Technavio, a tech-focused market research firm, has published a new report on the global hearing aids market, which is expected to experience a steady growth rate with a CAGR of more than 5% during the forecast period 2016-2020.
This latest report by Technavio covers the market outlook and growth prospects of the global hearing aids market for 2016-2020, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.
Based on geographical division, Technavio market researchers segment the global hearing aids market into the following key regions: the Americas, APAC, and EMEA.
Geographical segmentation of the global hearing aids market for 2015 (market share %)
|
EMEA |
45% |
|
Americas |
41% |
|
APAC |
14% |
Source: Technavio
Hearing aids market in EMEA
In 2015, EMEA held the maximum share of around 45% in the global hearing aids market.
According to Barath Palada, a lead analyst at Technavio, specializing in research on orthopedics and general medical devices, “The highest incidence rate for hearing loss has been recorded in Germany. Italy is another most affected European country due to its socio-economic factors and late payment. The higher rate of hearing disorders in the region is due to the increased noise pollution. Presence of government advisors and funding are likely to increase the adoption of hearing aids in the market.”
The adoption rate of hearing aid devices was higher in the UK, due to the benefits provided by the NHS. The market in EMEA is growing steadily, while the markets in the Middle East and Africa are still at an initial stage for these devices. South Africa has a moderate adoption rate for the hearing aid devices, with a wide range of variation in prices depending on manufacturers and device type.
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Hearing aids market in the Americas
In the Americas, these procedures are mostly performed as out-patient procedures. The major contributor to the hearing aids market in the Americas is the US, with Brazil as one of the emerging markets. Cochlear implants are the major devices in demand, while BAHA devices have a moderate demand in the US market. The market in the Americas is likely to grow at a steady pace during the forecast period. Countries such as the US and Canada have higher sales of hearing aid devices compared with countries like Brazil in South America. It is expected that the adoption rate will increase during the forecast period, with improving healthcare facilities and hearing aid centers for hearing loss patients. Key vendors in the region focus in R&D for the launch of technologically advanced, compact hearing aid devices that would ease the lives of patients of any age group. Hearing aid devices enabled with IT application, better connectivity via Bluetooth and Wi-Fi are expected to increase their adoption rate in the Americas. Cochlear implants are the major device in demand, with moderate demand for BAHA devices in the US market.
Hearing aids market in APAC
The market in APAC is anticipated to grow at a rapid pace during the forecast period. Countries such as India, China, and South Korea have increased expenditure on healthcare which will increase the adoption of hearing aid devices. The hearing aids market is one of the lucrative markets, with Cochlear being one of the market leaders that is contributing to the growth in the region. With developments in the Chinese hearing aid device market, it is expected that cheaper products would be launched in APAC. Developing countries such as Thailand, South Korea, and Malaysia have a lower adoption rate of hearing aid devices due to device and procedure cost.
The top leading vendors operating in the global hearing aids market are:
- William Demant
- Sonova
- Cochlear
- MED-EL
Other prominent vendors in the market include Beltone, Eartone, GN ReSound, Medtechnica Orthophone, Miracle Hearing Aid Clinic, Persona, Shenzhen Sunsky Technology, Siemens Healthcare, Starkey Hearing Aids, and Union Hearing Aid Centre.
A more detailed analysis is available in the Technavio report titled, ‘Global Hearing Aids Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Bone Anchored Hearing Aids Market 2016-2020
- Global Intelligent Hearing Protection Devices Market 2016-2020
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