Global Audiology Devices Market is projected to witness growth of 5% from 2017 to 2024: Global Market Insights Inc. Increasing geriatric population vulnerable to hearing loss and different hearing disorders will augment the global audiology devices market growth over the forecast timeframe. Risk of developing hearing loss sharply increasing with increasing age. As per recent United Nations report number of people aged 65 years and over is expected to increase from 962 million in 2017 to around 2.1 billion by 2050. Such stupendous increase in the global geriatric population will boost the demand better audiology devices. Audiology Devices Market size is set to exceed USD 10 billion by 2024; according to a new research report by Global Market Insights. Ongoing technological advancements and product innovation will serve as a high impact rendering factor for industry growth. Audiology devices are becoming increasingly smaller in size and more efficient. Advent of such products in the industry will boost the adoption rates augmenting its demand.
However, high cost of audiology devices and implant surgeries will impede the market growth. Audiology devices such cochlear implants are highly priced and significant portion of population cannot afford them. Hearing aids dominated the audiology market in 2016 followed by cochlear implants. Bone anchored hearing aids is forecast to witness highest CAGR due to long term benefits of the devices. Technological advances in bone anchored hearing aids coupled with advent of superior sound processors will drive the segment growth over the forecast timeframe. Hearing aids accounted for largest market share in 2016 and will continue to dominate audiology devices industry forecast period. Amongst the different types of hearing aids, receiver in the ear hearing aid segment is poised to grow at a robust CAGR. The rapid growth can be attributed wide range of benefits such as comfort and reduced size of the device. However, disadvantages such as high cost of the device compared with the other types of hearing aids and frequent maintenance required is predicted to impede adoption rates to some extent.
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