LOS ANGELES, Jan. 29, 2020 (GLOBE NEWSWIRE) -- The global hearing aids market is expected to grow at a CAGR of around 6.9% during the forecast period 2019 to 2026 and reach the market value of around US$ 13.54 Billion by 2026.
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Europe dominated the global hearing aids market in the year 2018. Different huge purposes behind the predominance of North America are increase in the prevalence of deafness and rising awareness about technological advancements. Increase in prevalence of auditory loss and rise in awareness about technological advancements are the key factors driving the demand for these devices in Europe. Additionally, growth of the audiology devices market during this region depends on reimbursement policies of every European nation. According to the european Federation of exhausting of Hearing individuals, in 2015, regarding 51 million individuals suffer from deafness within the European Community. In U.K., there are eleven million individuals suffering from hearing loss. Because of increase in aging population in Europe, hearing impairment is expected to rise, which, in turn, expected to drive the market in Europe. The high growth in this market is attributed to the high prevalence of hearing loss, availability of technologically advanced hearing aids, growth within the aging population, and increasing initiatives by firms to expand in these rising economies. While the hearing aids market presents significant growth opportunities, market growth is also hindered due to the high cost of hearing aids and the low penetration of these devices.
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Asia-Pacific is expected to register the highest CAGR during the forecast period. Some of the major factors are large population base, increasing prevalence of geriatric population, coupled with improvements in the distribution network of global market players. Market leaders are continuously developing advanced product that are enhancing advantages of those devices to focus on customers and driving acceptance of these devices within the region. Different factors driving the market in Asia-Pacific are growing income and health care expenditure of general population, coupled with government initiatives.
E-Commerce has dominated the offering segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period. Internet plays a significant role in creating a purchase decision and acquiring data regarding hearing aids, particularly for young adults and millennial. These players facilitate the user to get screened for auditory loss and acquire a lot of information on technology. Their website additionally helps user to create product and worth comparison, therefore serving to in making a purchase call. These e-commerce sales channels additionally facilitate to increase the affordability and availability of hearing aids in the international market, by providing premium payment plans to wearers. They assist increase the sales volume by avoiding retail and wholesale markup cost and providing the lowest possible cost to their customers.
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Behind-the-ear BTE segment dominated the market in 2018 and is predicted to witness a gradual growth over the forecast amount. BTE hearing aids consist of a small curved case that well fits behind the ear. Modification of these products is possible by connecting them to external sound sources, like infrared listening systems and auditory training equipment. Various BTE models are Bluetooth compatible and that they change higher wireless property, so driving the market. These devices also offer a better sound amplification owing to a powerful amplifier and an oversized battery. Moreover, behind-the-ear (BTE) devices are simple to handle and clean and are a lot of most well-liked by younger population as they'll match into numerous ear molds. Moreover, they don’t would like device replacement because the kid grows. With technological advances, new products like the mini BTE are developed, that is smaller in size and provide a lot of comfort. These factors are responsible for the expansion of those BTE products in the hearing aids market. It is also considered to be ideal for many of the people with hearing problems. BTE products, due to their wide range of applications and wider target patients, are expected to grow at a high rate over the forecast period.
Some of the key manufacturing companies include in the global hearing aids market are Phonak, Benson Hearing, GN Store Nord A/S, Starkey, MED-EL, William Demant Holding A/S, Medtronic, Widex USA, Inc., and Sivantos Pte LTD.
Some of the key observations regarding global hearing aids industry include:
- The introduction of aesthetically appealing designs, coupled with the launch of innovative product variations such as waterproof hearing aids, is also contributing to the market growth.
- In recent years, 3D printing technology has also gained popularity in the manufacturing hearing aid. The 3D printing technology shortens the method of manufacturing and issues associated with customization.
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