In the last few years, technological developments in the healthcare sector has helped in increasing the life span of people by providing them better and effective health care. Moreover, large number of geriatric population in developed countries who are susceptible to have hearing problem due to old age has also increased the demand for this market. Nowadays, government in developing economies is also providing better and enhanced healthcare to its people. Thus, with the growing lifespan of the people is expected to drive the demand for this market. Moreover, high disposable income of consumers in developed economies and use of advanced technology in the healthcare sector is likely to benefit the hearing aids market.
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According to the report published by Transparency Market Research, the global hearing aids market is antcipated to rise at 4.5% CAGR during the forecast tenure from 2016 to 2024. By rising at this rate, the valuation of the market is expected to reach US$7 bn by the end of 2026. In 2015, the valuation of the market was US$4.7 bn.
The global hearing aids market is classified on the basis of end-user, product type, and region. In terms of end-user, the market is bifurcated into adult and pediatric. Out of these two, the adult hearing aids dominated the market in 2015 and held 95% market share in the global market. Over the next few years, this segment is expected to lead the market across the globe. However, pediatric hearing aids segment is also likely to gain traction as the hearing problem is increasing among younger population.
Based on product type, the global market is bifurcated into hearing aids and bone anchored hearing aids (BAHA). The hearing aids segment is further divided into receiver in the ear (RITE), behind the ear (BTE), canal hearing aids (ITC), (IIC), and (CIC), and in the ear (ITE).
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On regional front, Europe leads the global hearing aids market as large number of customer are capable and can afford hearing aids due to their high disposable income. Moreover, constant support and updation of medical technology has also grown the demand for hearing aids in this region. North America is also considered one of the leading players for this market, as large numbers of players are present in the region. On the other hand, Asia Pacific where several emerging economies are making efforts and are expected to drive the hearing aids market a t the global level.
Top leading players in the global hearing aids market held dominated the market. In 2015, the top six players held 98% share in the global market. In addition, these players are using similar business development strategies to expand their business and strengthen their position in the market. Leading players are also investing in research and development activities to offer better product to their customers. GN ReSound, Widex A/S, Siemens Healthcare, Starkey, the William Demant Holding Group, and Sonova Holding AG are the leading players in the market.
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