Hearing Aids Market: Growth Dynamics| by key vendors ReSound, Widex, Oticon, Siemens AG, Starkey Hearing Technologies Inc., and Phonak Hearing Systems
The rising incidence rate of hearing disorders among the geriatric population has resulted in growing sales of efficient hearing devices. The hearing disabilities among war veterans as well as new-born infants is one of the biggest concerns in the global healthcare sector. The need for enhanced hearing aids is gaining importance as any untreated hearing loss among infants can lead to impairment in the speaking, the academic and the psychological abilities of the suffering children.
Moreover, the global geriatric population is highly susceptible to developing hearing damage, which can adversely affect their personal relationships as well as their social life. As a result, the global market for hearing aids is expected to register a considerable rise, and the demand for hearing aids is likely to increase among several households during the forecast period (2016-2026).
Global Hearing Aids Market: Key Players
The leading manufacturers of the global hearing aids market are focussed on market consolidation and expansion of their product portfolio. ReSound, Widex, Oticon, Siemens AG, Starkey Hearing Technologies Inc., and Phonak Hearing Systems, are among the leading manufacturers of the global market that are based in European countries, and account for a majority of the global production of hearing aids. Zounds Hearing, Inc. (U.S.), SeboTek Hearing Systems, LLC (U.S.), Sivantos Pte. Ltd. (Singapore), GN Store Nord A/S (Denmark), Cochlear Limited (Australia), Sonova (Switzerland), MED-EL (Austria), and William Demant Holding A/S (Denmark), among others, are also recognised as the key players in the global hearing aids market.
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Global Hearing Aids Market: Dynamics
FMI’s report on the global hearing aids market consists of research that identifies the key factors that will shape up the dynamics of the market during the forecast period. Besides the obvious factor of rising incidences, the growth of the global hearing aids market is also influenced by factors such as,
Rising noise pollutions levels
The increasing noise pollution throughout the world has had a significant impact on the hearing of adults. Noise emission in heavy duty industries as well as public carnivals is expected to damage the hearing capacity of adults, thereby resulting into increase in demand for hearing aids.
High decibel exposure
Common practice of exposing the ear drum with loud music played through headphones or earphones is a very common factor causing hearing problems among the young demographic. Furthermore, people working in high-decibel environments such as airports or ordnance factories are expected to suffer from hearing loss due to overexposure. The demand for hearing aids is also higher among construction worker, owing to the loud drilling and dismantling work.
Digital enhancement of hearing aids
The most recent factor stimulating the growth of enhanced hearing aids is the addition of Bluetooth, headphone, noise cancellation and other digital functions in the existing hearing devices. Such technological advancements have supplemented the demand for expensive hearing aids with additional features.
On the other hand, the factors that restrain the overall growth of the global hearing aids market include,
The low battery life of hearing aids is one of the biggest limitation to the demand of existing products. The consumer is left helpless and deaf, after the battery of the aid runs out.
Poor diagnosis methods
Lack of proper diagnosis of hearing disorders will result in lower adoption of hearing aids as consumer patients will continue to adjust to the hearing impairment.
Uncomfortable buzzing and amplification
The evident buzzing and feedback sounds emitting from the hearing devices have proved to displease the users, especially the elderlies. As a result, it has distracted the thought processes of old people while having conversations with their family and friends.
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The global market for hearing aids is broadly segmented on the basis of the type of products, which include,
In the ear hearing aids (ITE)
In the canal (ITC)
Completely in the canal (CIC)
Behind the ear (BTE)
Receiver in canal (RIC)
Global Hearing Aids Market: Regional Outline
Among the regional classification of the global hearing aids market, North America and Europe are expected to be amid the foremost lucrative regions in the global market. The rising number of hearing loss incidences in the US and Canada is expected to drive the market growth in North America, while the presence of several leading hearing device manufacturers is anticipated to fuel the hearing aid businesses across Europe. Meanwhile, the high noise pollution levels in Asia Pacific (APAC) countries such as India, China and Japan is also expected to impact the hearing aids market in the APAC region.
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