Hearing Aids market to represent a significant expansion at 7.9% CAGR by 2024

Posted by Bisvjeet on November 26th, 2018

Introduction

Technological advancement in medical devices is an underlining factor boosting the popularity of such devices amongst users. Higher prevalence of congenital disability and the global rise in geriatric population are two of the major reasons that are influencing the demand for medical devices with higher efficiency.

Amongst various medical devices available in the market hearing aid devices are one of the common types of medical device which are highly in demand. Basic components of a conventional hearing aid include microphones, amplifiers, batteries and miniature loudspeakers or receivers.

Hearing loss is a common disorder prevalent in various parts of the globe. As per WHO reports, by 2026 approximately 1.2 billion people ageing above 60 are likely to get some form of hearing ailment. The Royal National Institute for Deaf People has stated that aging is one of the major reasons of hearing loss, affecting nearly 42% of people aged over 50 and almost 70% people over the age of 70. According to one of the reports published by World Health Organization (WHO), nearly 360 million people globally were suffering from hearing loss in 2012. Amongst these, 9% populations were children and 91% were adults.

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Factors such as rapid adoption of digital hearing aid technology and increasing patient awareness are expected to support growing demand for hearing aid. Moreover, higher occurrence of hearing impairment, especially amongst the aged population in regions such as sub-Saharan Africa and parts of Asia Pacific is further escalating the demand for hearing aid device.

Innovation is Technology

Hearing aid manufacturers are emphasizing on offering extended features to users. Many of the latest devices are integrated with wireless technologies such as Bluetooth or Wi-Fi. In addition, manufacturers are providing custom made design depending on the requirement of a patient. For instance, Audicus a prominent digital hearing aid manufacturer is offering custom hearing aids by using 3D scans technology that enables accurate scanning of patient’s ears and design the hearing devices accordingly.

Increasing connection between devices and expansion of virtual application is expected to bring greater prospects of functionality in medical devices such as hearing aids. For example, GN ReSound is developing smart hearing aid device that can be connected with other smart devices.

Hearing aid makers are focusing on reducing additional accessories such as streamer box that are worn around the neck in order to reduce device complications. Further, single device hearing aids are more comfortable to carry around. ReSound’s LiNX hearing aid comes with GPS connectivity and has control buttons to readjust external volume in different locations.

Conclusion

By 2016 end, the global market for hearing aids is expected to reach US$ 8,049.6 Million. The market is anticipated to witness a healthy growth rate in the upcoming years. In addition, the market is anticipated to surpass US$ 10,908 Million by 2024. North America is the most lucrative market for hearing aid devices. In terms of revenue, the region is anticipated to reach US$ 4,630 Million by the end of 2024.

Key Players

Sonova Holding AG, William Demant Holdings, Amplifon S.p.A, Sivantos Pte. Ltd., GN ReSound, Widex, Starkey Hearing Technologies, Inc., and Cochlear Ltd, are some of the prominent players in the global hearing aids market.