Hearing Aids Market to Exhibit a Steady 4.5% CAGR Between 2016 and 2024
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The research report on the global hearing aids market offers a comprehensive outlook of the overall market. It explains the competitive landscape present in the market along with stating the financial outlook of the companies. The research report also uses a SWOT analysis to determine the strengths, weaknesses, opportunities, and threats influencing the segments of the overall market.
The global market has been flourishing at a steady pace over the past few years as the prevalence of hearing loss continues to rise across the world. Analysts anticipate that the global market will surge at a CAGR of 4.5% between the forecast years of 2016 and 2024. The incidence of poor hearing has been equally growing in both developed and underdeveloped countries. Initiatives by governments to raise awareness, competitive pricing of hearing aids, and supportive reimbursement policies are collectively expected to augment the demand for hearing aids across the globe in the coming years.
In terms of geography, the global market is segmented into Latin America, Asia Pacific, Europe, North America, and Rest of the World. As of 2015, Europe held a dominant share in the global market of about 39%. The growing pool of geriatrics in region are expected to be the key consumers in regional market. The Europe market will also be supported by the soaring disposable incomes that is enabling patients to make healthcare expenditures on medical devices. North America is also shown significant contribution to the overall market as the region boasts a steady healthcare infrastructure and favorable reimbursement policies.
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The report also states that the Asia Pacific market will emerge as a prominent regional market. The increasing investments by public and private institutions in raising awareness about hearing disabilities, growing medical tourism industry, and improving healthcare industry will be collectively responsible for the rising Asia Pacific market at a CAGR of 5.2% between 2016 and 2024.
The products available in the global market are hearing aids and bone anchored hearing aids (BAHA). The hearing aid segment, which includes products such as behind the ear (BTE), in the ear (ITE), canal hearing aids (ITC, CIC, and IIC), and receiver in the ear (RITE), is expected to lead the global market. ITE, RITE, BAHA, and canal hearing aids are projected to be popular amongst patients as they are designed to treat mild loss of hearing.
The end users in the global market are adults and pediatrics. Hearing loss is primarily seen amongst adults, which will make this end user segment lead the pack. The adults held a share of about 95% in the global market in 2015. However, the report also notes that the incidence of loss of hearing is expected to be on the rise among children as well.
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The chief players profiled in the research report are William Demant Holding Group, Siemens Healthcare, Sonova Holding AG, the Starkey, Widex A/S, and GN ReSound.
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