The Global Hearing Aids Market size was around USD 6.23 billion in 2016. It is expected to grow at a CAGR of 6.4% to reach USD 8.5 billion by 2021.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.
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Apart from the obvious factor of growing incidences, the development of the global 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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Hearing AID Devices
Receiver-In-The-Ear (RITE) Hearing AIDS
Behind-The-Ear (BTE) Hearing AIDS
Canal Hearing AIDS
In-The-Ear (ITE) Hearing AIDS
Other Hearing AIDS
Type of Hearing Loss
Sensorineural Hearing Loss
Conductive Hearing Loss
However, the factors that inhibit the growth of the global 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 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.
On the basis of geography the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Europe will continue to lead the global market in the aforementioned forecast period.
But, Asia is projected to witness the highest CAGR, with the growth in this market centred at China and India.
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.).
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