Auditory disorders are a surprisingly underexplored area of modern medicine. 2015 figures from the WHO showed that only about 10% of the global demand for hearing aids is fulfilled by the annual production of hearing aids. The scenario is even worse in developing countries, as only a worrying 3% of the total demand for hearing aids in developing countries is fulfilled, according to the WHO. The rising public awareness about the benefits and convenience of modern hearing aids and their ease of availability has thus been vital to the global hearing aids market’s growth.
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According to Transparency Market Research (TMR), the global market for hearing aids is likely to hold to a steady CAGR of 4.5% between 2016 and 2024. The market, whose value was calculated at US$4.5 bn in 2015, is expected to rise to an overall valuation of US$7.01 bn by the end of 2024.
Growing Prevalence of Auditory Problems Crucial for Hearing Aids Market in Developing Regions
A promising opportunity for the global hearing aids market comes in the form of the rising number of people suffering from auditory problems in developing countries. However, regardless of the future promise exhibited by the market in the developing world, the performance of the hearing aids industry hasn’t been satisfactory in these markets in recent years due primarily to the high prices of modern hearing aids. Despite the growing purchasing power of consumers in developing countries, the latest medical technologies still remain too expensive for many.
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Europe to Retain Dominance in the Face of Improving Performance of APAC Hearing Aids Market
Geographically, Europe was the dominant regional market for hearing aids in 2015. The widespread support for medical research in Europe has led to the easy availability of advanced technologies, such as modern hearing aids. While North America followed Europe in the global hearing aids market’s regional hierarchy in 2015, the Asia Pacific market is expected to exhibit a formidable CAGR in the 2016-2024 forecast period and emerge as a key contender due to the rising operations of leading companies in the region and the rising awareness about the availability of modern and sophisticated hearing aids.