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Hearing Aids Market Overview
The global hearing aids market size is predicted to grow substantially in the coming years because of the rising adoption of these devices, increasing prevalence of hearing loss because of surging geriatric population, and growing awareness regarding technologically advanced devices for treating deafness. Furthermore, the demand for hearing aids is increasing because any untreated hearing loss among infants can result in impairment of speech, and the psychological and the academic abilities of children may suffer as well.
Hearing implants and hearing aid devices are the major products offered by the hearing aids industry, between which, the hearing aid devices category held the larger hearing aids market share in the past and is further projected to dominate the market in the coming years. There are various types of hearing aid devices, including in-the-ear hearing aids, receiver-in-the-ear hearing aids, behind-the-ear (BTE) hearing aids, and canal hearing aids.
Among these, the largest demand was created for BTE hearing aids in the past. BTE hearing aids comprise a small curved case which fits comfortably behind the ear. These devices are preferred by the younger population because they are easy to handle, clean, and can fit into different ear molds. The fastest growth is expected to be registered by the canal hearing aids in the near future in the hearing aids market, as these are discreet devices. Moreover, these devices are technologically advanced and cancel the external voices and reduce tinnitus considerably.
Conductive and sensorineural are the two types of hearing loss, between which, the sensorineural hearing loss category held the larger hearing aids market share in the past. Digital and analog are the two types of technologies on which hearing aids are based, between these two, the digital hearing aids dominated the market in the past. A digital hearing aid device facilitates exact duplication of sound by converting acoustic sound waves into digital form. The digital signal is then further converted into a processed analog acoustic signal which is tailored according to the listener’s requirement.
Geographically, Europe held the largest hearing aids market share in the past, which is ascribed to the increasing awareness regarding technological advancements and rising prevalence of deafness. As per the European Federation of Hard of Hearing People, in 2015, approximately 51 million people suffered from deafness in the European Union. Furthermore, the prevalence of hearing impairment is projected to increase in the Europe due to the surging geriatric population.
The Asia-Pacific region is expected to witness the fastest growth in the hearing aids market in the near future, owing to the large population base, rising geriatric population, and enhancements in the distribution network of players in the global market. The manufacturers are increasingly focusing on developing innovative products which will improve the existing devices and help in targeting consumers in the region. Apart from this, the increasing disposable income and rising healthcare expenditure are also driving the regional market.
Hearing Aids Market Dynamics
Technological advancements, such as the addition of noise cancellation, Bluetooth, and headphone, in the field are among the major driving factors for the hearing aids market growth. In addition to this, the rising awareness and improved diagnosis are also resulting in the growth of the market. The hearing offices and healthcare associations of local governments in developed and developing countries are encouraging early screening of deafness. As the countries across the globe are focusing on decreasing deafness, various initiatives have been introduced which aim to create awareness among people and further provide them with free care.
For example, the New South Wales (NSW) Statewide Infant Screening-Hearing program in Australia focuses on identifying babies who are born with permanent bilateral deafness in NSW. Initiatives like this are projected to drive the demand for hearing aids.
Hearing Aids Market Competitive Landscape
Some of the key players operating in the global hearing aids market are GN Store Nord A/S, William Demant Holding A/S, Zounds Hearing Inc., Cochlear Limited, Sonova Holding AG, Widex A/S, Sebotek Hearing Systems LLC, Sivantos Pte. Ltd., and Starkey Hearing Technologies Inc.
Global Hearing Aids Market Segmentation
By Type of Hearing Loss
By End User