Market Research Expert

Hearing Aids Market Driven by Increasing Geriatric Population and Awareness

Press Release   •   Jan 18, 2017 23:43 EST

Transparency Market Research has published a new market report titled, “Hearing Aid Market – (Therapeutic – Hearing Aids (Behind the Ear, Receiver in the Ear, In the Ear, and Canal Hearing Aids) and Bone Anchored Hearing Aids; End-user – Pediatric and Adult) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016–2024.” According to the report, the hearing aids market is anticipated to expand at a CAGR of 4.5% from 2016 to 2024 to reach US$ 7.01 Bn by 2024.

Hearing aids are used for the treatment of profound hearing loss. Disabling hearing loss refers to hearing loss greater than 40 decibels (dB) in the better hearing ear in adults and a hearing loss greater than 30 dB in the better hearing ear in children. According to WHO estimates, there will be approximately 1.2 billion people over the age of 60 years with hearing disability by 2026. Hearing loss is one of the six leading global disease burden. Majority of people with disabling hearing loss live in low- and middle-income countries. Approximately one-third people over 65 years of age are affected by disabling hearing loss. The prevalence in this age group is highest in South Asia, Asia Pacific, and Sub-Saharan Africa.

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Increasing global geriatric population and rising prevalence of deafness is expected to drive the global hearing aids market in the next few years. Moreover, rapidly increasing usage rate of digital hearing aid technology and patient awareness levels are expected to fuel market growth during the forecast period. Advances in hearing aids technology is expected to boost market growth during the forecast period. Rechargeable hearing aids that have quick charging and long lasting features are expected to offer considerable growth opportunities in the hearing aids market. Phonak Hearing Systems, a member of the Sonova Group, offers rechargeable hearing aids.

According to the U.S. National Center of Health Statistics (NCHS), 12 of 1,000 people in the U.S. suffering from hearing loss belong to the age group of below 18 years. The hearing aids market in the U.S. consists of both the private (approximately 79%) and public sector (approximately 21%), with the public sector dominated by the Veterans Affairs (VA). North America accounted for 29% share of the global hearing aids market in terms of revenue in 2015. According to Audiology World news, 2016, approximately 20% of the population of the U.S. with hearing loss use hearing aids. Increasing prevalence of hearing loss, aging population, and rising insurance coverage in the U.S. are some of the factors driving the hearing aids market in the country.

Europe held the largest share of the global hearing aids market in terms of both revenue and volume in 2015. Europe accounted for 39% share of the global hearing aids market in 2015. Presence of large geriatric population in countries in Western Europe, high purchasing power, and key players domiciled in the region are attributed to the considerable share of the region.

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The market in Asia Pacific is expected to expand at the highest growth rate during the forecast period. Improving health care infrastructure, high unmet medical needs, and increasing patient disposable income are the factors driving the hearing aids market in Asia Pacific. The market in the region is likely to expand at a CAGR of 5.2% from 2016 to 2024.

Key players in the global hearing aids market include Sonova Holding AG, GN ReSound, Starkey, and Widex A/S.

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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.