Increased Options for Customization Drive Adoption of Audiological Devices
Audiological devices have advanced in terms of technology in recent years, with digital tech becoming mainstream. Some of the key innovations in the industry includes aspects of cognitive science, wireless technology, hearing sciences, and digital chip technologies.
Dynamics are expected to play a key role in the future developments in the audiological devices market, which is projected to result in an expansion of 1.3 times through the forecast period ending in 2026. This growth can be largely attributed to the significant population percentage which is affected by hearing disabilities around the world. This trend is expected to continue as people are increasingly at risk of being subjected to loud noise.
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Asia Pacific to Display Strong Growth Rates
Countries across the Asia Pacific are displaying a healthy CAGR of ~ 6.5 per cent in the regional audiological devices market, which can be largely attributed to better balance in terms of the ratio between regional demand and the supplies.
Further, countries like Japan have become major contributors owing to substantial geriatric populations. In addition, Australia is also rapidly becoming a market of choice for manufacturers, as one in six people there are estimated to suffer from some form and degree of hearing disabilities, generating substantial opportunities for players in the country.
In addition, the Chinese government has been investing larger amounts into local healthcare infrastructure. Such government initiatives are pushing manufacturers to invest into product innovations for better performance standards of diagnostic devices and hearing aids.
With the favorable conditions of growth in the Asia Pacific, major manufacturers are gradually transitioning operations to this region. The trend is being supported by recent relaxations to rules governing foreign direct investments, bolstering operations in the region, generating lucrative opportunities and supporting tech advancements in the field.
Ambulatory Surgical Centers Gain Importance
As the requirements for hearing aids is on the rise, manufacturers of audiological devices are pushing the integration of cutting edge technology for bolstering features in their offerings, which includes aesthetic aspects for increasing cosmetic appeal. With such changes, customization of devices to meet skin tone and to find the perfect fit for different ear sizes is expected to gain traction.
The sales of audiological devices are also expected to be supported by the rise in numbers of ambulatory surgical centers in recent years, which have been gaining popularity particularly in developed regions such as the European Union and North America.
The governments in these regions have also set up initiatives for patients to easy and faster access health care infrastructure, including diagnosis and treatment. Ambulatory surgical centers provide quality care in preset time frames, which has made them popular in spite of hospitals and clinics.
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Ambulatory surgical centers are set to become major end users of audiological devices with a healthy CAGR in the forecast period. However, clinics will continue to dominate the market, with strong presence in key regions, while ambulatory surgical centers are still new to health care and will grow rapid growth in years to come.
Another leading player, William Demant Holding A/S, offers hearing impairment solutions through renowned brands like Oticon, Bernafon, Sonic, Audika, MAICO, etc. Its core businesses include hearing devices, hearing implants, diagnostic instruments and intelligent audio solutions.
Press Release- https://www.globenewswire.com/news-release/2020/03/31/2009232/0/en/Fact-MR-Forecasts-Sales-of-Audiological-Devices-to-Exceed-US-13-Bn-by-2026-Receiver-in-the-ear-Will-Remain-Bestselling-Reveals-a-New-Report.html