Topical developments in the global market for hearing aids projecting a promising expansion over the forecast period of 2016-2024, particularly due to Apple, Inc.’s efforts in enhancing their iOS for users with hearing impairments.
The World Health Organization (WHO) has reported that in 2012, circa 360 million people in the world were suffering from hearing impairment. Based on WHO’s census, more than 90% of the deaf or impaired hearing consumers are adults, which is incidental to the growth in demand for advanced hearing aids. Four years from then, the global market for hearing aids affirms that the consumers for hearing impairment devices have grown extensively, consenting the global market to reach an estimated US$ 8,049.6 million by the end of 2016. According to the report developed at Persistence Market Research, titled “Global Market Study on Hearing Aids: Digital Hearing Aids Technology Segment Anticipated to Register 3.9% CAGR Between 2016 and 2024,” the global hearing aids market will expand at a CAGR of 3.9% and attain value of US$ 10,908.4 million by the end of forecast period.
The growth of global hearing aids market traverses global industries of healthcare, consumer electronics, as well as technology. Compensating the loss of hearing, these devices are developed after assessing the comfort, size and hearing comprehension preferences of consumers. Geriatric populations continue to retain their global dominance in terms of consumer preferences as a considerable proportion of aged people in the world develop some degree of hearing impairment. On a discordant note, growth of the global hearing aids market is being curtailed due to the poor healthcare infrastructure in developing countries. Additionally, reduced reimbursement for treating hearing impairment diverts consumers from expensive and advanced hearing aids products.
Regionally, the US is projected to induce more interests towards expansion of its hearing aids market through product development. Apple, Inc., global leader in consumer electronics based in the US, has been the latest addition in terms of key players participating in the global hearing aids market. Apple’s EarPods are influencing the company to facilitate consumers with hearing impairment through Bluetooth hearing aids and an iOS that includes such accessibility features. The new iOS 10 is slated to feature volume presets in accordance to multiple audiology designs that can assist comprehension of sounds and voice for user with disable hearing capabilities. Likewise, companies such as Sivantos Pte. Ltd., Cochlear Ltd., GN ReSound, Widex A/S, Starkey Hearing Technologies, Inc., Sonova, Amplifon S.p.A, and William Demant Holdings A/S, have incited expansion of the global hearing aids market significantly. Growing presence of people with hearing loss in the US has consolidated the position of North America as a dominating region in the global market for hearing aids. By 2024, North America’s hearing aids market is anticipated to procure US$ 4,630 million in revenues, exhibiting progression at 3.7% CAGR.
Product-types such as receiver-in-the-ear (RIE) hearing aids, completely-in-the-canal (CIC) hearing aids, in-the-ear (ITE) hearing aids, behind-the-ear (BTE) hearing aids, and in-the-canal (ITC) hearing aids are demonstrating variable growth arrays, with specific domination of BTE hearing aids segment, which is projected to reach US$ 3,109.0 million value in 2016. Growth of the global hearing aids market can also be fragmented into conventional hearing aids technology and digital hearing aids technology, with the former segment projected to endure 3.9% CAGR over the forecast period. As opposed to online stores and ENT specialty clinics, audiology clinics are likely to be the dominant end-users for hearing aids and will account for nearly 50% share of the global market value.
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