The latest market report published by Credence Research, Inc. “Hearing Aids Market, By Device Type (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 ), Cochlear Implants & Bone Anchored Hearing Aids) – Growth, Future Prospects and Competitive Analysis, 2016 – 2023,” the hearing aids market was valued at USD 5,083.3 Mn in 2015, and is expected to reach USD 8,325.6Mn by 2023, expanding at a CAGR of 6.4% from 2016 to 2023.
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The growing prevalence of hearing loss in the geriatric population and the rising occurrence of sensorineural hearing loss in children, along with the favorable insurance scenario, have encouraged the growth of the hearing aid industry. The prevalence of hearing loss is above 10% in several developed countries in Europe, with a large patient pool belonging to the senescent population. Due to technological advances, the introduction of hearing aids and the replacement of older analog hearing aids are taking place rapidly. With an ever-growing population of geriatric individuals, the demand for hearing aids is expected to expand further during the forecast period. Private sector revenues are also experiencing impressive growth for the first time in the history of this industry.
Among the various product types, in-the-ear (ITE) hearing aids capture the largest market share in 2015. Ease of use, technological advancement in terms of connectivity and competitive prices of these products facilitate the dominance of this segment. This segment also enjoys early bird advantage as against the other novel hearing aids. Liberty of availing custom fit devices along with cosmetic appeal further facilitate to high demand for ITE hearing aids over behind-the-ear devices. Canal hearing aids are gaining rapid growth in the hearing aids market as a result of intensive development in the product design, aesthetic appeal, enhanced amplification and patient preference.
Geographically, Europe counted for the largest market share globally, due to high prevalence of hearing loss in the region along with a large pool of senescent population. High public awareness and intensive government support through public dispensing of hearing aids are other chief contributors to the dominance of the region. The foothold of hearing aids manufacturers is observed to be stronger in Western Europe, where the market is rapidly picking pace in Eastern Europe.
In terms of competitive assessment, this market is oligopolistic in nature and is characterized by presence of a multitude of players. Manufacturers of hearing implants however have marked their niche in the hearing aids market while undergoing strong growth. Some of the major players identified in the global hearing aids market include GN ReSound Group, Seimens Healthcare, William Demant Holdings, Widex A/S, Starkey Hearing Technologies, Sonova Holding AG and others.