Hearing Aids Market – Insights
Hearing aids are sound amplifying devices that are used to treat hearing impairment. It is an electronic device that comprises 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 aging, prolonged exposure to loud noise, trauma or injury to the head, genetic factors, and diseases such as Meniere’s disease.
There are three major types of hearing loss such as 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 that is caused due to damage to the inner cells or auditory nerve of the ear.
The global hearing aids market size is estimated to be valued at US$ 8,938.4 million in 2019, and is expected to exhibit a CAGR of 6.6% over the forecast period (2019-2027).
Global Hearing Aids Market Share (%) Analysis, By Technology, 2019
Source: Coherent Market Insights Analysis (2019)
Increasing prevalence of hearing problems and advancement in hearing aids technology is expected to drive growth of the hearing aids market
Hearing aids market is expected to grow over the forecast period, owing to increasing prevalence of hearing problems such as hearing loss, ear infections, and others. For instance, according to the World Health Organization (WHO) in March 2019, around 466 million people worldwide suffered from disabling hearing loss, of which 34 million of these were children. Moreover, as per the same source in 2017, around 1.1 billion people around the globe in the age group of 12-35 years were at the risk of hearing loss due to continuous exposure to noise. Furthermore, around 60% of the childhood hearing loss is preventable by immunizing children against the disease, which results in hearing loss such as meningitis, rubella, and mumps.
Furthermore, continuous product innovation and product development by manufacturers of hearing aids is expected to fuel growth of the hearing aids market over the forecast period. For instance, in August 2018, Starkey Hearing Technologies launched hearing aid, Livio AI. Livio AI is a hearing aid that utilizes integrated sensors and artificial intelligence and it is the first device to track physical activity and cognitive health. Livio AI hearing aid tracks brain and body health and offers natural user interface with tap control, language translation, and advanced environmental detection (surrounding environment of the user).
Hearing Aids Market - Restraints
Factors that are expected to hamper growth of the hearing aids market include high price of devices, poor accessibility of healthcare services, and issues related with the devices such as battery problem, post purchase service, and maintenance problem. For instance, Widex A/S’, a hearing aid manufacturer’s product, Widex BABY hearing aid was recalled by the U.S. FDA on August 2018, owing to mounting of a non-tamper-resistant (ordinary) battery drawer on few BABY440 hearing aids. Whereas, the hearing aid is supposed to have tamper-resistance mounting which is opened with a special tool. The product was terminated on December 2018. Moreover, the high costs of devices, poor accessibility of healthcare services, issues related with the devices such as battery problem, post purchase service, and maintenance problem is expected to hamper growth of the hearing aids market over the forecast period.
Hearing Aids Market - Regional Insights
On the basis of region, the global hearing aids market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to hold a dominant position in the global hearing aids market during the forecast period, owing to favorable rules and regulations regarding hearing aids to increase the accessibility of hearing aids in this region. For instance, in June 2019, the U.S. Food and Drug Administration, announced that the first public rule-making process for establishing over-the-counter (OTC) hearing aid regulations took place by November 2019. The OTC hearing aids rules is expected to be finalized by August 2020.
Europe is expected to witness significant growth in the hearing aids market over the forecast period, owing to increasing adoption of hearing aid devices. For instance, according to the EuroTrak 2018 survey, around 40% of the population with hearing loss received a hearing test in the past five years in Europe. Furthermore, according to the report released by European Hearing Instrument Manufacturers Association (EHIMA) in April 2019, total units of hearing aids sold in 2018 were 16,035,000 across the Europe.
Global Hearing Aids Market Value (US$ Mn) & Y-o-Y Growth (%), 2017-2027
Source: Coherent Market Insights Analysis (2019)
Hearing Aids Market - Competitive Landscape
Key players operating in the global hearing aids market include Sonova Holding AG, Sivantos Inc., Cochlear Ltd., SeboTek Hearing Systems LLC, Oticon A/S, Zounds Hearing Inc., MED-EL, Sonic Innovations Inc., GN Store Nord A/S, Widex A/S, Starkey Hearing Technologies, and William Demant Holding A/S.