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.
High
Price of Hearing Aids to Limit Adoption across Low-income Countries
Developing
and underdeveloped countries have been witnessing a higher prevalence
of hearing loss among their citizens. Governments across these
countries are thus compelled to adopt various awareness initiatives
aimed at curbing the incidence of hearing loss. Such initiatives are
expected to positively influence sale of hearing aid products across
developing and underdeveloped economies.
Technical
Aspects and Important Highlights of Hearing Aids:
https://goo.gl/DeTZf3
On
the flip side, the high price of hearing aids and cost incurred on
maintaining them limit their purchase among low-income people.
Furthermore, the device requires periodic replacements, which might
not be feasible for a sizeable population across underdeveloped
countries, thus restricting the market’s trajectory. The lack of
timely diagnosis of hearing impairment is another factor limiting
growth of the hearing aids market across developing and
underdeveloped nations.
Nevertheless,
these countries will continue exhibiting attractive opportunities for
manufacturers of hearing aids. With government of these countries
proactively involved to up the health status of the community, the
favorable policies they draft are expected to give significant
impetus to the hearing aid sales.
Presence
of Unmet Medical Needs to Propel Hearing Aids Sales in Asia Pacific
Regionally,
the prospects for hearing aid products are seen to be the most
lucrative in Europe. The region, TMR says, held approximately 39% of
the global market in 2015. The robust demand for hearing aids in this
region is mainly attributed to the high pool of aged population,
especially in Western Europe, and the increasing willingness among
consumers to pay for advanced medical devices.
Sharing
the Market Trends of Hearing Aids:
In
the same year, North America followed Europe in the global hearing
aids market. Asia Pacific is poised to exhibit the fastest CAGR
during the forecast period. The prevalence of a high degree of unmet
medical needs is expected to boost the Asia Pacific market for
hearing aids at a CAGR of 5.2% between 2015 and 2024.
High
Prevalence of Hearing Impairment among Adults Fuels Demand for
Hearing Aids
By
end user, the hearing aids market has been bifurcated into adult and
pediatric in the TMR analysis. Of these, since the incidence of
hearing impairment is exceptionally high among adults, the segment
held approximately 95% of the market in 2015. However, experts
forecast the incidence of hearing loss to rise among children at a
considerable rate in the near future, thus boosting the pediatric
hearing aids segment at a high CAGR.
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