According to the latest market report published by Persistence Market Research titled “Hearing Aids Market: Global Industry Analysis and Forecast, 2016–2024,” the global hearing aids market was valued at US$ 7,800.0 Mn in 2015 and is anticipated to register a CAGR of 3.9% from 2016–2024, to reach US$ 10.91 Bn by 2024.
Hearing aids are used for the treatment of profound hearing loss. Disabling hearing loss refers to hearing loss greater than 40 decibels (dB) in the better hearing ear in adults and a hearing loss greater than 30 dB in the better hearing ear in children. Hearing loss is one of the six leading global diseases. Approximately one-third of people over 65 years of age are affected by hearing loss. The prevalence in this age group is greatest in South Asia, Asia Pacific, and sub-Saharan Africa. According to the U.S. National Center of Health Statistics (NCHS), 12 out of every 1,000 Americans suffering from hearing loss belong to the age group of below 18 years. An increasing prevalence of hearing loss among the population is likely to boost the demand for hearing aids globally and further fuel the growth of the global hearing aids market. Moreover, rapidly increasing usage rates of digital hearing aid technology and patient awareness levels are expected to drive market growth during the forecast period (2016 – 2024).
The global hearing aids market is mainly driven by factors such as gradual increase in disposable income, increase in GDP, and increase in global geriatric population. However, factors such as poor reimbursement policies and lack of infrastructure will hinder the growth of the global hearing aids market in the coming eight years.
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); End User (Audiology Clinics, ENT Clinics, Online Stores); and Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa). The Behind-The-Ear (BTE) Hearing Aids segment is estimated to be the highest contributor to the global hearing aids market in terms of value share by 2016 end, followed by the Receiver-In-The-Ear (RIE) Hearing Aids segment. These segments are anticipated to register CAGRs of 3.3% and 3.6% respectively over the forecast period. The Digital Hearing Aids segment is expected to be the fastest growing and most attractive segment over the forecast period and is expected to create incremental opportunity of US$ 2,759.8 Mn between 2016 and 2024. The Audiology Clinics segment is anticipated to register a CAGR of 3.9% over the forecast period.
On the basis of region, the North America hearing aids market is expected to account for the highest market value share in the global hearing aids market by 2024 end, followed by the Europe hearing aids market. The Europe hearing aids market is estimated to account for 28.0% revenue share by the end of 2016.
The report profiles some of the top companies operating in the global hearing aids market. Key players featured in the report 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.