Early detection and treatment of hearing loss can mitigate the severity of deafness and could improve the condition of those suffering from the condition. As per World Health Organization, in 2015 the hearing aid production globally, hardly met 10% of the total need and a meager 3% of demand across developing countries. This provides the global hearing aids market with substantial opportunities to gain from in the forthcoming years.
High Price of Hearing Aids to Limit Adoption across Low-income Countries
Developing and underdeveloped countries have been witnessing a higher prevalence of hearing loss among their citizens. Governments across these countries are thus compelled to adopt various awareness initiatives aimed at curbing the incidence of hearing loss. Such initiatives are expected to positively influence sale of hearing aid products across developing and underdeveloped economies.
Technical Aspects and Important Highlights of Hearing Aids: https://goo.gl/DeTZf3
On the flip side, the high price of hearing aids and cost incurred on maintaining them limit their purchase among low-income people. Furthermore, the device requires periodic replacements, which might not be feasible for a sizeable population across underdeveloped countries, thus restricting the market’s trajectory. The lack of timely diagnosis of hearing impairment is another factor limiting growth of the hearing aids market across developing and underdeveloped nations.
Nevertheless, these countries will continue exhibiting attractive opportunities for manufacturers of hearing aids. With government of these countries proactively involved to up the health status of the community, the favorable policies they draft are expected to give significant impetus to the hearing aid sales.
Presence of Unmet Medical Needs to Propel Hearing Aids Sales in Asia Pacific
Regionally, the prospects for hearing aid products are seen to be the most lucrative in Europe. The region, TMR says, held approximately 39% of the global market in 2015. The robust demand for hearing aids in this region is mainly attributed to the high pool of aged population, especially in Western Europe, and the increasing willingness among consumers to pay for advanced medical devices.
In the same year, North America followed Europe in the global hearing aids market. Asia Pacific is poised to exhibit the fastest CAGR during the forecast period. The prevalence of a high degree of unmet medical needs is expected to boost the Asia Pacific market for hearing aids at a CAGR of 5.2% between 2015 and 2024.
High Prevalence of Hearing Impairment among Adults Fuels Demand for Hearing Aids
By end user, the hearing aids market has been bifurcated into adult and pediatric in the TMR analysis. Of these, since the incidence of hearing impairment is exceptionally high among adults, the segment held approximately 95% of the market in 2015. However, experts forecast the incidence of hearing loss to rise among children at a considerable rate in the near future, thus boosting the pediatric hearing aids segment at a high CAGR.
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