Hearing loss is a major public health issue and is the third utmost common physical complaint after heart disease and arthritis. Hearing loss can be genetic in nature or it may be caused by factors such as ageing, trauma, birth-related complications, exposure to excessive noise and infection. Depending on the cause, the degree of hearing loss can be mild, moderate, severe or profound. Most of the cases with mild hearing loss can be treated by taking primary prevention like use of ear plugs or noise blocking earmuffs, whenever required. However, for severe or profound hearing loss, hearing aids, hearing implants or combined electric and acoustic devices are used. In September 2016, FDA has approved MED-EL Electric and Acoustic hearing system implant; which is expected to gain highest market share in the forecast period of 2016-2024. Electric and acoustic hearing system utilizes cochlear implant and acoustic amplification technology, and is used in patients with mild to severe hearing loss. In Electric and acoustic hearing hybrid system, a cochlear electrode array is implanted into cochlea and is coupled with a hearing aid, which transmits low-frequency information to user via acoustic stimulation. According to WHO, there are over 360 Mn people suffering from hearing loss, of which 328 Mn are adults and 32 Mn are children. Increasing consumer awareness about hearing impairment and availability of various types of advanced hearing aids are some of the factors expected to drive growth of the global electric and acoustic system market over the forecast period.
Increasing incidence of hearing loss, expanding global geriatric population and rising consumer awareness regarding hearing aids are some of the factors expected to drive growth of the global electric and acoustic hearing system market over the forecast period. According to WHO, it is estimated that by 2025, there will be over 1.2 billion people above 60 years of age. Increasing adoption of digital hearing technology and demand for aesthetically appealing hearing aids is expected to fuel growth of the global electric and acoustic hearing system market over the forecast period. However, high product cost is the only factor that could hamper growth of the market.
EAS hearing system devices are sold through specialized hearing-aid clinics, bigbox retailers, company-owned stores, government agencies and hospitals. The trade margin for EAS devices is high, which increases market profitability for the manufacturers. Hospital segment is expected to account for major market share in the global electric and acoustic hearing system market.
On the basis of region, the global electric and acoustic hearing system market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Europe dominates the electric and acoustic hearing system market, followed by North America. Europe accounts for highest market share of the electric and acoustic hearing system market, as majority of the key players are located in this region. Growth of the electric and acoustic hearing system market in North America is driven by factors such as increasing aging population, high prevalence of hearing loss and technological advancements. According to the Hearing Loss Association of America (HLAA), about 20% of Americans, 50 Mn, report some degree of hearing loss. Also, at age of 65, one out of three people is suffering from hearing loss.
The global electric and acoustic hearing system market in Asia Pacific is expected to grow significantly during the forecast period. The rising investments in healthcare infrastructure and development of digital and new technology are some of the factors driving growth of the market in this region. Asia Pacific market is expected to account for largest market share by 2026, due to robust distribution network and increasing prevalence of hearing loss, especially in the geriatric population.
Some of the key players in the global electric and acoustic hearing system market include MED-EL, Cochlear Ltd., Beltone and Sonova.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.