Transparency Market Research (TMR) estimates the key performance indicators of the global market for hearing aids over the period from 2016 to 2024. The market was valued at US$4.7 bn in 2015 and is forecasted to rise to a value of US$7 bn by the end of 2024. The CAGR of the market over the period from 2016 to 2024 is expected to settle at 4.5%. The adult hearing aids segment outdid the pediatric hearing aids segments by capturing a market share of around 95% in 2015.
Large Numbers of Adults Having Hearing Problem Lead Adult Hearing Aids Dominate Market
The global hearing aids market is classified on the basis of end-user, product type, and region. In terms of end-user, the market is bifurcated into adult and pediatric. Out of these two, the adult hearing aids dominated the market in 2015 and held 95% market share in the global market. Over the next few years, this segment is expected to lead the market across the globe. However, pediatric hearing aids segment is also likely to gain traction as the hearing problem is increasing among younger population.
Based on product type, the global market is bifurcated into hearing aids and bone anchored hearing aids (BAHA). The hearing aids segment is further divided into receiver in the ear (RITE), behind the ear (BTE), canal hearing aids (ITC), (IIC), and (CIC), and in the ear (ITE).
Government Expenditure Propels Market Demand
Several governments are making efforts towards enhancing the quality of life of the populace. Since hearing impairments can be a bane for the people, governments have increased their spending towards equipping patients with hearing aids. This has created growth spaces within the market by offering lucrative opportunities to market players. Moreover, the geriatric population is at a higher risk of suffering from hearing losses, thus, making them the primary consumer of the market. The rising geriatric population, especially in North America, is expected to play an instrumental role in propelling demand within the global market for hearing aids. People suffering from hearing impairments have been anticipating new technologies and better products that can ease their discomforts. Hence, the new products that surface in the market are expected to be readily accepted by the consumers. Hearing impairments can also be caused due to untimely treatment of shocks and injuries, thus, necessitating the need for hearing aids within industrial units.
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The global hearing aids market displays a largely oligopolistic competitive landscape with just six players holding a major market share. The dominance of these six market players is manifested in the fact that they held 98% of the total market share in 2015. Hence, the entry of new players is extremely difficult, and if a market player finds its way into the market, it is at a high risk of toppling down. Moreover, the initial investment required for a new market player to enroot itself in the market is extremely high. This further discourages new players from entering the market and recalibrates the focus on the established players. Siemens Healthcare, Widex A/S, Starkey, Sonova Holding AG, GN ReSound, and the William Demant Holding Group are the top players in the global market for hearing aids. These players are prognosticated to engage in core research to develop better offerings for the customers.