According to the latest market research study by Technavio, the global canal hearing aids market is expected to grow at a CAGR of close to 6% during the forecast period 2017 to 2021.
This report by Technavio provides an insight into the global canal hearing aids market in terms of revenue and emerging market trends. The report also includes a competitive vendor analysis and forecasts for various market segments and all geographical regions.
Technavio research analysts categorize the market based on the end-user
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Hospitals: Hospitals providing hearing aid services are the key end-users that trigger the market growth for hearing aid services. Most hearing aid services are provided in the hospitals by a specialized team of audiologists. These services can be availed from both public and private sector hospitals.
“Most of the hospitals across the globe are partnered with hearing aid clinics and institutions. The hospitals with ear, nose, and throat departments have been engaged in providing hearing aid services. The patient pool is dependent on the hospitals for most of the hearing aid services as some of these hospitals are a part of government organization. One of the advantages of this is the reduction in procedure cost,” says Sapna Jha, a lead analyst at Technavio for research on orthopedics and medical devices.
Clinics: The hearing aid clinics have been providing independent services to patients. In most countries, the clinics have collaborated with insurance companies to provide medical coverage for hearing aids and implant cost. There is a rise in the number of private clinics due to foreign and domestic investment, which helps improve facilities. The hearing clinics include specialized hearing aid centers in the Americas, language and speech centers, therapy centers in APAC.
Individuals: The hearing aid devices are directly sold to individuals through health insurance providers and clinics, where there is no necessity of surgery for the implantation of the device. The increasing number of patient visits to physicians’ offices has led retailers to implement business models that involve their collaboration with physicians’ offices for conversion into hospital-based providers. In the case of canal hearing aids, the individuals can purchase the device through retail channels, over the counter or online, upon physician’s advice.
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The top vendors operating in the global canal hearing aids market are:
- Sonova
- Sivantos
- Starkey
- Widex
The other prominent vendors in the market include Aura Hearing Aid, Beltone, Eartone, GN Hearing, Knowles Electronics, MicroTech, Miracle Hearing Aid Clinic, Persona, Shenzhen Sunsky Technology, and Union Hearing Aid Centre.
A more detailed analysis is available in the Technavio market research report titled, ‘Global Canal Hearing Aids Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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