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An analysis of the global audiology devices market has predicted it will more than double in size from its 2017 level by 2026.
The International Audiology Devices Market Research Report 2018, compiled and published by ResearchAndMarkets.com, found that last year, the global market for devices such as hearing aids was worth US$8.32 billion (£6.45 billion) in 2017, but will grow by 8.2 per cent a year to reach $16.98 billion by 2026.
It listed an array of different reasons for this projected growth, the most obvious being the ageing of populations, with more older people meaning an increase in patients with hearing problems. At the same time, wider health issues like infectious diseases, drug use and chronic ear infections are all listed as factors in pushing demand.
However, aided by a recognition of the need to tackle the growing need for solutions, there is also a range of factors driving the development of new devices. These include government initiatives, plus new research into the creation of new and innovative kinds of hearing aids that may be more effective than existing devices.
The study also highlights factors holding back market growth, such as "inadequate reimbursement" and the development of products with longer shelf lives.
Ultimately, however, the main driver of overall growth will be technological improvements to the standard of hearing aids.
These findings suggest that in Britain and other countries with ageing populations, there may be more need for audiology services over the coming years. At the same time, however, professionals working in the field may be able to offer much more advanced and effective solutions to hearing loss problems than was previously the case.
North America is the biggest player in the global market for audiology devices, followed by Europe. The report predicts that in these advanced countries, the increased demand for and acceptance of hearing aids will drive growth, as will the increasing awareness of advanced technology. Cochlear implants are predicted to be the fastest growing products of all.
Written by James Puckle
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