The global hearing aids market is expected to grow at a CAGR of over 4% during the period 2018-2024
NEW YORK, Sept. 2, 2019 /PRNewswire/ -- The global hearing aids market is expected to grow at a CAGR of over 4% during the period 2018–2024.
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The introduction of wireless technology and smart hearing aids is gaining prominence in the global hearing aids market. Manufacturers are coming up with wireless hearing aids, which are embedded with Bluetooth, electromagnetic compatibility (telecoil), and frequency modulation (FM) compatibility. Smart hearing aids are emerging as a popular and effective treatment option for any degree of hearing loss, thereby contributing to the growth of the hearing aids market. The increased availability of a wide array of wireless/smart hearing aid will directly have a positive effect on the growth of the global hearing aids market during the forecast period.
Further, hearing aids manufacturers are acquiring other vendors to enhance their existing product portfolio, enter untapped markets, and increase the customer base. Thus, the global hearing aids market is experiencing increased merger and acquisition activities, where global players are buying other key competitors to further strengthen their market position in the highly competitive global market.
The following factors are likely to contribute to the growth of the hearing aids market during the forecast period:
• High prevalence of hearing loss in the elderly population
• Approval/launches of new hearing aid products
• Increased demand for wireless and smart hearing aids
This research report on the global hearing aids market covers market sizing and forecast, market share, industry trends, growth drivers, and vendor analysis. The market study includes insights on segmentation by product (Behind-the-Ear (BTE), receiver-in-the-ear (RITE), in-the-ear (ITE), in-the-canal hearing aids (ITC), Completely-in-Canal (CIC), invisible-in-the-canal (IIC), patients (adults and children), distribution (retailers, independent practices, buying groups/networks, and government purchases/public organisations), hearing loss (sensorineural hearing loss, conductive hearing loss, and mixed hearing loss), technology (digital and analog), and geography (APAC, Europe, Latin America, MEA, and North America).
The study considers the present scenario of the market dynamics for the period 2018?2024. It covers a detailed overview of several market growth enablers, restraints, and trends. The report covers both the demand and supply aspect of the market. It profiles and examines leading companies and other prominent companies operating in the market.
Hearing Aids Market: Segmentation
This market research report includes detailed market segmentation by product, distribution, patent group, hearing loss, technology, and geography. With the growing incidences of hearing loss disorders and the increasing adoption of hearing aids globally, vendors are focusing on offering innovative and advanced BTE hearing aids. As BTE models are widely available at affordable prices, the adoption of these devices in emerging economies has been increasing over the years. However, vendors are focusing on developing advanced and innovative hearing devices that are smaller or almost invisible. Hence, this segment is expected to witness slow growth during the forecast period. The receiver-in-the-ear (RITE) segment is growing at a faster rate than other hearing aid product types. Given their sophisticated designs, the segment is gaining traction in the global hearing devices market. Further, the rising incidence of hearing loss both in the adult and pediatric population is boosting the demand for ITE hearing amplifiers.
High incidences of hearing disorders in the elderly population and favorable government initiatives for hearing devices by health regulatory bodies are likely to boost the adult patient group segment during the forecast period. The children patient group segment, on the other hand, is expected to grow at a slower rate than the adult patient group segment due to the increasing acceptance of other hearing aid alternatives such as cochlear implants.
Digital hearing aids are gaining traction in the market due to the increased demand for invisible and aesthetically appealing hearing devices with the enhanced listening experience. Further, the rise in awareness of the availability of new treatment options for hearing loss is leading to the development and commercialization of digital and rechargeable hearing aids, which include Bluetooth, wireless connectivity, and iOS and Android compatibility. The analog segment accounted for a share of 10% of the global hearing aids market.
The sensorineural hearing loss segment is the major revenue contributor to the global hearing aids market. The growth can be attributed to the growing incidence of hearing loss, especially sensorineural hearing loss in the pediatric and adult population. The conductive hearing loss segment is growing because of the growing incidence of conductive hearing losses. This disorder is caused due to the obstruction or damage to the outer or middle ear. In the pediatric population, ear infections are the common cause of conductive hearing loss. Favorable governments initiatives and increasing awareness about hearing care in developed and developing countries will have a positive impact on the growth of the conductive hearing loss segment.
Retailers are the major distributors for hearing aids as they sell a high volume regularly and are likely to dominate the market in the coming years. With the growing demand for hearing aid across geographies, the hearing aid distribution system is witnessing a shift from specialized medical retail stores to multi-line retailers. The growing online retail is also becoming popular among end-users.
Market Segmentation by Product
• Behind-the-Ear (BTE)
• Receiver-in-the-Ear (RITE)
• In-the-Ear (ITE)
• In-the-Canal Hearing Aids (ITC)
• Completely-in-Canal (CIC)
• Invisible-in-the-Canal (IIC)
Market Segmentation by Patients
• Adults
• Children
Market Segmentation by Distribution
• Retailers
• Independent Practices
• Buying Groups/Networks
• Government Purchases/Public Organizations
Market Segmentation by Hearing Loss
• Sensorineural Hearing Loss
• Conductive Hearing Loss
• Mixed Hearing Loss
Market Segmentation Technology
• Digital
• Analog
Hearing Aids Market: Geography
The growing prevalence of hearing disorders, especially in the baby boomer population, and the increase in market penetration of advanced and innovative hearing aids are the major factors responsible for the hearing aids market growth in North America. The region is likely to witness an absolute growth of around 28% during the forecast period, which is higher than the projected absolute growth of the global hearing aids market.
The hearing aids market share in Europe is increasing due to the presence of highly sophisticated healthcare infrastructure, reimbursement facilities, increasing patient population, coupled with high awareness about the availability of hearing aid for treating hearing loss. Japan, China, South Korea, Australia, and India are the major revenue contributors to the hearing aids market in the APAC region. The APAC market is growing at the fastest rate and is likely to witness similar growth during the forecast period. The adoption of hearing aid is increasing at a steady rate in Latin America. The market is likely to experience the growth due to the increased government support and the initiation of awareness campaigns by a few manufacturers to spread information about hearing disorders. In MEA, the UAE and South Africa are the major revenue contributors to the hearing aids market.
Market Segmentation Geography
• APAC
o China
o Japan
o South Korea
o Australia
• Europe
o Germany
o France
o UK
o Italy
o Spain
• North America
o US
o Canada
• MEA
o South Africa
o Saudi Arabia
o UAE
• Latin America
o Brazil
o Mexico
Key Vendor Analysis
The hearing aids market is highly competitive and subject to technological changes. Therefore, the competitive scenario is currently intensifying. The rapidly changing technological environment could adversely affect vendors as customers expect continual innovations and upgrades. Further, the market is highly concentrated with key players accounting for commendable shares. Besides, the present market scenario is forcing vendors to alter and redefine their unique value proposition to achieve a strong market presence. They are competing to establish long-term relationships with healthcare providers and eye care professionals to increase their customer base.
Key Vendors
• Sonova
• WS Audiology
• Demant
• GN Store Nord
• Starkey Hearing Technologies
Other Prominent Vendors
• Arphi Electronics
• Audina Hearing Instruments
• Century Hearing Aids
• Eartechnic
• Eargo
• ExSilent
• Horentek
• IN4 Technology
• Innerscope Hearing Technology
• IntriCon
• Loreca Hearing Aid
• Microson
• NewSound Hearing Aids
• RION
• SeboTek Hearing Systems
• Zounds Hearing
Key Market Insights
The analysis of the global hearing aids market provides market sizing and growth opportunities for the forecast period 2019–2024.
• Offers market sizing and growth prospects of the market for the forecast period 2019–2024.
• Provides comprehensive insights on the latest industry trends, market forecast, and growth drivers in the market.
• Includes a detailed analysis of market growth drivers, challenges, and investment opportunities.
• Delivers a complete overview of market segments and the regional outlook of the market.
• Offers an exhaustive summary of the vendor landscape, competitive analysis, and key market strategies to gain a competitive advantage in the global hearing aids market.
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