Bone anchored hearing aids: Key market research findings
- EMEA dominates the market geographically
- Demand for aesthetic hearing aids fuels market growth
- Key vendors – Cochlear, William Demant, and MED-EL
Technavio’s market research analysts predict the global bone anchored hearing aids market to grow at a CAGR of around 14% between 2016 and 2020. The growth of this market is fueled by the high demand for aesthetic hearing aids. With the rising demand and acceptance of aesthetic hearing aids, the sales of bone anchored hearing aids are also on an upsurge. During 2015, the global bone anchored hearing aids market was dominated by EMEA with a market share of around 44%. The market in EMEA is expected to flourish during the forecast period due to the increased use of hearing aids and the growing geriatric population in this region.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Technological advancements such as digital signal processing, automated sound processing, adoption of automated directional microphone, multiple listening programs, and wireless Bluetooth technology makes it possible to process sound waves with the assistance of computer programs precisely. The advent of Bluetooth technology enables the easy automation and processing of soft and loud sounds with adjustable amplification and controlling the volume with simple devices such as a remote and even a mobile application. Vendors in the market are leveraging these new technologies to create hearing aids that are far ahead compared to their predecessors,” says Barath Palada, Lead Analyst, Healthcare & Lifesciences, Technavio Research.
Many bone anchored hearing aid vendors in the market are customizing their products to attract more consumers and strengthen their foothold in the competitive market. Vendors are also focusing on the development of products that increase the quality of digital sound, targetted at the older population. Furthermore, cosmetically appealing bone anchored hearing aid devices are also in great demand currently. This preference for product customization is expected to reflect positively on the overall growth of the market over the next four years.
The key vendors in the global bone-anchored hearing aids market include Cochlear, William Demant, and MED-EL. Manufacturers are leveraging advanced technologies to enhance their existing portfolios and develop mid-priced, low-end products. This trend has resulted in keener competition, giving the impression that product prices are undergoing a slightly negative trend in the first quarter of FY2015. Companies with technological, human, and financial resources are offering customized bone-anchored hearing aids enabled with the latest chip technology, which are easy to wear and use.
A more detailed analysis is available in the Technavio report, Global Bone Anchored Hearing Aids Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
