Jan 16, 2020 12:18 AM ET
Hearing Aids Market is Estimated to Grow at CAGR of 7% During 2019-2024
iCrowd Newswire -
Jan 16, 2020
Hearing Aids Market is estimated to be $6.88Bn, in 2018, growing at a CAGR of 7%, during 2019-2024. Growing technological advancements in hearing aids, high prevalence of hearing loss and growing number of geriatric population are some of the key factors driving the market over the forecast period 2019 to 2025.
- The behind-the-ear (BTE) products held the largest market share in terms of revenue with 30.13%, in 2018.
- Europe dominated the hearing aids market with a revenue market share of 51.91%, in 2018.
- Asia Pacific is expected to grow at the forecast rate over the forecast period.
- Growing preference towards wireless technology and e-commerce are two key factors driving the hearing aids market.
By Product – Segment Analysis
The global hearing aids market
industry by product has been segmented into two broad category, hearing aid devices and hearing implants. The hearing aid devices are further segmented into receiver-in-the-ear hearing aids, behind-the-ear hearing aids, canal hearing aids, in-the-ear (ITE) hearing aids and other hearing aid devices. The hearing implant is further segmented into cochlear implants and one-Anchored Systems. The behind-the-ear (BTE) products held the largest market share in terms of revenue with 30.13%, in 2018. BTE hearing aids consist of a small curved case that comfortably fits behind the ear. Alteration of these products is possible by connecting them to external sound sources, like auditory training equipment and infrared listening systems. New generation BTE models are Bluetooth enabled and they provide better wireless connectivity. These are a key factors resulting in the high revenue share in this category. Canal devices are expected to grow at the fastest rate over the forecast period.
Geography – Segment Analysis
The hearing aids market size by geography has been segmented into North America, South America, Europe, Asia Pacific and Rest of the World. Europe dominated the hearing aids market share with a revenue market share of 51.91%, in 2018. Growing prevalence of auditory loss and increase in awareness on technological advancements are some of the major factors driving the demand for hearing devices in the region. North America followed Europe in terms of revenue share, in 2018 while Asia Pacific is expected to grow at the fastest rate over the forecast period, 2019 to 2024.
Drivers – Hearing Aids Market Outlook
- Growing preference towards wireless technology
The introduction of smart hearing aids and wireless technology is gaining popularity in the global hearing aids market. Key players operating in the market are coming up with wireless hearing aids, which are embedded with electromagnetic compatibility (telecoil), Bluetooth and frequency modulation (FM) compatibility. Further, the companies are introducing smart hearing aids which are also growing in popularity and provide effective treatment for any degree of hearing loss.
The rise of e-commerce especially in regions like Asia Pacific with huge consumer base is a key factor driving the market growth. Internet plays a major part in making a purchase decision. Getting information about hearing aids, particularly for young adults and millennial. Further, e-commerce had made hearing aids cost much lesser and easily available compared to the past when people had to gather information on the availably and functionality of the product matching to their needs. The emergence of e-commerce has made the process very easy with consumers able to search and purchase with the click of a button. E-commerce sales channels also help to increase the availability and affordability of hearing aids in the global market, by providing premium payment options to the end users.
Challenges – Hearing Aids Market Report
Low awareness on the advantages and availability of hearing aids are a key challenge in the market growth. Most people are unaware of the application of hearing aids and the place where they can purchase it. Further, they are not clear on what exactly they need matching to their hearing condition. Hearing aids are still very expensive and this is a key challenge to the market growth in the near further.
Partnership and product innovation with focus in research and development are some of the key strategies adopted by players operating in the hearing aids market. In 2018, the market for hearing aids was consolidated with the top ten players accounting for 67.89% of the global market share. Hearing Aids top 10 companies include Cochlear, William Demant, Sivantos Group, Sonova, Microson, Starkey, Audina Hearing Instruments, Widex, Nurotron Biotechnology and NewSound Hearing Aids. Siemens hearing aids, phonak hearing aids are some of the key brands for hearing aids market.
- On April 2018, Sivantos Group announced that the company has entered into a partnership with Comunicare Aparelhos Auditivos. The companies has got into an agreement to open new stores across Brazil where both the companies will jointly offer their latest range of hearing aids products. This would help both the companies to reduce risk and share the cost of establishment for the stores.
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