Industry Insights
As per the statistics of WHO, approximately 33% of geriatric
population suffer from some degree of hearing loss. The hearing aids
market thus, has gone through a sharp hike owing to the expanding
geriatric population base globally. Rising prevalence of hearing loss
such as congenital hearing problem and nerve deafness coupled with the
full or partial reimbursement for these by the governments of various
countries has contributed to the spurred demand of these worldwide.
Rapid technological advancements are taking place in this market. The
most recent innovations being the incorporation of Bluetooth and the
introduction of aesthetically appealing, 100% undetectable, waterproof
hearing aids. All these advancements have been optimistic for the growth
of the market as the new enhanced, cost effective product features are
augmenting number of users of these devices.
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The key players in global hearing aids market are William Demant
Holding A/S, Sonova Holding AG, Siemens AG, Widex A/S, and GN Resound.
The companies in this market have to face stringent regulatory
compliances and also have to indulge themselves in new product
development as a significant amount of consolidation in the
manufacturing capabilities has taken place. Companies are thus entering
into mergers & acquisitions, and joint ventures to enhance their
product features and quality.
Product Insights
Key products analyzed in the hearing aids market include Canal
Hearing Aids: Completely-In-Canal (CIC), Invisible-In-Canal (IIC), and
In-The-Canal (ITC) and In-The-Ear Aids (ITE), Completely-In-Canal (CIC),
Behind-The-Ear Aids (BTE) Receiver-In-The-Ear Aids (RITE). The ITE and
BTE hearing aids are more popular owing to connectivity, ease to use,
high comfort they provide to patients and their efficiency for hearing
impairment or deafness. BTE dominated the overall hearing aids market in
terms of share at more than 55.0% in 2013.
These are used for treating the profound hearing loss and are more
preferred for the treatment of hearing loss in children. The canal
hearing aids are expected to rise at the highest CAGR during the
forecast period. Rising demand for aesthetically appealing and invisible
hearing aids owing to the changing lifestyle patterns of people is
affecting the growth of this segment positively. Increasing R&D
initiatives to improve the performance of these hearing aids are also
accounting for the lucrative CAGR.
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Technology Insights
Analog and digital are major technologies in the hearing aids market.
Digital hearing aid technology accounted for the largest revenue share
in 2013. Higher relative efficiency and the use of upgraded technology
such as Bluetooth and wireless, are the affecting this segment
positively. The advantages such as digital speech enhancement and
digital noise reduction that digital hearing aids provide over the
traditional analog hearing aids have also led to spurred use of them.
Regional Insights
Europe emerged as the largest regional market in 2013 holding over
42% of revenue share. Increasing prevalence of hearing impairment and
deafness and high purchasing power of patients in the developed
countries of Western Europe accounted for the growth of this market.
Effective reimbursement policy in each European nation is also the major
driver for Europe’s market. The Asia Pacific market during the forecast
period is expected to grow at the highest CAGR of over 4.0%.
Improvement in the distribution network of global market players
coupled with increasing prevalence of age associated hearing problems in
geriatric population, are the major drivers for the hearing aids
market. Constantly improving healthcare infrastructure, rising patient
disposable incomes and increasing awareness levels of patients,
increasing adoption of technologically advanced hearing aids in emerging
countries such as China and India and growing health care expenditures
is a high growth rendering driver for this market.
Table of Contents
Chapter 1. Executive Summary
1.1. Hearing Aids – Industry Summary and Critical Success Factors (CSFs)
Chapter 2. Hearing Aids Industry Outlook
2.1. Market Segmentation
2.2. Market Size and Growth Prospects
2.3. Hearing Aid devices Market Dynamics
2.4. Key Opportunities Prioritized
2.5. Industry Analysis - Porter's
2.6. Hearing Aids Market PESTEL Analysis, 2012
Chapter 3. Hearing Aids Product Outlook
3.1. In-The-Ear-Aids( ITE)
3.2. Receiver-In-The-Ear Aids (RITE)
3.3. Behind-The-Ear Aids (BTE)
3.4. Canal Hearing Aids: In-The-Canal (ITC), Invisible-In-Canal (IIC), Completely-In-Canal (CIC)
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Chapter 4. Hearing Aids Technology Outlook
4.1. Digital Hearing Aids
4.2. Analog Hearing Aids
Chapter 5. Hearing Aids Regional Outlook
5.1. North America
5.2. Europe
5.3. Asia Pacific
5.4. RoW
Chapter 6. Competitive Landscape
6.1. Benson Hearing
6.2. GN ReSound Group
6.3. MED-EL GmbH
6.4. MicroTech
6.5. Phonak
Chapter 7. Methodology and Scope
7.1. Research Methodology
7.2. Research Scope & Assumption
7.3. List of Data Sources
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