A market research report from Persistence Market Research, titled “Global Market Study on Hearing Aids: Digital Hearing Aids Technology Segment Anticipated to Register 3.9% CAGR Between 2016 and 2024,” indicates the global hearing aid market will expand at a CAGR of 3.9% and attain value of US$ 10,908.4 million by the end of the forecast period.
According to Persistence Market Research, the World Health Organization (WHO) reported that in 2012, roughly 360 million people in the world were suffering from hearing loss. Based on WHO’s census, more than 90% of deaf or hearing loss consumers are adults, affecting the growth in demand for advanced hearing aids. Four years since that report, the global market for hearing aids affirms that consumers of hearing loss devices has grown extensively, helping the global market to reach an estimated US$ 8,049.6 million by the end of 2016.
The growth of global hearing aid market spans the global industries of healthcare, consumer electronics, and technology, according to market research. Aging populations continue to retain their global dominance in terms of consumer preferences as a considerable proportion of aging people in the world develop some degree of hearing impairment. At the same time, growth of the global hearing aids market is being curtailed due to the poor healthcare infrastructure in developing countries. Additionally, reduced reimbursement for treating hearing impairment reportedly diverts consumers from expensive and advanced hearing aids.
Also included in the report is an overview of regional growth in the hearing aids market. The US is projected to continue expansion of its hearing aid market through product development. Apple Inc, a global leader in consumer electronics based in the US, has been the latest addition in terms of key players participating in the global hearing aids market. Apple’s EarPods are designed to help consumers with hearing impairment who use Bluetooth hearing aids, and the company’s iOS updates include hearing aid accessibility features. The new iOS 10 is slated to feature volume pre-sets in accordance with multiple audiology designs to assist comprehension of sounds and speech for users with hearing loss.
Likewise, companies such as Sivantos Ltd, Cochlear Ltd, GN ReSound, Widex A/S, Starkey Hearing Technologies Inc, Sonova, Amplifon SpA, and William Demant Holdings A/S, have driven expansion of the global hearing aids market significantly. A growing population of people with hearing loss in the US has consolidated the position of North America as a dominating region in the global market for hearing aids. By 2024, North America’s hearing aids market is anticipated to procure US$ 4,630 million in revenues, exhibiting progression at 3.7% CAGR.
It is reported that product types such as receiver-in-the-ear (RIE) hearing aids, completely-in-the-canal (CIC) hearing aids, in-the-ear (ITE) hearing aids, behind-the-ear (BTE) hearing aids, and in-the-canal (ITC) hearing aids are demonstrating variable growth arrays, with specific domination of the BTE hearing aids segment, which is projected to reach US$ 3,109.0 million in 2016. Growth of the global hearing aids market can also be fragmented into conventional hearing aids technology and digital hearing aids technology, with the former segment projected to reach 3.9% CAGR over the forecast period. As opposed to online stores and ENT specialty clinics, audiology clinics are likely to be the dominant end-users for hearing aids and will account for nearly 50% share of the global market value.
Source: Persistence Market Research
Image credit: Persistence Market Research, 2016