Global Hearing Aids Market: Snapshot
According to an estimate by the World Health Organization, about 15% of the world’s adult population has some degree of hearing impairment. The geriatric population has a major share in this, with more than one third of people above the age of 65 estimated to suffer from some form of hearing loss. This has made the global hearing aids market economically and socially relevant over the last few decades, due to which it now occupies a major space in the global healthcare sector. The global hearing aids market is likely to remain a major revenue contributor to the global healthcare sector in the coming years due to the growing prevalence of hearing problems among the global population and the increasing global geriatric population.
According to Transparency Market Research, the global hearing aids market was valued at US$4.7 bn in 2015 and is likely to rise to a value of more than US$7 bn by the end of 2024. The hearing aids market is expected to exhibit a steady 4.5% CAGR between 2016 and 2024.
Growing Geriatric Population to Drive Global Hearing Aids Market
One of the prime drivers for the global hearing aids market is the rising volume of the geriatric demographic in developed as well as developing regions across the world. Increasing the lifespan of citizens has been a key objective for governments, which has led to significant extension in average lifespans in numerous countries due to consistent development of the healthcare sector and enhancement in living conditions. The geriatric demographic is particularly prone to hearing issues due to age-related degeneration problems regarding the ears as well as the overall auditory system. This is likely to remain the vital driver for the global hearing aids market in the coming years.
The high disposable income of consumers in developing regions is also likely to be a key driver for the global hearing aids market in the coming years. The geriatric and middle-aged demographic in developed countries is already reasonably affluent, allowing for growing demand from the hearing aids market and steady support for technological advancements in the same. On the other hand, developing economies have seen relatively slow growth of the hearing aids market due to the inability of consumers to purchase products that are already standard in developed regions. The growing disposable income of citizens in emerging regions such as Asia pacific and Latin America is thus likely to aid the growth of the global hearing aids market significantly in the coming years.
Adult Hearing Aids Likely to Dominate Global Hearing Aids Market
By type, the global hearing aids market is segmented into adult and pediatric hearing aids. Adult hearing aids dominate the global hearing aids market, with the segment accounting for close to 95% of the global hearing aids market in 2015. Adult hearing aids are likely to remain the leading contributor to the global hearing aids market in the coming years, though pediatric hearing aids could play an increasingly important role in the development of the market due to the rising prevalence of hearing problems among younger demographics.
Regionally, Europe is the key segment of the global hearing aids market due to the widespread support for consistent updation of medical technology and the high disposable income of users in the region. North America is also a major regional player in the global hearing aids market due to the presence of several leading players in the hearing aids industry. Moreover, emerging economies in Asia Pacific are likely to make stellar contributions to the global hearing aids market in the coming years.
Key players in the global hearing aids market include Siemens Healthcare, Starkey, GN ReSound, Widex A/S, Sonova Holding AG, and the William Demant Holding Group.
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.