A new research report by Transparency Market Research states that the competition in the global hearing aids market is quite consolidated one. Analysts state that Sonava held a share of 25% in the global market in 2015. According to the research report, the top six companies in the global market held a share of 98% in 2015. “High investments made in setting up production facilities and research and development centers have given these companies an edge over others in the past few years,” states the leading author of this research report. The companies are expected to have several lucrative opportunities in the near future as hearing impairment emerges as a chronic condition.
Unmet Medical Needs of Asia Pacific Strengthen Regional Segment
The research report states that the opportunity in the global hearing aids market will be worth US$7.01 bn by 2024 as compared to US$4.7 bn in 2015. During the forecast period of 2016 and 2024, the global market is expected to progress at a CAGR of 4.5%. The market will be primarily growing demand for adult hearing aids, which held a share of 94.83% in the overall market in 2015. Analysts predict that rising pool of geriatrics will accelerate the demand for adult hearing aids, especially in the developing countries due to rising disposable incomes. In tandem with this emerging trend, Asia Pacific is projected to witness a spectacular consumption of hearing aids during the forecast period. The demand will also be a result of huge unmet medical needs in the region.
Susceptibility to Impaired Hearing Amongst Geriatrics becomes Premise for Market Growth
The global hearing aids market has been thriving due to the growing pool of the aged people who are susceptible to developing hearing impairments. Thus, regions that boast dense geriatric population will augment the demand for hearing aids in the near future. The growing awareness about benefits of using hearing aids and the introduction of a wide range of hearing aids has also propelled the growth of the global market. Technological advancements in improving the quality of hearing and ensuring comfort for the wearer have also resulted in rising sales of hearing aids across the globe over the past few years. The availability of rechargeable hearing aids has also favored market’s growth.
Initiatives and efforts taken by governments in both developing and developed regions to help citizens suffering from hearing loss have resulted in a positive influence on the global market. Favorable regulatory policies along with growing investments to upgrade the overall health status of individuals in developing countries has resulted in surging demand for hearing aids in recent years. In terms of regions, Europe is expected to lead the global hearing aids market in the coming years due to a significant pool of geriatrics in the region, who have the capacity to pay for medical treatments and devices. On the other hand, the ever-increasing population base of Asia Pacific is also projected to fuel the regional growth of the market. Though the demand for adult hearing aids is expected to dominate, the pediatric hearing aids are also anticipated to be an emerging segment in the next few years.
Unaffordability of Hearing Aids Cools Consumer Expenditure
Despite the strong market drivers, the global market is being overshadowed by the high cost of hearing aids, which makes it an unreachable medical device for many. Additionally, the need to replace this device due to wear and tear has also hampered its uptake amongst a sizeable population in several developing and underdeveloped countries, where spending money on healthcare is not feasible. The market is also facing the music as loss of hearing is seldom diagnosed at early stages. Thus, all of the aforementioned factors are likely to dampen the market’s spirit in the coming years.
This review is based on Transparency Market’s research report, titled Hearing Aids Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
The global hearing aids market has been segmented as follows:
- Global Hearing Aids Market, by Product
- 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)
- Hearing Aids
- Global Hearing Aids Market, by End-user
- Global Hearing Aids Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Rest of the World
- South Africa
- Rest of Rest of the World
- North America
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