The hearing aids market has been forecast to increase at a compound annual growth rate (CAGR) of 7.17% through to 2016, driven by the increasing sales of digital hearing aid devices, and the increasing number of mergers and acquisitions.
A hearing aid is an electro acoustic device which is designed to amplify sound for the wearer, usually with the aim of making speech more intelligible, and to correct impaired hearing as measured by audiometry. Hearing aids are considered medical devices and are regulated by the FDA. Ordinary small audio amplifiers or other plain sound reinforcing systems cannot be sold as "hearing aids".
The majority of hearing aid vendors have been introducing wireless hearing aid products or product lines since the economic recession of 2008-2009. Wireless communication between hearing aids and other personal media and between binaural hearing aids has been a boon to hearing aid users.
For instance, Starkey Hearing Technologies introduced the WI Series, which is a product line of one of the most advanced wireless hearing aids in the market at present. Similarly, Siemens Healthcare introduced the Tek wireless enhancement system, which uses Bluetooth technology to transform a hearing aid into a personal wireless headset.
One of the major challenges in the hearing aids market is the low public awareness regarding hearing aids, mainly in developing countries of the APAC region compared to developed countries. This is primarily because of the lack of healthcare infrastructure and resources in countries such as India, Pakistan, and Thailand, which is restricting the growth of the market in these countries.
The hearing aids market is highly globalised and dominated by a variety of international firms. The industry sells high-tech products that can range drastically in price. Rising healthcare costs and other factors have spurred consumers to seek the most affordablehearing aids on the market, and firms have increasingly competed on price.
Key players currently dominating the hearing aids market include Siemens Healthcare, Sonova Holding AG, Starkey Hearing Technologies, Widex A/S, and William Demant Holding A/S.
For more information on the hearing aids market, see the latest research: Medical Device Market Research
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