Market Insights
This report, titled “Hearing Aids Market: Growth, Future Prospects, and Competitive Analysis, 2016–2023,” offers strategic insights into the trends in the hearing aids market along with the market size and forecast for the duration of 2013–2023. The said research study incorporates an in-depth analysis of multiple market segments based on device types, types of hearing loss, and different geographies.
Hearing aids are defined as electronic devices worn in the ear or behind the ear by hearing-impaired patients for sound amplification. Superseding analog devices, digital hearing aids, through novel connectivity and sound amplification technologies, have monopolized the hearing aid market. This report classifies the hearing aid devices market into conventional hearing aids and hearing implant segments. In-the-ear (ITE) hearing aids, receiver-in-the-ear (RITE) hearing aids, behind-the-ear (BTE) hearing aids, and canal hearing aids (ITC, CIC, and IIC) are the major classifications of conventional hearing aids. Furthermore, the hearing implant market is segmented into cochlear implants and bone-anchored hearing aids and systems.
Based on the type of hearing loss, this market is presented for sensorineural hearing loss and conductive hearing loss hearing aids. This report presents the market size and forecast for each segment, thus mentioned for the period 2013–2023, along with the corresponding CAGRs for the period 2016–2023, considering 2015 as the base year.
Considering the geographical distribution, the hearing aid market is categorized into five regional segments, namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Market size and forecast for each mentioned region and constituent major country-level markets are included in this study for the considered periods. Asia-Pacific, the Middle East, Africa, and Latin America are observed to be the fastest-growing markets for hearing aids. The regional markets are further elucidated as follows:
These regions are further studied for key country-level markets as follows:
North America
Europe
- U.K.
- Germany
- Rest of Europe
Asia-Pacific
- Japan
- China
- Rest of Asia-Pacific
Middle East and Africa
Latin America
Along with the quantitative information sets, this report also provides qualitative information sets such as market dynamics and an executive summary of the global hearing aids market. Tools such as competition assessment and attractive investment propositions are also included in the report to provide the readers with competitive mapping assistance. This study concludes with a company profile section. This section includes major information about the key companies engaged in the development, manufacture, sale, and distribution of hearing aids.
Based on the type of product, the global hearing aid market is segmented as follows:
Conventional hearing aids
- In-the-Ear (ITE) Hearing Aids
- Receiver-In-The-Ear (RITE) Hearing Aids
- Behind-the-ear (BTE) hearing aids
- Canal hearing aids (ITC, CIC, and IIC)
- Hearing Implants
- Cochlear Implants
- Bone-anchored hearing aids
Among the commercially available product types, in-the-ear (ITE) hearing aids captured the largest market share as of 2015. Competitive costs, greater awareness, and product availability are the key factors supporting the dominance of this segment. Additionally, with high comfort, ease of use, and connectivity, along with widespread use of these devices in both pediatric and adult patients, the growth of this market will continue further. In-the-ear hearing aids are much smaller in size than behind-the-ear products and are used in treating a wide range of auditory defects with larger sound amplification and connectivity.
Being custom-made devices, ITE hearing aids are widely preferred by pediatric patients and those who prefer an aesthetic appeal to their hearing aids. The demand for cochlear implants and bone-anchored hearing aids is significantly growing in developed markets. Technological advancements and the efficiency of these devices in treating severe and congenital hearing loss in children are the key drivers supporting the growth of this market.
For the purpose of this study, the global hearing aid market is categorized into:
- North America
- Europe
- Asia Pacific
- Latin America (LATAM)
- Middle East and Africa (MEA)
At present, Europe is the largest market for hearing aids. However, the most developed market in the world, Germany, is currently experiencing a slight decline in its progress, whereas the rest of Europe will demonstrate positive growth. North America is anticipated to undergo strong growth through the forecast period, with stable demand coming from veterans and private buyers. Moreover, reimbursement also plays a critical role in supporting market growth in Europe and North America.
The adoption of implants such as cochlear implants and bone-anchored implants is also anticipated to be impressive in these regions. On the other hand, government initiatives and the incorporation of hearing aids under insurance reimbursement will lead to high market growth in the Asia-Pacific market.
Economies such as Japan and Australia will be the major revenue generators, where institutional and independent sales of hearing services are robust. Large-scale unmet needs in the Middle East, Africa, and Asia-Pacific will allow exponential growth in emerging economies. Significant development of healthcare infrastructure in populous countries such as China and the growing reach of retail chains. Growth in the diagnosis of hearing loss in the general population and the widespread trend of switching from analog devices to digital hearing aids further support the exponential growth in Asia-Pacific.
