ALBANY, New York, September 26, 2018 /PRNewswire/ --
According to TMR, the global hearing aids market is projectedto reach US$7 bn by the end of 2024 progressing from US$4.7 bn as estimated in 2015. During the forecast period between 2016 and 2024, the market is projected to expand at 4.5% CAGR.
Based on end user, the market is bifurcated into pediatric and adult segment. Of these, the adult segment dominated the market as it held 95% of the global market share in 2015. During the forecast period, this segment is expected to continue its dominance in the global hearing aids market as compared to the pediatric segment. Geographically, Europe is leading the market due to high disposable income of the users and extensive development of medical technology in the region.
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Increasing Geriatric Population to Fuel Market Growth
One of the significant factors for the growth of the hearing aids is the increasing number of geriatric population in both developed and developing countries. This is due to the better healthcare facilities and improvement in living condition that has grown the geriatrics population. The elderly are likely to have hearing issues due to their age-related degeneration problem leading to an overall issue with the auditory system. Thus, this factor is attributed to pose the major impact on the growth of this market.
In addition, the high disposable income of people especially in the developed economies is also driving the hearing aids market. Supporting developments in medical technology is assisting in the growth of this market. The growth of this market is comparatively less in developing regions due to the inability of the customers to purchase the product as compared to developed regions. However, in the coming years, the disposable income mat increase in developing regions such as Asia Pacific and Latin America that will help in fueling the market growth.
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Lack of Awareness to Deter Demand for Hearing Aids in Developing Economies
The demand for hearing aids is less in developing economies due to the weak healthcare sector. The lack of awareness about the hearing aids devices is also responsible for the low growth of this market in developing regions. In this case, to provide hearing aids at subsidized rates to all the patients will hamper the market growth. In addition, hearing aids require regular replacement of batteries or repair of the machinery that adds additional cost for the low-income group people. Therefore, the growth of the hearing aids market in the developing and underdeveloped economies is low and is likely to hamper the growth dynamics of the market. However, the market players are putting efforts to produce devices at a reasonable price in these regions that will benefit the users and fuel the hearing aids market.
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The global hearing aids market is highly consolidated as the six players are holding 98% of the market share in 2015 and creating an oligopolistic market structure. Seeing this scenario the entry of the new players in the market is highly difficult and even if new players enter the market they have to put a lot of effort to stay put. Additionally, the initial investment required by the new entrants to make their position in the market is very high. Therefore, obstructing the entry of the new players and in turn increasing the focus on the existing players. The six prominent players in the hearing aids market are Widex A/S, GN ReSound, Siemens Healthcare, Sonova Holding AG, Starkey, and the William Demant Holding Group. These players are expected to engage in research and development activities with which they can bring better offerings of their customers.
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The information presented in this review is based on a TMR report, titled "Hearing Aids Market (Product Type - Hearing Aids (Behind the Ear (BTE), Receiver in the Ear (RITE), In the Ear (ITE), Canal Hearing Aids (ITC), (CIC), & (IIC)), Bone Anchored Hearing Aids (BAHA); End-user (Pediatric, Adult)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
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