Transparency Market Research projects the global hearing aids market to exhibit a CAGR of 4.5% between 2016 and 2024. The market is expected to be worth US$7.01 bn by the end of 2024, rising from US$4.7 bn in 2015.
High Price of Hearing Aids to Limit Adoption across Low-income Countries
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.
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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.
Presence of Unmet Medical Needs to Propel Hearing Aids Sales in Asia Pacific
Regionally, the prospects for hearing aid products are seen to be the most lucrative in Europe. The region, TMR says, held approximately 39% of the global market in 2015.
The robust demand for hearing aids in this region is mainly attributed to the high pool of aged population, especially in Western Europe, and the increasing willingness among consumers to pay for advanced medical devices.
In the same year, North America followed Europe in the global hearing aids market. Asia Pacific is poised to exhibit the fastest CAGR during the forecast period.
The prevalence of a high degree of unmet medical needs is expected to boost the Asia Pacific market for hearing aids at a CAGR of 5.2% between 2015 and 2024.
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High Prevalence of Hearing Impairment among Adults Fuels Demand for Hearing Aids
By end user, the hearing aids market has been bifurcated into adult and pediatric in the TMR analysis. Of these, since the incidence of hearing impairment is exceptionally high among adults, the segment held approximately 95% of the market in 2015.
However, experts forecast the incidence of hearing loss to rise among children at a considerable rate in the near future, thus boosting the pediatric hearing aids segment at a high CAGR.
The global hearing aids market is highly consolidated with only six players holding a high share in the revenue pie. As per a new analysis by Transparency Market Research, a whopping 98% of the global hearing aids market was held by the leading six companies in 2015.
Among these, Sonava accounted for the 25% of the market in the same year. Due to the high expenditure incurred on the initial production set-up and research and development, new entrants find it difficult to cut through the competition.
Despite the absence of direct competition, the increasing interest in prosthetic implants could adversely impact the demand for hearing aids.
Nevertheless, companies manufacturing hearing aids and amplification products are poised to witness incredible growth opportunities in the near future. “Although the market has been growing at a modest pace since the last few years, the increasing geriatric population will fuel demand for hearing loss support in the near future,” says an analyst at TMR.
“Furthermore, with hearing impairment emerging as one of the most prevalent chronic conditions worldwide, the sale of hearing aids is expected to increase in the forthcoming years,” he added.
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