Hearing Aids – Technologically Advanced and Customizable Hearing Aids Fuel the Growth of Hearing Aids Market
Hearing aids are sound-amplifying devices that are used to treat hearing impairment. It is an electronic device comprising various components such as microphone, amplifier circuitry, miniature loudspeaker (receiver) and batteries. It captures, amplifies and delivers sound into the ear canal. The hearing loss may result due to many reasons such as due to aging, prolonged exposure to loud noise, trauma or injury to the head, genetic factor and due to the disease such as Meniere’s disease.
As per the stats released by Royal National Institute for Deaf People (RNID), in 2015, 11 million people suffered from hearing loss in the U.K. and the number is projected grow to 15.6 million by 2035. Furthermore, as per Centers for Disease Control and Prevention (CDC) in 2014, around 97% infants were screened for hearing loss and in between 2005 to 2014 around 45,000 deaf children were born in the U.S.
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According to World Health Organization (WHO) in 2012, around 360 million people were suffering from hearing loss, which included 32 million children. Furthermore, as of 2017, around 1.1 billion people around the globe in the age group of 12-35 years are at the risk of hearing loss due to continuous exposure to noise. Around 60% of childhood hearing loss is preventable by immunizing children against the disease which causes for hearing loss for example meningitis, rubella, and mumps.
There are three major types of hearing loss, namely sensorineural hearing loss, conductive hearing loss, and mixed hearing loss. Sensorineural hearing loss is the most common type and is a permanent type of hearing loss caused due to damage to the inner cells or auditory nerve of the ear.
The global hearing aids market was valued at US$ 7584.8 million in 2016 and is expected to witness a robust CAGR of 4.6% during the forecast period (2017 – 2025).
Fig. 1: Global Hearing Aids Market, By Region, 2016 (US$ Million)
Increasing geriatric population and advancement in hearing aids’ technology will increase growth of the hearing aids market over the forecast period
North America is leading the global hearing aids market with the highest market share followed by Europe. Factors such as high geriatric population and rapid adoption rate of hearing aids devices are increasing growth of hearing aids market in this region. However, Asia Pacific is expected to witness the highest growth rate in hearing aids market during the forecast period due to increasing population in the emerging economies such as China and India.
The key players are incorporating strategies to increase its market share, meet rising demand, and expand customer base in emerging countries such as China and India. For instance, according to World Health Organization (WHO), in 2012, overall production of hearing aids met only 10% demand around the globe and as low as 3% demand in emerging economies.
Factors that might hamper the growth of hearing aids market are high costs of devices, poor accessibility of healthcare services, issues related with the devices such as battery problem, post purchase service, and maintenance problem.
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Continuous innovation and product development by manufacturers expected to fuel the growth of hearing aids market
The companies like Sivantos Inc. and William Demant Holding A/S are focusing on product development and innovation, as a part of this Sivantos Inc. has recently launched their new hearing aids brand Signia, which provide advanced hearing solutions, customizable aids and have discreet appearance and wireless connectivity to phone and TV features.
Some major players hold largest market share of hearing aids market are Sonova Holding AG, Sivantos Inc., Cochlear Ltd., SeboTek Hearing Systems, LLC, Oticon A/S, Zounds Hearing Inc, MED-EL, Sonic Innovations Inc., GN Hearing and William Demant Holding A/S.
The companies are also trying to establish control on retail chains to robust their product sale and supply the product directly to end user. In the year 2015 William Demant Holding A/S acquired Audika, which is the largest hearing aid dispensing chain in France.
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