There is an increasing demand for hearing aids by people, mostly adults and older population, who suffer from some form of hearing impairment or loss. Various types of hearing aids are available in varying shapes and forms and are mainly used to amplify soft sound. According to an estimate by the World Health Organization (WHO), about 15% of the world’s adult population has some degree of hearing impairment, of which nearly one-fourth is aged above 65 years. According to the global health organization, in 2015, the global production of hearing aids was not sufficient to meet even 10% of the aggregate demand.
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The unmet medical need marks an enormous potential for the growth of the market worldwide. Since about one third of people above 65 years develop some degree of hearing loss, the vast pool of the geriatric population offers abundant opportunities for the expansion of the market. Coupled with this, significant hearing impairment caused due to chronic ear infections conditions will lead to a substantial demand for hearing aids worldwide.
The global market stood at US$4.7 bn in 2015 and is estimated to attain US$7.01 bn by the end of 2024. Rising at a steady pace, the global hearing aids market is anticipated to rise at 4.5% CAGR from 2016 to 2024.
Europe Market Offers Lucrative Avenues; Asia Pacific to Witness Soaring Demand
On the basis of geography, the global market is segmented into Europe, Asia Pacific, Latin America, and North America. Of these, Europe is expected to offer enormous opportunities for players in the global hearing aids market. The impressive growth is attributed to a rising geriatric population across countries of Western Europe, along with the launch of high-end medical devices to aid hearing. Several prominent players are headquartered in European countries, indicating the vast potential of the regional market. The market in Europe is projected to attain a value of US$2.6 bn by the end of 2024.
However, in the coming years, the market for hearing aids in Asia Pacific is anticipated to expand at a faster pace. The increasing prevalence of hearing impairment, coupled with continuous advancement in the healthcare infrastructure, is expected to bolster the uptake of hearing aids in the region. In addition, governments of emerging nations are making intensive efforts to create awareness about the disabling conditions of hearing loss and its debilitating effect on the general health of individuals, especially among elderly adults. This is expected to spur the demand for hearing aids across demographics. The regional market is projected to expand at a 5.2% CAGR during 2016–2024.
Prevalence of Hearing Impairment among Adults to Bolster Uptake of Hearing Aids
The major end users in the market are pediatric and adult. Among the two, the pediatric segment is the leading segment since it occupied a major share of about 95% in 2015. The dominance of the segment is attributed to the high prevalence of loss of hearing among adults, especially those above 65 years of age. However, in the forthcoming years, owing to rising incidence of childhood hearing loss in various regions, particularly in less developed economies, there will be a soaring demand for hearing aids. As a result, the pediatric hearing aids segment is expected to expand at a handsome CAGR over the forecast period.
Based on product, the market is segmented into behind the ear (BTE), receiver in the ear (RITE), in the ear (ITE), canal hearing aids, and bone anchored hearing aids (BAHA). Each product type has a different placement and its suitability may differ depending on age and type of hearing loss. RITE, ITE, BAHA, and canal hearing aids are especially appropriate for adults for treating mild to moderate hearing loss while BTE hearing aids may be universally suitable for all types of people suffering with any degree of hearing loss.
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Some of the major companies operating in the market are Sonova Holding AG, the William Demant Holding Group, Siemens Healthcare, GN ReSound, Starkey, and Widex A/S.
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