DUBLIN, Jan. 9, 2020 /PRNewswire/ -- The "Hearing Aids Market - Global Outlook and Forecast 2019-2024" report has been added to ResearchAndMarkets.com's offering.
The Global Hearing Aids Market is expected to grow at a CAGR of over 4% during the period 2018-2024.
The introduction of wireless technology and smart hearing aids is gaining prominence in the global hearing aids market. Manufacturers are coming up with wireless hearing aids, which are embedded with Bluetooth, electromagnetic compatibility (telecoil), and frequency modulation (FM) compatibility.
Smart hearing aids are emerging as a popular and effective treatment option for any degree of hearing loss, thereby contributing to the growth of the hearing aids market. The increased availability of a wide array of wireless/smart hearing aid will directly have a positive effect on the growth of the global hearing aids market during the forecast period.
Further, hearing aids manufacturers are acquiring other vendors to enhance their existing product portfolio, enter untapped markets, and increase the customer base. Thus, the global hearing aids market is experiencing increased merger and acquisition activities, where global players are buying other key competitors to further strengthen their market position in the highly competitive global market.
The following factors are likely to contribute to the growth of the hearing aids market during the forecast period:
- High prevalence of hearing loss in the elderly population
- Approval/launches of new hearing aid products
- Increased demand for wireless and smart hearing aids
This market research report includes detailed market segmentation by product, distribution, patent group, hearing loss, technology, and geography. With the growing incidences of hearing loss disorders and the increasing adoption of hearing aids globally, vendors are focusing on offering innovative and advanced BTE hearing aids. As BTE models are widely available at affordable prices, the adoption of these devices in emerging economies has been increasing over the years.
However, vendors are focusing on developing advanced and innovative hearing devices that are smaller or almost invisible. Hence, this segment is expected to witness slow growth during the forecast period. The receiver-in-the-ear (RITE) segment is growing at a faster rate than other hearing aid product types. Given their sophisticated designs, the segment is gaining traction in the global hearing devices market. Further, the rising incidence of hearing loss both in the adult and pediatric population is boosting the demand for ITE hearing amplifiers.
High incidences of hearing disorders in the elderly population and favorable government initiatives for hearing devices by health regulatory bodies are likely to boost the adult patient group segment during the forecast period. The children patient group segment, on the other hand, is expected to grow at a slower rate than the adult patient group segment due to the increasing acceptance of other hearing aid alternatives such as cochlear implants.
Digital hearing aids are gaining traction in the market due to the increased demand for invisible and aesthetically appealing hearing devices with the enhanced listening experience. Further, the rise in awareness of the availability of new treatment options for hearing loss is leading to the development and commercialization of digital and rechargeable hearing aids, which include Bluetooth, wireless connectivity, and iOS and Android compatibility. The analog segment accounted for a share of 10% of the global hearing aids market.
The sensorineural hearing loss segment is the major revenue contributor to the global hearing aids market. The growth can be attributed to the growing incidence of hearing loss, especially sensorineural hearing loss in the pediatric and adult population. The conductive hearing loss segment is growing because of the growing incidence of conductive hearing losses. This disorder is caused due to the obstruction or damage to the outer or middle ear. In the pediatric population, ear infections are the common cause of conductive hearing loss. Favorable governments initiatives and increasing awareness about hearing care in developed and developing countries will have a positive impact on the growth of the conductive hearing loss segment.
Retailers are the major distributors for hearing aids as they sell a high volume regularly and are likely to dominate the market in the coming years. With the growing demand for hearing aid across geographies, the hearing aid distribution system is witnessing a shift from specialized medical retail stores to multi-line retailers. The growing online retail is also becoming popular among end-users.
The growing prevalence of hearing disorders, especially in the baby boomer population, and the increase in market penetration of advanced and innovative hearing aids are the major factors responsible for the hearing aids market growth in North America. The region is likely to witness an absolute growth of around 28% during the forecast period, which is higher than the projected absolute growth of the global hearing aids market.
The hearing aids market share in Europe is increasing due to the presence of highly sophisticated healthcare infrastructure, reimbursement facilities, increasing patient population, coupled with high awareness about the availability of hearing aid for treating hearing loss. Japan, China, South Korea, Australia, and India are the major revenue contributors to the hearing aids market in the APAC region.
The APAC market is growing at the fastest rate and is likely to witness similar growth during the forecast period. The adoption of hearing aid is increasing at a steady rate in Latin America. The market is likely to experience the growth due to the increased government support and the initiation of awareness campaigns by a few manufacturers to spread information about hearing disorders. In MEA, the UAE and South Africa are the major revenue contributors to the hearing aids market.
Key Vendor Analysis
The hearing aids market is highly competitive and subject to technological changes. Therefore, the competitive scenario is currently intensifying. The rapidly changing technological environment could adversely affect vendors as customers expect continual innovations and upgrades. Further, the market is highly concentrated with key players accounting for commendable shares. Besides, the present market scenario is forcing vendors to alter and redefine their unique value proposition to achieve a strong market presence. They are competing to establish long-term relationships with healthcare providers and eye care professionals to increase their customer base.
Key Questions Answered
- The analysis of the global hearing aids market provides market sizing and growth opportunities for the forecast period 2019-2024.
- Offers market sizing and growth prospects of the market for the forecast period 2019-2024.
- Provides comprehensive insights on the latest industry trends, market forecast, and growth drivers in the market.
- Includes a detailed analysis of market growth drivers, challenges, and investment opportunities.
- Delivers a complete overview of market segments and the regional outlook of the market.
- Offers an exhaustive summary of the vendor landscape, competitive analysis, and key market strategies to gain a competitive advantage in the global hearing aids market.
Key Topics Covered
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of the study
4.4 Market Segments
4.4.1 Market Segmentation by Products
4.4.2 Market Segmentation by Patient Group
4.4.3 Market Segmentation by Technology
4.4.4 Market Segmentation by Hearing Loss Type
4.4.5 Market Segmentation by Distribution Type
4.4.6 Market Segmentation by Geography
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7.1.2 Risk Factors of Hearing Loss
7.1.3 Symptoms of Hearing Loss
7.1.4 Types of Hearing Loss
7.1.5 Hearing Loss Treatment
7.2 Hearing Aids
8 Market Dynamics
8.1 Market Growth Enablers
8.1.1 Growing Prevalence of Hearing Loss in Elderly Population
8.1.2 Approvals/Launches of New Hearing Aid Products
8.1.3 Availability of Technologically Advanced Hearing Aids
8.2 Market Growth Restraints
8.2.1 High Cost of Hearing Aids
8.2.2 Lack of Sufficient Reimbursement Coverage for Hearing Aids
8.2.3 Lack of Infrastructure & Trained Personnel for Hearing Care
8.3 Market Opportunities & Trends
8.3.1 Strategic Acquisitions & Mergers
8.3.2 Manufacturers' Increasing Focus on Hearing Aids Retail Business
8.3.3 Growing Demand for Wireless & Smart Hearing Aids
9 Global Hearing Aids Market
9.1 Market Overview
9.2 Market Size & Forecast
9.3 Five Forces Analysis
9.3.1 Threat of New Entrants
9.3.2 Bargaining Power of Suppliers
9.3.3 Bargaining Power of Buyers
9.3.4 Threat of Substitutes
9.3.5 Competitive Rivalry
10 By Product
10.1 Market Snapshot & Growth Engine
10.2 Market Overview
10.3 BTE Hearing Aids
10.4 RITE/RIC Hearing Aids
10.5 ITE Hearing Aids
10.6 ITC Hearing Aids
10.7 CIC Hearing Aids
10.8 IIC Hearing Aids
11 By Patient Group
11.1 Market Snapshot & Growth Engine
11.2 Market Overview
12 By Technology
12.1 Market Snapshot & Growth Engine
12.2 Market Overview
12.3 Digital Hearing Aids
12.4 Analog Hearing Aids
13 By Distribution
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.4 Independent Practices
13.5 Buying Groups/Networks
13.6 Public Organizations/Government Purchases
14 By Hearing Loss
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 Sensorineural Hearing Loss
14.4 Conductive Hearing Loss
14.5 Mixed Hearing Loss
15 By Geography
15.1 Market Snapshot & Growth Engine
15.2 Market Overview
16 North America
19 Latin America
20 Middle-East & Africa
21 Competitive Landscape
21.1 Competition Overview
21.2 Market Vendor Analysis
22 Key Company Profiles
22.1.1 Business Overview
22.1.2 Sonova in Global Hearing Aids Market
22.1.3 Major Product Offerings
22.1.4 Key Strengths
22.1.5 Key Strategies
22.1.6 Key Opportunities
22.2 WS Audiology
22.4 GN Store Nord
22.5 Starkey Hearing Technologies
23 Other Prominent Vendors
23.1 Arphi Electronics
23.1.1 Business Overview
23.1.2 Major Product Offerings
23.2 Audina Hearing Instruments
23.3 Century Hearing Aids
23.8 IN4 Technology
23.9 InnerScope Hearing Technologies
23.11 Loreca Hearing Aid
23.13 NewSound Hearing Aids
23.15 SeboTek Hearing Systems
23.16 Zounds Hearing
For more information about this report visit https://www.researchandmarkets.com/r/i9mqs8
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