Future Market Insights, a global research and consulting firm, announces the addition of its report on the global hearing aids market to its repository of market research reports. The report titled, “Hearing Aids Market: Global Industry Analysis and Opportunity Assessment, 2016-2026” analyses the drivers, challenges, and trends impacting the hearing aids market. The report offers segmentation on the basis of product type and region, besides offering competitive analysis on the key players operating in the market.
Factors Driving the Hearing Aids Market
Rise in geriatric population is one of the key factors that’s estimated to boost the demand for hearing aids. According to a 2013 United Nations report, the global share of people aged 60 or above will be 21.1% by 2050 – a steep climb from 11.7% in 2013. Rising incidences of age-related hearing loss (presbycusis) will create need for effective management, driving the adoption of hearing aids.
Other key factors that are expected to sustain demand for hearing aids are rise in deafness claims and increase in prevalence of noise-induced hearing loss. According to Center for Disease Control and Prevention, nearly 17% of adults aged 20-69 years have suffered permanent hearing damage due to excessive exposure to noise.
Hearing aids are witness steady demand in the US, one of the most lucrative markets for hearing aids globally. The US hearing aids market grew by 7.2% in 2015, according to Hearing Industries Association (HIA). Nearly 3.13 million units of hearing aids were sold in the US in 2014, whereas total sales were 3.36 million in 2015. A key trend observed in the US hearing aids market was that for the first time since 2006, demand from private sector surpassed demand from Department of Veteran Affairs (VA).
The information presented in this article is based on FMI’s report, “Hearing Aids Market: Global Industry Analysis and Opportunity Assessment 2016-2026.” A free sample of this report is available for download at http://www.futuremarketinsights.com/reports/sample/rep-gb-1156
BTE Hearing Aids Highest Selling
Among the numerous variants of hearing aids available in the market, behind-the-ear (BTE) hearing aids account for the bulk of the demand. In the first quarter of 2016, nearly 80% of all units sold in the US were BTE hearing aids.
The U.S. and Western Europe are two of the largest markets for hearing aids, with the former accounting for the highest revenue share in 2015. In Europe, Germany, UK, Italy, and France are among countries with a sizeable percentage of population that can be classified as hearing impaired. According to Eurostat, Italy has the highest percentage of population over 65, followed by Germany and Portugal. Considering the direct correlation between age and hearing loss, demand for hearing aids in these countries is expected to remain strong. However, there are other factors that are at play in Europe, including awareness levels, state of the market, and overall product availability, owing to which countries, such as UK and France, which have relatively lesser percentage of elderly population, are expected to generate high demand.
Hearing Aids Market Key Companies
Leading companies operating in the hearing aids market are MED-EL (Austria), GN Store Nord A/S (Denmark), Cochlear Limited (Australia), SeboTek Hearing Systems, LLC (U.S.), Sonova (Switzerland), Sivantos Pte. Ltd. (Singapore), Starkey Hearing Technologies, Inc. (U.S.), Widex (Denmark), William Demant Holding A/S (Denmark), and Zounds Hearing, Inc. (U.S.)