|Status : Published||Published On : Jul, 2019||Report Code : VRHC1202||Industry : Healthcare||Available Format :||Page : 123|
The global hearing aids market is expected to grow at a CAGR of 5.8% during the forecast period with its market size predicted to reach USD 7,098.1 million by 2024. The global hearing aids market is primarily driven by the technological advancements, increasing geriatric population, high prevalence of hearing loss, and improving healthcare infrastructure across the globe. Behind-the-ear hearing aids and receiver-in-the-ear hearing aids are the product types mostly adopted globally.
Insight by Product
Based on product, the hearing aids market is categorized into receiver-in-the-ear, behind-the-ear, in-the-ear, and in-the-canal hearing aids. Of all, behind-the-ear hearing aids hold the largest share in the global market. Largest share of the category is attributed to their easy configuration, wireless connectivity, high sound amplification, and large batteries. The market for in-the-canal hearing aids is anticipated to witness the fastest growth during the forecast period as these devices are discreet reduces external voices significantly, extremely, and extremely popular among young adults.
Insight by Patient
Among the two patient group including adult and pediatrics, the demand for hearing aids is larger for adults. The hearing aids market for adults is primarily driven by the increasing geriatric population with hear loss. However, the market growth for hearing aids is higher for pediatrics due to the increasing prevalence of hearing loss among pediatrics.
Insight by Sales Channel
Based on sales channel, the hearing aids market is segmented into retail, e-commerce and others. Of all the categories, retail segment accounted for the largest sale of hearing aids across the globe. The large and diverse network of retailers and consumer confidence over product quality among retailers is the key factor leading to the largest share of the category. The sales of hearing aids through e-commerce is anticipated to witness the highest growth during the forecast period as different companies are leveraging e-commerce platforms for market penetration, and also trying to reduce the cost and make profit margin by selling products directly from their own websites.
Technological advancements, increasing hearing loss prevalence, increasing geriatric population, and improving healthcare expenditure are some of the key factors fuelling the growth of the Hearing Aids market, globally. Different companies are investing in the technological advancements for the hearing aids thus fueling the growth of the market. Wireless connectivity, smartphone integration, unique and comfortable designs, and usage of artificial intelligence are some of the key advancements witnessed in the hearing aids market.
For instance, The Livio AI by Starkey is the behind-the-ear hearing aid device which uses artificial intelligence for better sound quality. The device also helps to track physical and mental health of the patient. Moreover, the device has wireless connectivity and provides control over the smartphone and television. Similarly, Marvel Platform by Phonak offers better speech understanding and sound quality with its auto sense technology. Moreover, the device have built-in microphones, Bluetooth wireless streaming and can be integrated with smartphones.
Apart from the aforementioned factors increasing geriatric population is leading to the growth in the hearing aids market across the globe. For instance, according to the World Health Organization (WHO), globally in 2010 approximately 524 million people were aged 65 years and older and is expected to reach 1.5 billion in 2050.
The primary factor hindering the growth of the hearing aids market is their high cost and low awareness. High cost of these systems makes them unaffordable in underdeveloped economies and to the consumer with low disposable income. Moreover, the social stigmas associated with the use of the hearing aid are hampering the growth of the market to some extent.
Europe is the largest market for hearing aids devices across the globe. This is primarily due to the technological advancements, developed healthcare infrastructure, high healthcare expenditure, and increasing geriatric population in the region. The European market will further observe significant growth during the forecast period due to the high prevalence of hearing loss and as new products with advanced technologies are being adopted in the region.
Asia-Pacific hearing aids market is anticipated to witness the fastest growth during the forecast period. The key factor leading to the significant growth in the Asia-Pacific, are the large population base with hearing loss, developing infrastructure, investment in healthcare sector, and penetration by the number of the large global healthcare providers in the region.
Different companies are investing in their research and development for the technological advancements of its systems which offers them a competitive edge over the competitors. Some of the key players operating in the hearing aids industry are Sonova Holding AG, Benson Hearing, GN Store Nord A/S, MED-EL, Starkey Hearing Technologies, William Demant Holding A/S, Widex USA, Inc., Medtronic plc, Zounds Hearing Inc., and Sivantos Group.
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