Description
Hearing Aids Market, Hearing Aids Market Analytics, Hearing Aids Market Share, Hearing Aids Market Research, Hearing Aids Market Forecast, Hearing Aids Market Insight, Hearing Aids Market Trend, Hearing Aids Market Value,Hearing Aids Market Size, Hearing Aids Market Analysis, Hearing Aids Market Survey, Hearing Aids Market Research ReportThe global hearing aids market was valued at $4.6bn in 2016 and is anticipated to reach over $6.4n by 2024.
The hearing aids market is anticipated to grow steadily owing to factors such as a rise in the number of people suffering from hearing loss, the introduction of technologically advanced products, increasing awareness about mild and moderate hearing problems, and rise in global geriatric population.
As per WHO, nearly 360 million people or 5% of the global population has disabling hearing loss. The adult population accounts for over 91% or 328 million, and children account for 32 million. Disabling hearing loss is defined as hearing loss over 30 dB in the children and a hearing loss of over 40 dB in adults. Majority of hearing loss people live in low, and middle-income countries. Due to increase in healthcare investment in emerging countries, growing awareness, and introduction of innovative products at optimal prices are anticipated to reinforce the market growth over the forecast period positively.
The rise in global geriatric population is a key factor boosting the usage rates. The developed economies such as the U.S., UK, Germany, France, Italy and Japan, have the highest base of the geriatric population aged 65 and above. Moreover, globally over 33% people aged 65 years and above are impacted due to disabling hearing loss. As per the Administration of Aging (AoA), in the U.S., there are over 46.2 million people aged 65 and above, which represents roughly 14.5% or one in every seven Americans. By 2040, the share of the geriatric population is expected to exceed 21.7%. The significant rise in the aging population is anticipated to bolster the demand for several types of hearing aids in the future.
In 2016, as per the U.S. Hearing Industries Association (HIA) data, a net total of nearly 3.65 million hearing aid units were dispensed with an increase 8.7% compared to previous year. The growing competition for market share in the U.S. retail sector is anticipated to create pricing pressures and impact profitability of the top manufacturers.
Pricing Analysis
“Optimal Price Point (OPP) for hearing aid Products”
Estimated Average hearing aid product cost – $ xx globally. However, with improving access and availability of options, OPP and range of acceptable Prices (RAP) are going to change. We at Ameri Research continuously track these prices with our proprietary pricing model. The price per unit for hearing aids vary in the range of USD 1500 to 4000 USD and above, depending on the type of product, technology, and other factors. In the U.S., the pricing strategy varies for retail sale and institutional sales, and government procurement. The U.S. Veteran Affairs Department is the single largest customer for procuring hearing aids.
In the UK, the prices are negotiated by the NHS to ensure affordability and access to modern innovations. In 2014, the NHS with support from the British Academy of Audiology had renewed its Hearing Aid and Accessories framework agreement to improve the procurement process, ensure competitive viability and result in significant cost savings. There are 3600 product lines supplied by eight players listed by the NHS on the new agreement. These players include Starkey, GN Resound, Widex, Oticon, Puretone, PC Werth, Siemens, and Phonak.
Hearing Aids Market by “Product & Technology”
The hearing aids market by product is segmented as in-the-ear, receiver-in-the-ear, behind-the-ear, and canal hearing aids. In 2016, behind-the-ear segment accounted for a dominant share of over 48% due to advantages such as patient comfort, high efficiency, and ease of use. By 2024, canal hearing aids are expected to witness the maximum growth rate of nearly 7%. The introduction of new products in this category with improved efficiency and high patient acceptance is expected to drive the market growth in the next few years.
Based on technology, the hearing aids are segmented as digital and analog. The introduction of digital hearing aids has slowly replaced the use of traditional analog hearing aids. In 2016, the digital hearing aids segment accounted for over 85% of the market and its share is expected to further grow over the next eight years. The improved product features such as Bluetooth connectivity, enhanced audio quality, product miniaturization has significantly improved the product aesthetics and performance.
Regional Segmentation
In 2016, Europe was the leading region with a market share of nearly 39% followed by North America and Asia Pacific. The high disease burden, presence of major manufacturers, skilled professionals, high investment in research & development are some of the factors contributing to the high market share.
Asia Pacific is expected to emerge as the fastest growing region with a CAGR more than 5.5% from 2017 to 2024. The growing awareness about hearing loss, increase in aging population, rise in healthcare expenditure are some of the key factors driving the market growth in the region. Some of the major market participants such as Starkey, are creating hearing aid awareness through Starkey Hearing Foundation. The growing awareness is targeted to reduce the social stigma associated with the use of hearing loss, and these campaigns also encourage the people to opt for early diagnosis and treatment.
“Competitive Landscape” and “Merger & Acquisition Insights”
The hearing aids market is highly consolidated, due to the high level of M&A activity by the “Big Six” players such as William Demant, Sonova, Sivantos, GN Store Nord, Starkey, and Widex. These players account for more than 90% of the market share. Moreover, the hearing aids market landscape is uniquely positioned with different sales channels such as large retail chains, manufacturer retail chain, independent dispensers and public (government agencies procurement).
The manufacturers are increasingly using forward integration strategies to increase presence in retail segment by opening branded stores and by supplying through big-box retailers such as Costco, and others. Some of the notable acquisitions in 2016 include,
- In 2016, Sonova Holding AG, acquired Europe’s retail company AudioNova International B.V. and merged it with its retail business
- In 2015, William Demant had acquired Audika Groupe, which is one of the largest hearing aid dispensing chain in France
Hearing Aids Market by Product (Revenue, Million, 2014 – 2024)
- In-the-ear hearing aid
- Receiver-in-the-ear hearing aid
- Behind-the-ear hearing aid
- Canal hearing aids ITC, CIC and IIC
Hearing Aids Market by Technology, (Revenue, USD Million, 2014 – 2024)
- Analog
- Digital
Hearing Aids Market Regional Outlook (Revenue, USD Million, 20124- 2024)
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Asia Pacific
- Japan
- China
- India
Latin America
- Brazil
- Mexico
- Columbia
Middle East and Africa
- South Africa
- Saudi Arabia
