Europe Hearing Aids Market By Hearing Loss (Sensorineural, Conductive), By Product (In-The-Ear, Canal Hearing Aids, Receiver-In-The-Ear, Behind-The-Ear, Cochlear Implants, Bone Anchored Systems)
Europe Hearing Aids Market size was around USD 1.87 billion in 2016. It is expected to grow at a CAGR of 7.1% to reach USD 2.63 billion by 2021.
It captures 30% of the global market.Hearing loss is a partial or total inability to hear. Hearing aids are sound-amplifying devices designed to aid people who have a hearing impairment.
Nearly all hearing aids share numerous close to similar electronic components, including a microphone which picks up sound along with an amplifier circuitry for enhancing the sound, a miniature loudspeaker (receiver) which delivers the amplified sound into the ear canal and lastly batteries which power the electronic parts.
Apart from the obvious factor of growing incidences, the development of the Europe hearing aids market is also affected by factors for example, increasing noise pollutions levels, High decibel exposure, and Digital enhancement of hearing aids. The rising noise pollution worldwide has had a major impact on the hearing ability of adults.
Noise emission in heavy duty industries along with public carnivals is likely to damage the hearing capacity of adults, thus resulting into rise in demand for hearing aids. General practice of exposing the ear drum with loud music played on headphones or earphones is a common factor causing hearing problems among the young demographic.
Moreover, people working in high-decibel ergonomic environments for example, airports or ordnance factories are estimated to suffer from hearing loss due to overexposure. The demand for hearing aids is also greater among construction worker, due to the loud drilling and dismantling work.
The most recent factor fuelling the development of enhanced hearing aids is the adding of headphone, Bluetooth, noise cancellation and several other digital functions in the existing hearing devices. Such technological advancements have increased the demand for expensive hearing aids with additional features.
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However, the factors that inhibit the growth of the Europe hearing aids market include, poor Diagnosis methods, product deficits, and uncomfortable buzzing and amplification. The low battery life of hearing aids is one of the major limitation to the demand of existing products.
The consumer is left helpless and deaf, after the battery of the aid runs out. Improper diagnosis of hearing disorders will lead to lower adoption of hearing aids because consumer patients will continue to adjust to the hearing impairment.
The evident buzzing and feedback sounds generated by the hearing devices have proved to upset the users, particularly the elderlies because it distracts them while having conversations with their family and friends.
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On the basis of products, the Europe hearing aids market is segmented into hearing implants and hearing aid devices. The hearing aid devices category is likely to command the largest share of the market in 2016.
Growing technological advancements and regulatory approvals will fuel the development of this market segment. If we go by type of hearing loss, the market is categorized into sensorineural and conductive.
The sensorineural category is estimated to command the largest share of this market. Growth in this category is due to the high prevalence of hearing loss.
On the basis of end-users, the hearing aids market is categorized into adult and paediatric. The adult category is estimated to command the largest share of the market in 2016.
Rising aging population will propel the growth of this market.
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On the basis of geography the market is segmented into Spain, Germany, France, UK and others. Europe will continue to lead the global market in the aforementioned forecast period.
UK is the leading player in the region. The large share of Europe can be attributed to factors such as growing geriatric population base, increasing prevalence of hearing loss in the region, and high purchasing power of the patients.
Also, the growing awareness about these healthcare devices contributes to the large share of the region.
The major companies in this market include GN Store Nord A/S (Denmark), Cochlear Limited (Australia), MED-EL (Austria), SeboTek Hearing Systems, Starkey Hearing Technologies, Inc. (U.S.), Widex (Denmark), William Demant Holding A/S (Denmark), LLC (U.S.), Sivantos Pte. Ltd. (Singapore), Sonova (Switzerland), and Zounds Hearing, Inc. (U.S.).
Scope of the Report:
- Regional and country-level analysisand forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
- Segment-level analysisin terms of Hearing Loss, product and end user along with market size forecasts and estimations to detect key areas of industry growth in detail
- Identification of key drivers, restraints, opportunities, and challenges (DROC)in the market and their impact on shifting market dynamics
- Study of the effect of exogenous and endogenous factors that affect the europe market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
- Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysisfor analyzing the level of competition and business strategy development
- A comprehensive list of key market playersalong with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
- Competitive landscape analysislisting out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
- An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
- Expertly devised analyst overview along with Investment opportunitiesto provide both individuals and organizations a strong financial foothold in the market
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