High Incidence of Hearing Impairment in Under-developed Economies Boost the Hearing Aids Sales

The report concludes with the company profile section, which includes company overview, financial overview, product portfolio, business strategies, and recent developments for market players. Major players profiled in the report include Cochlear Limited, GN ReSound Group, GN Otometrics A/S, Siemens Healthcare, Sonova Holding AG, and Starkey. The report provides market estimation of the Hearing Aids Market in terms of revenue (US$ Mn) for all the segments and sub-segments, with CAGR % for the period from 2016 to 2024, considering 2015 as the base year. Furthermore, the report incorporates market attractiveness analysis, by geography, that depicts the most attractive and significant region in the global market in 2015.

Regionally, Europe has been exhibiting the most attractive opportunities for companies in the hearing aids market. It emerged dominant with a share of 39% in the global market in 2015. The presence of a large pool of aged people across Western Europe and the increasing willingness among consumers to spend on advanced medical devices have helped Europe attain the lead in the global hearing aids market. The fact that several of the prominent names in the industry are domiciled in the region has also augured well for the market. TMR has pegged the value of the Europe hearing aids market at US$1.8 bn in 2015 and forecasts it to reach US$2.6 bn by the end of 2024, rising at a CAGR 4.1% from 2015 to 2024. However, the market in Asia Pacific is expected to grow at a fast pace during the forecast period. The prevalence of considerably high unmet medical needs and the rising investment in the health care infrastructure create immense opportunities for sale of hearing aids in Asia Pacific. Besides this, governments across emerging economies are making considerable efforts to educate people about conditions such as health impairments have fuelled demand for hearing aids in the region. As per TMR, the regional market is expected to rise at a CAGR of 5.2% between 2016 and 2024.

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Developing and underdeveloped countries have been witnessing a higher prevalence of hearing loss among their citizens. Governments across these countries are thus compelled to adopt various awareness initiatives aimed at curbing the incidence of hearing loss. Such initiatives are expected to positively influence sale of hearing aid products across developing and underdeveloped economies. On the flip side, the high price of hearing aids and cost incurred on maintaining them limit their purchase among low-income people. Furthermore, the device requires periodic replacements, which might not be feasible for a sizeable population across underdeveloped countries, thus restricting the market’s trajectory. The lack of timely diagnosis of hearing impairment is another factor limiting growth of the hearing aids market across developing and underdeveloped nations.

Nevertheless, these countries will continue exhibiting attractive opportunities for manufacturers of hearing aids. With government of these countries proactively involved to up the health status of the community, the favorable policies they draft are expected to give significant impetus to the hearing aid sales.

Some Important Points from Table of Content

4. Global Hearing Aid Market Analysis, by Product, (US$ Mn), 2014–2024
4.1. Overview
4.1.1. Behind the Ear (BTE)
4.1.2. Receiver in the Ear (RITE)
4.1.3. In the Ear (ITE)
4.1.4. Canal Hearing Aids (ITC),(CIC), & (IIC)
4.1.5. Bone Anchored Hearing Aids (BAHA)

5. Global Hearing Aid Market Analysis, by End-user
5.1. Overview
5.2. Pediatric
5.3. Adult

6. North America Hearing Aid Market Analysis, (US$ Mn), 2014–2024
6.1. Overview
6.2. North America Hearing Aid Market Analysis, by Product, (US$ Mn), 2014–2024
6.2.1. Behind the Ear (BTE)
6.2.2. Receiver in the Ear (RITE)
6.2.3. In the Ear (ITE)
6.2.4. Canal Hearing Aids (In-the-Canal (ITC), Completely-in-Canal (CIC), & Invisible-in-canal (IIC)
6.2.5. Bone Anchored Hearing Aids (BAHA)
6.3. North America Hearing Aid Market Analysis, by End-user, (US$ Mn), 2014–2024
6.3.1. Pediatric
6.3.2. Adult

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