Global Hearing Aids Market
Global Hearing Aids Market Report Description:
Global hearing aids market report gives comprehensive outlook on hearing aids across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report on global hearing aids market gives historical, current, and future market sizes (US$ Mn) on the basis of product type, type of hearing loss, technology, patient type, distribution channel, and region. This report studies global hearing aids market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global hearing aids market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global hearing aids market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the global hearing aids market report include suppliers, manufacturers, marketers, policy makers, and healthcare service providers engaged in global hearing aids products.
Global Hearing Aids Market:
The global hearing aids market estimated to be valued US$ XX Mn in 2018 and poised to grow at significant CAGR over 2019-2025 owing to increasing prevalence of hearing loss coupled with rising geriatric population are the major factors that are driving the growth of the hearing aids market. For instance, approximately 15% of American adults (37.5 Mn) aged 18 and over report some trouble hearing and more than 90 percent of deaf children are born to hearing parents. Moreover, increasing trend for customized implants and rapid advancements in technology in hearing aids fuels the growth of the market over the forecast period. However, high cost of hearing aids devices and availability of product substitutes may hinder the growth of the market.
Increasing Prevalence of 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. The majority of people with disabling hearing loss live in low- and middle-income countries. Approximately, one third of people over 65 years of age are affected by disabling hearing loss. The prevalence in this age group is greatest in South Asia, Asia Pacific, and Sub-Saharan Africa. The prevalence of hearing loss is increasing year over year. For instance, according to WHO, over 5% of the world’s population or 466 million people has disabling hear loss and it is estimated that by 2050 over 900 million people or one in every ten people will have disabling hear loss. The rising prevalence of hear loss is the major factor that drives the growth of the market.
Europe Accounts for Larger Market Revenue Share in Global Hearing Aids Market
Europe accounted for larger revenue share in global hearing aids market with significant CAGR and is expected to grow over the forecast years owing to increasing number of ageing population in the region and high prevalence of hearing loss and presence of large number of market players in the region boosts the growth of the market. North America is expected to show faster growth rate over the forecast period owing to rapid advancements in technology in hearing aids and adoption of new technology in the region fuels the growth of the market. Asia Pacific market is also expected grow over the forecasted period due to increasing prevalence of hearing loss sand increasing geriatric population.
Key player’s profiles in the global hearing aids market include:
- Audina Hearing Instruments, Inc.
- Cochlear Ltd.
- GN Hearing AS
- Horentek Hearing Diagnostics
- William Demant
- SeboTek Hearing Systems
- Arphi Electronics
Global hearing aids market is surging owing to product launchings by the market players and strategic collaborations among them to strengthen their position in the market. For instance, in March 2019, Semtech Corporation and Sonova, a developer of hearing care solutions, announced a jointly developed advanced radio system. The ultra-small integrated circuit (IC) is said to be a main component for a new generation of hearing aids, enabling support for multiple radio protocols in the 2.4GHz band, as well as effective operation on very low power, according to the announcement.
Key Findings of the Report:
- Global hearing aids market expanding at significant CAGR over 2018 to 2024 owing to increase in the prevalence of hearing loss
- Based on product type, Behind the Ear (BTE) hearing aids accounted for larger market revenue share in 2018 and projected gain market revenue share over the forecast period
- Players focusing on innovation of newer products and collaboration strategies to retain market position in global hearing aids market
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2014-2018) and forecast (2019-2025)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
By Product Type
- Canal Hearing Aids (CHA)
- Receiver in the Ear (RITE)
- In the Ear (ITE)
- Behind the Ear (BTE)
- Other Hearing Aid Devices
By Type of Hearing Loss
- Conductive Hearing Loss
- Sensorineural Hearing Loss
- Conventional Hearing Aids
- Digital Hearing Aids
By Patient Type
By Distribution Channel
- Pharmacy Stores
- Rest of Europe
- Australia & New Zealand
- ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
- South Korea
- Rest of Asia-Pacific
- Rest of Latin America
Middle East and Africa (MEA)
- Gulf Cooperation Council (GCC) Countries
- South Africa
- Rest of MEA