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Published Date: 2016-07-21Number of Pages: 94

Hearing Aids Market (Product Type - Hearing Aids (Behind the Ear (BTE), Receiver in the Ear (RITE), In the Ear (ITE), Canal Hearing Aids (ITC), (CIC), & (IIC)), Bone Anchored Hearing Aids (BAHA); End-user (Pediatric, Adult)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024

Global Hearing Aids Market: Snapshot

There is an increasing demand for hearing aids by people, mostly adults and older population, who suffer from some form of hearing impairment or loss. Various types of hearing aids are available in varying shapes and forms and are mainly used to amplify soft sound. According to an estimate by the World Health Organization (WHO), about 15% of the world’s adult population has some degree of hearing impairment, of which nearly one-fourth is aged above 65 years. According to the global health organization, in 2015, the global production of hearing aids was not sufficient to meet even 10% of the aggregate demand.

The unmet medical need marks an enormous potential for the growth of the market worldwide. Since about one third of people above 65 years develop some degree of hearing loss, the vast pool of the geriatric population offers abundant opportunities for the expansion of the market. Coupled with this, significant hearing impairment caused due to chronic ear infections conditions will lead to a substantial demand for hearing aids worldwide.

The global market stood at US$4.7 bn in 2015 and is estimated to attain US$7.01 bn by the end of 2024. Rising at a steady pace, the global hearing aids market is anticipated to rise at 4.5% CAGR from 2016 to 2024.

hearing-aids-market

 

Europe Market Offers Lucrative Avenues; Asia Pacific to Witness Soaring Demand

On the basis of geography, the global market is segmented into Europe, Asia Pacific, Latin America, and North America. Of these, Europe is expected to offer enormous opportunities for players in the global hearing aids market. The impressive growth is attributed to a rising geriatric population across countries of Western Europe, along with the launch of high-end medical devices to aid hearing. Several prominent players are headquartered in European countries, indicating the vast potential of the regional market. The market in Europe is projected to attain a value of US$2.6 bn by the end of 2024.

However, in the coming years, the market for hearing aids in Asia Pacific is anticipated to expand at a faster pace. The increasing prevalence of hearing impairment, coupled with continuous advancement in the healthcare infrastructure, is expected to bolster the uptake of hearing aids in the region. In addition, governments of emerging nations are making intensive efforts to create awareness about the disabling conditions of hearing loss and its debilitating effect on the general health of individuals, especially among elderly adults. This is expected to spur the demand for hearing aids across demographics. The regional market is projected to expand at a 5.2% CAGR during 2016–2024.

Prevalence of Hearing Impairment among Adults to Bolster Uptake of Hearing Aids

The major end users in the market are pediatric and adult. Among the two, the pediatric segment is the leading segment since it occupied a major share of about 95% in 2015. The dominance of the segment is attributed to the high prevalence of loss of hearing among adults, especially those above 65 years of age. However, in the forthcoming years, owing to rising incidence of childhood hearing loss in various regions, particularly in less developed economies, there will be a soaring demand for hearing aids. As a result, the pediatric hearing aids segment is expected to expand at a handsome CAGR over the forecast period.

Based on product, the market is segmented into behind the ear (BTE), receiver in the ear (RITE), in the ear (ITE), canal hearing aids, and bone anchored hearing aids (BAHA). Each product type has a different placement and its suitability may differ depending on age and type of hearing loss. RITE, ITE, BAHA, and canal hearing aids are especially appropriate for adults for treating mild to moderate hearing loss while BTE hearing aids may be universally suitable for all types of people suffering with any degree of hearing loss.

Some of the major companies operating in the market are Sonova Holding AG, the William Demant Holding Group, Siemens Healthcare, GN ReSound, Starkey, and Widex A/S.

1. Preface
    1.1. Report Description
    1.2. Market Segmentation
    1.3. Research Methodology
    1.4. Assumptions

2. Executive Summary
    2.1. Market Snapshot: Global Hearing Aids Market, 2014 & 2024
    2.2. Global Hearing Aids Revenue, (US$ Mn), 2014–2024 and year-on-year Growth (%)

3. Global Hearing Aid Market – Industry Analysis
    3.1. Overview 
    3.2. Market Definition and Overview
    3.3. Market Dynamics
          3.3.1. Drivers
          3.3.2. Restraints
          3.3.3. Opportunities
    3.4. Market Attractiveness Analysis of Global Hearing Aid Market, by Geography 2015
    3.5. Value Chain Analysis, Hearing Aid Market
    3.6. Porter’s Five Force Analysis : Hearing Aid Market 
          3.6.1. Bargaining Power of Suppliers
          3.6.2. Bargaining Power of Byers
          3.6.3. Threat of Substitutes
          3.6.4. Threat of New Entrants
          3.6.5. Competitive Rivalry
    3.7. Competitive Landscape
          3.7.1. Market Positioning of Key Players, 2015
          3.7.2. Competitive Strategies Adopted by Key Players
          3.7.3. Recommendations 

4. Global Hearing Aid Market Analysis, by Product, (US$ Mn), 2014–2024
    4.1. Overview
          4.1.1. Behind the Ear (BTE)
          4.1.2. Receiver in the Ear (RITE)
          4.1.3. In the Ear (ITE)
          4.1.4. Canal Hearing Aids (ITC),(CIC), & (IIC)
          4.1.5. Bone Anchored Hearing Aids (BAHA)

5. Global Hearing Aid Market Analysis, by End-user
    5.1. Overview
    5.2. Pediatric
    5.3. Adult

6. North America Hearing Aid Market Analysis, (US$ Mn), 2014–2024
    6.1. Overview
    6.2. North America Hearing Aid Market Analysis, by Product, (US$ Mn), 2014–2024
          6.2.1. Behind the Ear (BTE)
          6.2.2. Receiver in the Ear (RITE)
          6.2.3. In the Ear (ITE)
          6.2.4. Canal Hearing Aids (In-the-Canal (ITC),Completely-in-Canal (CIC), & Invisible-in-canal (IIC)
          6.2.5. Bone Anchored Hearing Aids (BAHA)
    6.3. North America Hearing Aid Market Analysis, by End-user, (US$ Mn), 2014–2024
          6.3.1. Pediatric
          6.3.2. Adult

7. Europe Hearing Aid Market Analysis, (US$ Mn), 2014–2024
    7.1. Overview
    7.2. Europe Hearing Aid Market Analysis, by Product, (US$ Mn), 2014–2024
          7.2.1. Behind the Ear (BTE)
          7.2.2. Receiver in the Ear (RITE)
          7.2.3. In the Ear (ITE)
          7.2.4. Canal Hearing Aids (In-the-Canal (ITC),Completely-in-Canal (CIC), & Invisible-in-canal (IIC)
          7.2.5. Bone Anchored Hearing Aids (BAHA)
    7.3. Europe Hearing Aid Market Analysis, by End-user, (US$ Mn), 2014–2024
          7.3.1. Pediatric
          7.3.2. Adult

8. Asia Pacific Hearing Aid Market Analysis, (US$ Mn), 2014–2024
    8.1. Overview
    8.2. Asia Pacific Hearing Aid Market Analysis, by Product, (US$ Mn), 2014–2024
          8.2.1. Behind the Ear (BTE)
          8.2.2. Receiver in the Ear (RITE)
          8.2.3. In the Ear (ITE)
          8.2.4. Canal Hearing Aids (In-the-Canal (ITC),Completely-in-Canal (CIC), & Invisible-in-canal (IIC)
          8.2.5. Bone Anchored Hearing Aids (BAHA)
    8.3. Asia Pacific Hearing Aid Market Analysis, by End-user, (US$ Mn), 2014–2024
          8.3.1. Pediatric
          8.3.2. Adult

9. Latin America Hearing Aid Market Analysis, 2014 – 2024 (US$ Mn)
    9.1. Overview
    9.2. Latin America Hearing Aid Market Analysis, by Product, (US$ Mn), 2014–2024
          9.2.1. Behind the Ear (BTE)
          9.2.2. Receiver in the Ear (RITE)
          9.2.3. In the Ear (ITE)
          9.2.4. Canal Hearing Aids (In-the-Canal (ITC),Completely-in-Canal (CIC), & Invisible-in-canal (IIC)
          9.2.5. Bone Anchored Hearing Aids (BAHA)
    9.3. Latin America Hearing Aid Market Analysis, by End-user, (US$ Mn), 2014–2024
          9.3.1. Pediatric
          9.3.2. Adult

10. Rest of World (ROW) Hearing Aid Market Analysis, (US$ Mn), 2014–2024
    10.1. Overview
    10.2. Rest of World (ROW) Hearing Aid Market Analysis, by Product, (US$ Mn), 2014–2024
          10.2.1. Behind the Ear (BTE)
          10.2.2. Receiver in the Ear (RITE)
          10.2.3. In the Ear (ITE)
          10.2.4. Canal Hearing Aids (In-the-Canal (ITC),Completely-in-Canal (CIC), & Invisible-in-canal (IIC)
          10.2.5. Bone Anchored Hearing Aids (BAHA)
    10.3. Rest of World (ROW) Hearing Aid Market Analysis, by End-user, (US$ Mn), 2014–2024
          10.3.1. Pediatric
          10.3.2. Adult

11. Global Hearing Aid Market, Country Snippets
    11.1. U.S.
    11.2. Canada
    11.3. U.K.
    11.4. Germany
    11.5. France
    11.6. China
    11.7. Japan
    11.8. Brazil

12. Company Profiles
    12.1. Cochlear Limited
          12.1.1. Company Overview
          12.1.2. Product Portfolio
          12.1.3. Financial Overview
          12.1.4. Business Strategies
          12.1.5. Recent Developments
    12.2. GN ReSound Group
          12.2.1. Company Overview
          12.2.2. Product Portfolio
          12.2.3. Financial Overview
          12.2.4. Business Strategies
          12.2.5. Recent Developments
    12.3. GN Otometrics A/S
          12.3.1. Company Overview
          12.3.2. Product Portfolio
          12.3.3. Financial Overview
          12.3.4. Business Strategies
          12.3.5. Recent Developments
    12.4. Siemens Healthcare
          12.4.1. Company Overview
          12.4.2. Product Portfolio
          12.4.3. Financial Overview
          12.4.4. Business Strategies
          12.4.5. Recent Developments
    12.5. Sonova Holding AG
          12.5.1. Company Overview
          12.5.2. Product Portfolio
          12.5.3. Financial Overview
          12.5.4. Business Strategies
          12.5.5. Recent Developments
    12.6. Starkey Hearing Technologies
          12.6.1. Company Overview
          12.6.2. Product Portfolio
          12.6.3. Financial Overview
          12.6.4. Business Strategies
          12.6.5. Recent Developments
    12.7. Widex A/S
          12.7.1. Company Overview
          12.7.2. Product Portfolio
          12.7.3. Financial Overview
          12.7.4. Business Strategies
          12.7.5. Recent Developments
    12.8. SeboTek Hearing Systems, LLC
          12.8.1. Company Overview
          12.8.2. Product Portfolio
          12.8.3. Financial Overview
          12.8.4. Business Strategies
          12.8.5. Recent Developments
    12.9. Audina Hearing Instruments
          12.9.1. Company Overview
          12.9.2. Product Portfolio
          12.9.3. Financial Overview
          12.9.4. Business Strategies
          12.9.5. Recent Developments
    12.10. Amplifon
          12.10.1. Company Overview
          12.10.2. Product Portfolio
          12.10.3. Financial Overview
          12.10.4. Business Strategies
          12.10.5. Recent Developments

List of Figures

FIG. 1 Market Segmentation
FIG. 2 Global Hearing Aid Market Share, by Geography, 2015
FIG. 3 Global Hearing Aid Market Share, by Geography, 2024
FIG. 4  Global Market Scenario
FIG. 5 Distribution of Hearing Aid Unit Sales For the Top-18 Dispensing Countries, 2013
FIG. 6 Distribution of People Over 65 Age Across some major Countries
FIG. 7 Prevalence of Disabling Hearing loss in children 0-14 years
FIG. 8 Prevalence of Disabling Hearing loss for adults of 15 years or Older by Selected regions
FIG. 9 Global Distribution of People Suffering with Hearing loss
FIG. 10 Prevalence of disabling hearing loss for all population by selected regions
FIG. 11 Porter’s Five Force Analysis
FIG. 12 Value Chain Analysis
FIG. 13 Market Share Analysis of Major Players in Hearing Aid Market
FIG. 14 Global Market Revenue, (US$ Mn), 2014–2024
FIG. 15 Global Behind-the-Ear (BTE) Aids Market Revenue, (US$ Mn), 2014–2024
FIG. 16 Global Receiver in the Ear (RITE) Aids Market Revenue, (US$ Mn), 2014–2024
FIG. 17 Global In the Ear (ITE) Aids Market Revenue, (US$ Mn), 2014–2024
FIG. 18 Global Canal Hearing Aids (ITC), (CIC), & (IIC) Market Revenue, (US$ Mn), 2014–2024
FIG. 19 Global Bone Anchored Hearing Aids (BAHA) Market Revenue, (US$ Mn), 2014–2024
FIG. 20 Global Adult Market Revenue, (US$ Mn), 2014–2024
FIG. 21 Global Pediatric Market Revenue, (US$ Mn), 2014–2024
FIG. 22 Cochlear Limited: Annual Revenue, (US$ Mn), 2013–2015
FIG. 23 GN Store Nord A/S: Annual Revenue, (US$ Mn), 2013–2015
FIG. 24 Siemens AG: Annual Revenue, (US$ Mn), 2013–2015
FIG. 25 Sonova Holding: Annual Revenue, (US$ Mn), 2013–2015
FIG. 26 William Demant Holding A/S: Annual Revenue, (US$ Mn), 2013–2015

List of Tables

TABLE 1 Global Hearing Aid Market Snapshot
TABLE 2 Adults over 65 years of both sex suffering from hearing impairment
TABLE 3 Global Hearing Aids Market Revenue, by Product, (US$ Mn), 2014–2024
TABLE 4 Hearing Aid Technology Levels and Pricing
TABLE 5 2013 Reported Average (And Median) Hearing Aid Prices
TABLE 6 Global Market Revenue, by End-user, (US$ Mn), 2014–2024
TABLE 7 North America Market Revenue, by Product, (US$ Mn), 2014–2024
TABLE 8 North America Market Revenue, by End-user, (US$ Mn), 2014–2024
TABLE 9 Europe Hearing Aids Market Revenue, by Product, (US$ Mn), 2014–2024
TABLE 10 Europe Market Revenue, by End-user, (US$ Mn), 2014–2024
TABLE 11 Asia Pacific Hearing Aids Market Revenue, by Product, (US$ Mn), 2014–2024
TABLE 12 Asia Pacific Market Revenue, by End-user, (US$ Mn), 2014–2024
TABLE 13 Latin America Market Revenue, by Product, (US$ Mn), 2014–2024
TABLE 14 Latin America Market Revenue, by End-user, (US$ Mn), 2014–2024
TABLE 15 Rest of the world Hearing Aids Market Revenue, by Product, (US$ Mn), 2014–2024
TABLE 16 Rest of the world Market Revenue, by End-user, (US$ Mn), 2014–2024
TABLE 17 North America Hearing Aids Market Revenue, by Country, (US$ Mn), 2014–2024
TABLE 18 Europe Market Revenue, by Country, (US$ Mn), 2014–2024
TABLE 19 Asia Pacific Market Revenue, by Country, (US$ Mn), 2014–2024
TABLE 20 Latin America Market Revenue, by Country, (US$ Mn), 2014–2024

Global Hearing Aids Market: Overview

Hearing impairment has become a common phenomenon amongst the adults, primarily due to age. However, the impairment is also seen amongst children as an after-effect of certain ailments or accidents. Loss of hearing is also aggravated amongst patients due to untimely diagnosis. All of these factors have been propelling the global market across the globe.

The research report on the global hearing aids market offers a comprehensive outlook of the overall market. It explains the competitive landscape present in the market along with stating the financial outlook of the companies. The research report also uses a SWOT analysis to determine the strengths, weaknesses, opportunities, and threats influencing the segments of the overall market.

Global Hearing Aids Market: Key Trends

The global market has been flourishing at a steady pace over the past few years as the prevalence of hearing loss continues to rise across the world. Analysts anticipate that the global market will surge at a CAGR of 4.5% between the forecast years of 2016 and 2024. The incidence of poor hearing has been equally growing in both developed and underdeveloped countries. Initiatives by governments to raise awareness, competitive pricing of hearing aids, and supportive reimbursement policies are collectively expected to augment the demand for hearing aids across the globe in the coming years.

Global Hearing Aids Market: Regional Outlook

In terms of geography, the global market is segmented into Latin America, Asia Pacific, Europe, North America, and Rest of the World. As of 2015, Europe held a dominant share in the global market of about 39%. The growing pool of geriatrics in region are expected to be the key consumers in regional market. The Europe market will also be supported by the soaring disposable incomes that is enabling patients to make healthcare expenditures on medical devices. North America is also shown significant contribution to the overall market as the region boasts a steady healthcare infrastructure and favorable reimbursement policies.

The report also states that the Asia Pacific market will emerge as a prominent regional market. The increasing investments by public and private institutions in raising awareness about hearing disabilities, growing medical tourism industry, and improving healthcare industry will be collectively responsible for the rising Asia Pacific market at a CAGR of 5.2% between 2016 and 2024.

Global Hearing Aids Market: Segmentation

The products available in the global market are hearing aids and bone anchored hearing aids (BAHA). The hearing aid segment, which includes products such as behind the ear (BTE), in the ear (ITE), canal hearing aids (ITC, CIC, and IIC), and receiver in the ear (RITE), is expected to lead the global market. ITE, RITE, BAHA, and canal hearing aids are projected to be popular amongst patients as they are designed to treat mild loss of hearing.

The end users in the global market are adults and pediatrics. Hearing loss is primarily seen amongst adults, which will make this end user segment lead the pack. The adults held a share of about 95% in the global market in 2015. However, the report also notes that the incidence of loss of hearing is expected to be on the rise among children as well.

Key Players Mentioned in the Report are:

The chief players profiled in the research report are William Demant Holding Group, Siemens Healthcare, Sonova Holding AG, the Starkey, Widex A/S, and GN ReSound.


 
 
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