Healthcare Industry Insights: October 2016

Wednesday 19 October 2016

Audiology Devices Market Size, Analysis, Growth, Trends and Forecasts to 2024 | Hexa Research

Audiology devices are known to facilitate in treatment of hearing disorders such as congenital hearing and nerve deafness. It caters to three types of hearing loss viz., conductive, sensorineural, and mixed and grouped according to severity of deafness.

The global audiology devices market is estimated to grow at a 4.9% CAGR over the forecast phase (2016-2024). It would be worth around USD 10 billion by 2024. Technological advances of these devices as well as the increasing need by the elderly as well as those afflicted with hearing disorders will drive the market.

The market is segmented by products and regions. Products of the audiology devices market encompass of diagnostic devices, cochlear implants, hearing aid, technological aid, and bone anchoring hearing aids (BAHA). Hearing aids are further divided into In-the-ear (ITE), Receiver-in-the-ear (RITE), canal hearing, and Behind-the-ear (BTE) aids. Canal hearing aids encompass completely-in-canal (CIC), in-the-canal (ITC) hearing, and invisible-in-canal aids. Major end-users of audiology devices are audiologists, service providers, and the healthcare sector.

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Hearing aids was the leading product of the market in 2015. It generated more than 60% revenue on account of its user-friendliness and high comfort. BTE aids had the largest share (55%) of the market in 2015. Cochlear implants are predicted to see major growth due to its effectiveness. Demand for canal hearing aids is projected to drive market demand in the coming years.

Asia Pacific, Europe, North America, and RoW (Rest of the World) comprise as major geographical regions of the market. North America dominated the audiology devices market in 2015 owing to superior healthcare infrastructure and high disposable incomes. Europe accounted over 40% revenue shares in the same year. Asia Pacific is predicted to display a CAGR above 7% over the forecast period. Largely untapped markets in India and China will aid in market growth.

Reputed global vendors of the audiology devices market are NHC/Amplifon, Duracell, Sophono (Medtronic), and Starkey Hearing Technologies. They employ strategies of mergers, acquisitions, alliances and partnerships in order to stay competitive. Main challenges faced by these players are lowered prices and increased shelf life of these products. A clear policy regarding fair trade practices can create new pathways.

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Monday 3 October 2016

Neurostimulation Devices Market Analysis and Forecasts, 2012 to 2020 | Hexa Research

A recent study by Hexa Research revealed that limited range of treatment choices relating to medical conditions like epilepsy, Alzheimer’s disease, Parkinson’s disease, migraine headaches, etc. is one of the key drivers of the global neurostimulation devices market. An upcoming application area is the use of neurostimulation devices for therapeutic purposes, commonly referred to as neuromodulation. The neurostimulation devices market is benefitting from technological advancements like the transdermal neuromodulation technology by Neurowave Medical Technologies and MRI safety-enabled devices by Medtronics, Inc. Rising elderly populace - a high risk demographic for Parkinson’s and Alzheimer’s, is also driving market growth. Accelerated demand for neurostimulation devices in the future years is expected to result from untapped market opportunities in emerging economies of Asia as well as Latin America and the growing number of externally funded clinical programs for development of new products.

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Hexa Research identifies spinal cord stimulation devices, vagus nerve stimulation devices, gastric electric stimulation devices, deep brain stimulation devices, and sacral nerve stimulation devices to be the key product segments in the neurostimulation devices market. Spinal cord stimulation devices, with a contribution of more than half to the total revenues, were the dominant product segment in 2012.

Pain management proved to be the largest application of neurostimulation devices in 2012 and contributed more than 65% to the total demand that year. This was chiefly due to high incidence of conditions characterized by chronic pain and notable therapeutic effects offered by neurostimulation devices.

While North America contributed around 64% to the total revenues in 2012, Asia Pacific is likely to grow the fastest in future. Fast-developing economies like India and China will result in the Asia Pacific neurostimulation devices market growing at CAGR higher than 16% from 2013 to 2020.

Hexa Research observes that the neurostimulation devices industry exhibits outsourcing of expensive manufacturing activities. This enables industry participants to achieve cost efficiency and better profitability. Key industry players include Boston Scientific Corporation, Cyberonics, Medtronic Inc., and St. Jude Medical.

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