Due to a rapidly expanding geriatric population, the global Hearing Aids Market may grow at a nearly 4.4% CAGR during the forecast period (2012 to 2020). The industry stood at around USD 4.6 billion in 2015. Nerve deafness and congenital hearing problems are commonly occurring hearing defects among the elderly. High incidence of hearing problems and partial or full reimbursement for hearing aids are two key factors that drive this industry. At present, the global market is led by technological advancements and innovations. Interestingly, most hearing aids being manufactured nowadays are not only equipped with bluetooth but are aesthetically appealing as well. Surging demand for waterproof & 100% undetectable ones may fuel overall industry growth in the forthcoming years.
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Products, technologies, and geographies are three parameters based on which the global industry is segmented. Based on products, the categories are ITE (In-The-Ear), RITE (Receiver-In-The-Ear), BTE (Behind-The-Ear), and Canal Hearing Aids. Canal Hearing Aids are further segmented into CIC (Completely-In-Canal), IIC (Invisible-In-Canal), and Invisible-In-Canal. Demand for BTE and ITE is by far the highest because these devices rank high on comfort, are easy to use, and offer excellent connectivity.
The BTE segment held a more than 55% market share in 2013. Behind-The-Ear aids are used mostly in children and in cases of profound hearing loss. The market for canal hearing aids is anticipated to grow at the highest CAGR till 2020. This segment is driven by popularity of invisible & aesthetically appealing hearing aids and rapidly changing lifestyles. Moreover, high R&D investments could also have a positive impact on these over the forecast period.
On the basis of technologies, the global industry is bifurcated into analog and digital. The digital technology segment generated highest revenues in 2013. The market for digital hearing aids is positively influenced by greater relative efficiency and use of wireless technology & bluetooth. Unlike analog hearing aids, the digital ones ensure digital noise reduction and digital speech enhancement. Owing to high performance & efficiency, digital segment may expand at a nearly 5% CAGR from 2012 to 2020.
Geographically, the worldwide Hearing Aids Market is categorized into Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa. With a revenue share exceeding 42%, Europe led the overall industry in 2013. Surging income levels in Western Europe and rising cases of hearing impairment are factors that propel regional demand. Most European countries have effective reimbursement policies, which in turn may positively impact the regional market. Asia Pacific can expand rapidly at a CAGR over 4% during the forecast period. This region is fueled by high incidence of age-related hearing disorders among the elderly and improvements in the distribution networks of key companies.
Prominent companies operating in the global Hearing Aids Market are William Demand Holdings A/S, Widex A/S, Sonova Holding AG, Benson Hearing, and Siemens Healthcare among others. Siemens recently developed the Silk Primax, which is a Completely-In-Canal (CIC) device that can easily fit in a person’s ear without ear moulds. This device is fitted with a disposable soft & high adaptable silicone click sleeve that provides high comfort to the user all day long.
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