A new report by Persistence Market Research examines the global hearing aids market during the period 2016–2024. The primary objective of the report is to offer updates and information related to market opportunities in the global hearing aids market. The study demonstrates market dynamics and trends across different segments and regions that are expected to influence the current status and future prospects of the global hearing aids market.
The report begins with a market overview including a market snapshot that provides information about various segments of the global hearing aids market. Comparative analysis has also been included to determine the percentage market share of each region analyzed over the forecast period. To understand and assess opportunities in this market, the report is categorically divided into four sections based on market segmentation – on the basis of product, technology, end user, and region. The market overview section of this report analyzes market dynamics – drivers, restraints, and opportunities – that are likely to influence the global hearing aids market in the future. The report provides market estimation of the global hearing aids market in terms of revenue (US$ Mn) for all the segments with CAGR % for the period 2016 to 2024, considering 2015 as the base year. Furthermore, the report incorporates market attractiveness analysis by geography that depicts the most attractive and significant region in the global market in 2015. The subsequent sections analyze the global hearing aids market on the basis of product, technology, end user, and region and provide a comprehensive market forecast for the next eight years.
The final section of the report includes a competitive landscape to provide report audiences with a dashboard view of key manufacturers of hearing aids operating in the global hearing aids market along with an analysis of their long-term and short-term strategies. Market share analysis among the key market players is analyzed to signify percentage share of the major players operating in the global hearing aids market. All these factors are included to help market players plan their future business strategies to strengthen their position in the global hearing aids market.
The report leverages in-depth secondary research and interviews with key stakeholders operating in the global hearing aids market to deduce market size and other important data points such as regional split and market split by product, technology, end user, and region to arrive at suitable market estimates. The forecast presented in the report evaluates the total revenue that is expected to be generated across the global hearing aids market over the forecast period (2016–2024). When developing the market forecast, the starting point involves sizing up the current market, which forms the basis for forecasting how the market is anticipated to take shape during the forecast period. Given the characteristics of the market, Persistence Market Research has triangulated the data on the basis of various analysis based on both supply side and demand side drivers and other dynamics of the global hearing aids market.
The report not only conducts forecasts in terms of CAGR but also analyzes the market on the basis of key parameters such as Year-on-Year (Y-o-Y) growth to understand the predictability of the market and identify the right opportunities in the global hearing aids market. The report further analyzes the key market segments in terms of Basis Point Share (BPS) to understand individual segments’ relative contribution to market growth; and in terms of absolute dollar opportunity, critical for assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective in the global hearing aids market. Also, to understand key market segments in terms of growth and performance in the global hearing aids market, Persistence Market Research has developed a market attractiveness index to help providers identify real market opportunities across the global hearing aids market.
Hearing loss is a partial or total inability to hear. Hearing aids are sound-amplifying devices designed to aid people who have a hearing impairment. Most hearing aids share several similar electronic components, including a microphone that picks up sound; amplifier circuitry that makes the sound louder; a miniature loudspeaker (receiver) that delivers the amplified sound into the ear canal; and batteries that power the electronic parts.
The global hearing aids market is projected to increase from US$ 8,049.6 Mn by 2016 end to US$ 10,908.4 Mn by 2024, registering a CAGR of 3.9% during 2016–2024.
Favorable reimbursement policies, gradual increase in disposable income, increasing global geriatric population, and increase in the prevalence of hearing impairment are factors anticipated to drive growth of the global hearing aids market over the forecast period. According to World Health Organization (WHO), approximately ~360 million people across the world were suffering from hearing loss in 2012. Among these, 91% of the population were adults and 9% were children. Approximately one-third of people over 65 years of age are affected by hearing impairment and other hearing related conditions. Such increasing prevalence of hearing impairment and hearing loss is fueling the demand for hearing aids devices. The prevalence of hearing impairment in people over 65 years of age is highest in Asia Pacific, South Asia, and sub-Saharan Africa. Moreover, rapidly increasing usage rates of digital hearing aid technology and patient awareness levels are expected to drive market growth during the forecast period.
However, factors such as lack of infrastructure and absence of innovative treatment methods may hinder future growth of the global hearing aids market over the forecast period.
The global hearing aids market is segmented on the basis of Product (Behind-The-Ear (BTE) Hearing Aids, Receiver-In-The-Ear (RIE) Hearing Aids, In-The-Ear (ITE) Hearing Aids, In-The-Canal (ITC) Hearing Aids, Completely-In-The-Canal (CIC) Hearing Aids; Technology (Conventional Hearing Aids, Digital Hearing Aids); and End User (Audiology Clinics, ENT Clinics, Online Stores). Among the various product types, the Behind-the-Ear (BTE) Hearing Aids segment was valued at US$ 3,032.6 Mn in 2015 and is estimated to reach US$ 3,109.0 Mn by the end of 2016. The Receiver-In-The-Ear (RIE) Hearing Aids segment was valued at US$ 1,912.9 Mn in 2015 and is estimated to reach US$ 1,974.2 Mn by the end of 2016. In the technology segment, the Digital Hearing Aids segment is anticipated to register a CAGR of 3.9% during the forecast period. Among various end use segments, the Audiology Clinics segment is estimated to account for a value share of 47.8% of the global hearing aids market by the end of 2016.
The global hearing aids market is segmented into the five key regions of North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is expected to be most attractive regional market in the global hearing aids market over the forecast period. The North America hearing aids market is estimated to account for US$ 4,630.0 Mn in terms of revenue by 2024, registering a CAGR of 4.4% over the forecast period. The Europe hearing aids market is anticipated to witness a CAGR of 3.7% over the forecast period and is expected to be the second most attractive regional market in the global hearing aids market.
Key market players
Some of the top companies operating in the global hearing aids market are Sonova, William Demant Holdings A/S, GN ReSound, Amplifon S.p.A., Cochlear Ltd., Starkey Hearing Technologies Inc., Widex A/S, and Sivantos Pte. Ltd. Leading market players are focusing on developing innovative products through robust R&D initiatives to expand their product portfolio and are adopting advanced technologies to provide better solutions to patients. Some companies are also entering into strategic collaborations with other leading market players to develop innovative products and expand their geographical presence.