Global Hearing Aids Market Anticipated to Grow at 6% Till 2023: Occams Business Research & Consulting Pvt. Ltd.
INDORE, India, September 19, 2017 /PRNewswire/ --
Medical prosthetics industry is constantly evolving. Medical prosthetics involves replacement of amputated and dysfunctional parts of the body with an artificial body part. Prosthetics today are available for almost all major body parts. Limbs, ears, hands and teeth are some of the common prosthetics available in the market today. Since, its first introduction in 1996, electronic hearing aids have come a long way. Global hearing aids market is projected to rise at CAGR of 6% during forecast period 2016-2023. Increasing geriatric population, high prevalence of hearing loss, technological advancements in hearing aids, increasing awareness about hearing aids and increasing healthcare expenditure are some of the factors driving global hearing aids market for forecast period. High cost of hearing aids and low penetration rate of hearing aids, are the prime factors restraining global hearing aids market growth during forecast period 2016-2023.
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High prevalence of hearing loss: Growth driver
World Health Organization (WHO) estimates that over 5% of the global population (~360 million) is suffering from some form of hearing disability in which 91% are adults and remaining 9% accounts for children. Loss of hearing according to WHO may be induced genetically or as a result of complications at birth, exposure to loud noise, chronic ear infection, untreated infectious disease (like mumps or measles) and aging. More than 60% of hearing disability in children (aged below 15 years) is due to preventable causes like excessive noise. According to National Institute of Deafness and Other Communication Disorders (NICDD) two out of every three per 1000 children in USA are borne with some form of hearing impairment. More than 1.1 billion people across the globe aged between 12-35 years are at risk of hearing disability by exposure to unwanted noise. One third of the total geriatric population (aged 65 years or more) across the globe are affected by some form of hearing disability according to WHO. Furthermore, according to Royal National Institute for Deaf People, more than 42% of people over 50 years of age and 70% people over 70 years of age are affected with some form of hearing disability. Hearing impairment results in global economic burden of more than $750 billion every year. Suffice to say aging population is likely to increase prevalence rate of people with hearing loss for the forecast period. According to WHO, majority of the people with hearing disability are from low & middle-income regions like South Asia, Asia Pacific and sub-Saharan Africa.
Hearing implant: Fastest growing segment
Hearing implant is the fastest growing market for the forecast period according to OBRC analysis. Increasing awareness about new technology in hearing disability, high disposable income population, and aging population are the prime factors aiding hearing implant market for the forecast period. Unlike traditional hearing aids, hearing implants are surgically implanted in to the body which provide sensation of sound. Hearing implants bypass damaged hair cells within ear and deliver electric current directly to the auditory nerve. The most notable hearing implant systems in the world are cochlear implant, mid ear implants, auditory brainstem implants and bone-anchored hearing systems. According to Copenhagen based medical device technology manufacturer, William Demant Inc., average demand for hearing implant is increasing by an average 12% per annum in North America and Europe. However, cost of the system is a major drawback for hearing implant market. The average cost of hearing implant systems, according to American Speech Language Hearing Association (ASLHA) is $40,000.
Asia Pacific: Fastest growing market
Asia Pacific is the fastest growing hearing aids market according to OBRC analysis. Increasing healthcare expenditure, supportive government healthcare programs, government initiatives aiding investment and rising awareness about hearing implants & devices are the factors driving hearing aids market in Asia Pacific. According to WHO estimate ~45% of the total adult population (65 years and above) low & middle-income countries within Asia Pacific suffering from some form of hearing impairment. India, China, Bangladesh, Australia, Pakistan, Indonesia, Japan, South Korea and Thailand are amongst the leading markets for hearing aids in Asia Pacific. According to Occupational Safety and Health Association, work place noise account for more than 40% hearing loss problems in China and 16% of people every year suffer from irreversible hearing loss. According to National Health and Family Planning Commission of China, only 5% of the total population with hearing impairment can seek medical help in country as compared to 25% in North America and Europe. According to OBRC studies, more than 12% of elderly population in China (aged 60 years and above) are suffering from some form of moderate to severe hearing disabilities. Similarly, more than 13% of the total adult Japanese population is suffering from hearing disability, according to Japan Hearing Instrument Manufacturers Association, only ~14% people use hearing aids in Japan. Japan has largest share of elderly population in the world (~20% according to WHO in 2016). Aging population would certainly drive demand for hearing aids in the country during forecast period.
About Occams Business Research & Consulting (OBRC):
Occams Business Research & Consulting has been in the business (Market Research) for the past three years. OBRC, based in India, is formed by two women analysts, Shyamal Moghe and Sathya Durga, who started the company after years of working as analysts and project managers for companies such as Frost & Sullivan, Smart Analyst, etc. and have an excellent track record for the best customer satisfaction. You can see their professional profile on LinkedIn:
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