products mostly takes place in the European market since majority of the key market players are located in this region. Continuous developments in healthcare infrastructure, greater incidence of deafness, and healthcare reforms are the key factors driving the Asia Pacific audiological devices market. Social stigma and high costs of surgical solutions are the two glaring challenges facing the global audiological devices market.
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Siemens Healthcare, Starkey Hearing Technologies, Sonova Holding AG, GN ReSound Group, Cochlear Limited, William Demant Holding A/S, and Widex A/S are some of the key companies operating in the global audiological devices market.
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.