Early detection and treatment of hearing loss can mitigate the severity of deafness and could improve the condition of those suffering from the condition. As per World Health Organization, in 2015 the hearing aid production globally, hardly met 10% of the total need and a meager 3% of demand across developing countries. This provides the global hearing aids market with substantial opportunities to gain from in the forthcoming years.
As per Transparency Market Research (TMR), the global hearing aids market is expected to reach US$7.01 bn by 2024, from US$4.7 bn in 2015. Between 2016 and 2024, the global hearing aids market is thus expected to surge at a CAGR of 4.5%.
Increasing Geriatric Population and Awareness to Boost Sales of Hearing Aids
As aged people are more prone to develop hearing impairment, the sales of hearing aids are directly impacted by the current geriatric demographic dynamics in worldwide. In the last of few years, the awareness level among patients and their families regarding hearing impairment has considerably increased. This, combined with the recent advances in the hearing aid technology, is boosting sales of hearing aids worldwide. Furthermore, the advent of rechargeable hearing aids with long lasting and quick charging features will also augment the market’s growth.
Opportunities for the Market in Europe to be Most Lucrative
Regionally, Europe has been exhibiting the most attractive opportunities for companies in the hearing aids market. It emerged dominant with a share of 39% in the global market in 2015. The presence of a large pool of aged people across Western Europe and the increasing willingness among consumers to spend on advanced medical devices have helped Europe attain the lead in the global hearing aids market. The fact that several of the prominent names in the industry are domiciled in the region has also augured well for the market. TMR has pegged the value of the Europe hearing aids market at US$1.8 bn in 2015 and forecasts it to reach US$2.6 bn by the end of 2024, rising at a CAGR 4.1% from 2015 to 2024.
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However, the market in Asia Pacific is expected to grow at a fast pace during the forecast period. The prevalence of considerably high unmet medical needs and the rising investment in the health care infrastructure create immense opportunities for sale of hearing aids in Asia Pacific. Besides this, governments across emerging economies are making considerable efforts to educate people about conditions such as health impairments have fuelled demand for hearing aids in the region. As per TMR, the regional market is expected to rise at a CAGR of 5.2% between 2016 and 2024.
Increasing Incidence of Hearing Loss in Children to Necessitate Development of New Products
By end user, the global hearing aids market is bifurcated into adult and pediatric. Of these, the adult segment held approximately 94.83% of the market in 2015.The incidence of hearing impairment is higher in developing and under-developed countries because of the high geriatric population in these countries. However, in the forecast period growth exhibited by the pediatric segment is expected to be faster due to the rising prevalence of hearing loss among children.
Key players in this market are Sonova AG (Switzerland), William Demant Holding (Denmark), Siemens Healthcare (Germany), GN ReSound A/S (Denmark), Starkey (U.S.), and Widex A/S (Denmark), among others.