Hearing Aids Market Gaining Traction from Increasing Geriatric Population

Hearing impairment is a common phenomenon among elderly people, as age significantly hampers the ability of a body to hear, although the impairment is also frequently seen in children, often due to accidents or lack of certain ailments. According to the World Health Organization (WHO), about 360 million people across the World suffer from some kind of hearing issue, most of whom are adults. As the geriatric population increases, the demand in the global hearing aids market is expected to expand at an impressive rate of 4.5% during the forecast period of 2016 to 2024, according to a recent study by Transparency Market Research (TMR). The report has evaluated that the global hearing aids market was worth US$4.7 bn in 2015, and estimates it to reach a valuation of US$7.01 bn by the end of 2024.

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Apart from the rising incidence rate of hearing loss, the market for hearing aids is also gaining from increased use of binaural fittings and other technological advancements. IT application enabled devices, 3D printing technology for customized devices, and increasing number of direct service are some of the favorable trends for the vendors connected to the value chain. On the other hand, factors such as battery challenges, decibel adjustments, heterogeneous reimbursement policy, and high procedure costs are some of the challenges that are hindering the global hearing aids market from achieving its full potential.

What is the nature of competition among the leading players?
The global hearing aids market is consolidated between six players, who collectively owned 98% shares of the pie in 2015, according to the findings of the TMR report. Sonova led the market with 25% shares, while William Demant, Cochlear, and MED-EL were other prominent players. The opportunities for the entrance of new players is bleak in this market, owing to high capital required for research and development in order to penetrate through the dominance of the leading vendors. However, hearing aids makes for a developing market wherein technology is bringing new aids and amplification products. This factor bodes well for the growing geriatric population and the vendors of this market.

Which regions have the maximum demand for hearing aids?
Europe currently is the most lucrative region for the players venturing in the global hearing aids market. Increasing geriatric population, especially in the Western Europe, launch of high-end hearing aids, high buying capability of the residents, and robust healthcare infrastructure are some of the factors driving the demand in the region. In addition to that, a number of leading players in the global hearing aids market are based out of European countries, which helps the market in this region.

On the other hand, Asia Pacific, which resides nearly the half of world’s population, is emerging as a highly profitable region, gaining from consistent efforts from governments to increase awareness and improving healthcare facilities.

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