NEW YORK, July 02, 2019 (GLOBE NEWSWIRE) -- According to the VynZ Research “The global hearing aids market size was valued at USD 5.1 billion in 2018 and is expected to witness a CAGR of 5.8% during the forecast period. Technological advancements, increasing hearing loss, increasing research and development activities, and increasing geriatric population are driving the growth of the Hearing Aids market.”
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Technological Advancements to propel the demand for the hearing aids across the globe
Different companies are investing in the technological advancements for the hearing aids thus fuelling the growth of the market. Wireless connectivity, smartphone integration, unique and comfortable designs, and usage of artificial intelligence are some of the key advancements witnessed in the hearing aids market.
For instance, The Livio AI by Starkey is the behind-the-ear hearing aid device which uses artificial intelligence for better sound quality. The device also helps to track physical and mental health of the patient. More over the device has wireless connectivity and provides control over the smart phone and television.
High prevalence of hearing loss to fuel the global hearing aids market
The high prevalence of hearing loss is the primary factor leading to the growth of the hearing aids market. According to the World Health Organization, around 466 million people worldwide have disabling hearing loss, and 34 million of these are children. It is also estimated that by 2050 over 900 million people will have disabling hearing loss. As per the organization, “Disabling hearing loss refers to hearing loss greater than 40 dB in the better hearing ear in adults (15 years or older) and greater than 30 dB in the better hearing ear in children (0 to14 years).”
Also, the organization states that 1.1 billion young people (aged between 12–35 years) are at risk of hearing loss due to exposure to noise in recreational settings. All these statistics are exhibiting high demand for hearing aids across the globe.
Behind-the-ear hearing aids hold the largest share in the market
Based on product, the hearing aids market is categorized in to receiver-in-the-ear, behind-the-ear, in-the-ear, and in-the-canal hearing aids. Of all, behind-the-ear hearing aids hold the largest share in the global market. Largest share of the category is attributed to their easy configuration, wireless connectivity, high sound amplification, and large batteries. The market for in-the-canal hearing aids is anticipated to witness the fastest growth during the forecast period as these devices are discreet reduces external voices significantly, extremely, and extremely popular among young adults.
Among the two patient group including adult and pediatrics, the demand for hearing aids is larger for adults. The hearing aids market for adults is primarily driven by the increasing geriatric population with hear loss. However, the market growth for hearing aids is higher for pediatrics due to the increasing prevalence of hearing loss among pediatrics.
Based on sales channel, the hearing aids market is segmented into retail, e-commerce and others. Of all the categories, retail segment accounted for the largest sale of hearing aids across the globe. The large and diverse network of retailers and consumer confidence over product quality among retailers is the key factor leading to the largest share of the category. The sales of hearing aids through e-commerce is anticipated to witness the highest growth during the forecast period as different companies are leveraging e-commerce platforms for market penetration, and also trying to reduce the cost and make profit margin by selling products directly from their own websites.
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Asia-Pacific offers huge opportunities for Hearing Aids industry players
Asia-Pacific hearing aids market is anticipated to witness the fastest growth during the forecast period. The emerging economies such as India and China offer huge opportunities for the growth of the market. The key factor leading to the significant growth in the Asia-Pacific, are the large population base with hearing loss, developing infrastructure, investment in healthcare sector, and penetration by the number of the large global healthcare providers in the region.
Also, Europe is the largest market for hearing aids devices across the globe. This is primarily due to the technological advancements, developed healthcare infrastructure, high healthcare expenditure, and increasing geriatric population in the region. The European market will further observe significant growth during the forecast period due to the high prevalence of hearing loss and as new products with advanced technologies are being adopted in the region.
Different companies are investing in their research and development for the technological advancements
Different companies are investing in their research and development for the technological advancements of its systems which offers them a competitive edge over the competitors. Similarly, Marvel Platform (Phonak) by Sonova Holding AG offers better speech understanding and sound quality with its autosense technology. Moreover, the devices have built-in microphones, Bluetooth wireless streaming and can be integrated with smart phones. Some of the key players operating in the hearing aids industry are Sonova Holding AG, Benson Hearing, GN Store Nord A/S, MED-EL, Starkey Hearing Technologies, William Demant Holding A/S, Widex USA, Inc., Medtronic plc, Zounds Hearing Inc., and Sivantos Group.
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