Global Hearing Aid Market Revenue is Expected to Reach Over USD 13 Billion by the Year Ending 2023: Ken Research
GURUGRAM, India, Sept. 18, 2019 /PRNewswire/ --
Key Findings
- In Future, it is anticipated that revenue share of Cochlear Implants will reach to 85.0% by 2023E from 80.5% in 2018. This is largely due to the increasing number of reimbursement policies and tender programs by the Government.
- Per Capita health expenditure in US has been rising over the years and is anticipated to reach from USD 10,708 in 2018 to USD 12,449 by 2023E. The rising health expenditure would lead to the higher adoption among the hearing loss patients.
- The rising awareness about hearing aid devices and implants, increasing government reimbursement policies, growing demand for Artificial Intelligence and Rising number of hearing loss patients are the major favorable factors driving hearing aid sales.
Rising demand for Artificial Intelligence: Artificial Intelligence in hearing aid market at global level is rising. Global Hearing Aid market is a technology driven market wherein Artificial Intelligence in Hearing Aid Devices and Hearing Implants is expected to take larger share in the coming future. AI employs machine learning that moves beyond simple decision-making to assist the individual by using data from around the world to benefit to optimize the users hearing experience. Artificial Intelligence in hearing implants has been employed in such a way that it can predict language development in deaf children using cochlear implants. A machine-learning algorithm used pre-cochlear implant surgery MRI scans to detect abnormal brain development with a high degree of accuracy, specificity and sensitivity.
Product Launches and Technological Advancements: Technological developments in hearing aid devices and advancements in implants have driven the hearing aid market over the years. Technologies such as build-in sensors, wherein the device have more healthcare features with better chances of higher performance due to multiple build-in sensors and micro-electronic device that include the smaller devices equipped powerfully with more features such as longer battery stand time, rechargeable batteries and connectivity. For instance, Livio AI by Starkey Hearing Technologies.
Increasing Number of Private Insurers and Dispensers: Increasing number of dispensers would enhance convenience to hearing loss patients and increasing number of private insurers through partnerships and acquisitions would increase the revenue of hearing aid market in near future. For instance, the organization such as Japan Hearing Aid Dispensers Association has helped in the adoption of hearing aid devices among hearing impaired individuals.
Analysts at Ken Research in their latest publication "Global Hearing Aid Market Outlook to 2023 - By Hearing Aid Devices (By Ear and By Canal) and Hearing Implants (Cochlear implants and Hearing implants), By Region (Americas, Europe, Asia-Pacific and RoW), By Type of Distribution channel (Audiology & ENT clinics, Hospitals and Pharmacies)" believed that the Global Hearing Aid market will increase due to rising number of hearing loss patients, increasing personal disposable income, growing demand for artificial intelligence coupled with increasing technological up-gradations in the hearing aid devices.
The market is expected to register a positive CAGR of 5.4% in terms of revenue during the forecast period 2018-2023E.
Key Segments Covered
By Type of Hearing Aid
- Hearing Aid Devices
- Hearing Implants
By Region
- Americas
- Europe
- Asia-Pacific
- RoW
By Type of Distribution Channel
- Audiology and ENT Clinics
- Hospitals
- Pharmacies
By Type of Hearing Aid Devices
- By Ear
- By Canal
By Type of Hearing Implants
- Cochlear
- BAHA
By Hearing Implants in Region
- Americas
- Europe
- Asia-Pacific
- RoW
By Ear type of Hearing Device
- BTE
- RIC
- ITE
By Canal type of Hearing Device
- IIC and CIC
- ITC
By Hearing Aid Devices in Region
- Americas
- Europe
- Asia-Pacific
- RoW
Key Target Audience
- Hearing Aid Manufacturing Companies
- International Manufacturers
- Domestic Manufacturers
- Private Equity Investors
- Hospitals and ENT clinics
- Government/ Regulatory Authorities
Time Period Captured in the Report:
- Historical Period: 2013 - 2018
- Forecast Period: 2019E - 2023E
Companies Covered:
- Sonova Holdings
- William Demant Holdings
- GN Hearing
- Widex
- Sivantos
- Starkey Hearing Technologies
- Cochlear Limited
- MED-EL
- Rion Co. Ltd.
- Zounds Hearing Inc.
- Audina Hearing instruments
- Microson
- NewSound Hearing Aids
Key Topics Covered in the Report
- Global Hearing Aid Market Overview and Genesis
- Global Hearing Aid Market Size, 2013-2018
- Global Hearing Aid Market Ecosystem
- Global Hearing Aid Market Value Chain Analysis
- Global Hearing aid devices and Hearing Implants Pricing Analysis
- Global Hearing Aid Market Size by Revenue (2013-2018)
- Global Hearing Aid Market Segmentation (2018)
- Global Hearing Aid Market Segmentation by Type (Hearing Aid Devices and Hearing Implants)
- Global Hearing Aid Devices Market Segmentation by type (By Ear and By Canal).
- Global Hearing Aid Devices Market Segmentation by Ear type (ITE, BTE and RIC).
- Global Hearing Aid Devices Market Segmentation by Canal type (IIC, CIC and ITC).
- Global Hearing Aid Devices Market Segmentation by Region (Americas, Europe, Asia-Pacific, RoW).
- Global Hearing Implants Market Segmentation by Type (Cochlear and BAHA).
- Global Hearing Implants Market Segmentation by Region (Americas, Europe, Asia-Pacific, RoW).
- Global Hearing Aid Market Segmentation by Distribution Channel (Audiology & ENT clinics, Hospitals and Pharmacies)
- Global Hearing Aid Market Trends and Developments
- Global Hearing Aid Market Snapshot of Major Countries in, 2013-2018
- Global Hearing Aid Market Government Regulations, Certification and Labeling Practices
- Global Hearing Aid Market Investment Scenario
- Global Hearing Aid Market Mergers and Acquisitions of the companies, 2013-2018
- Global Hearing Aid Market Trends and Developments
- Global Hearing Aid Industry Porter's Five Forces
- Global Hearing Aid Market Competitive Landscape
- Global Hearing Aid Market Company Profile of Major Players
- Global Hearing Aid Market Future Outlook and Projections, 2018-2023E
- Global Hearing Aid Market Future Outlook and Projections, 2018-2023E
- Analyst Recommendations
For more information on the market research report, please refer to the below link:
Other Related Reports:
The report provides a comprehensive analysis on the Point of Care Testing Market of India. The report covers various aspects including market overview and evolution, Indian Health Statistics, Trade Scenario, trends and developments, issues and challenges, Porter's five force analyses, customer decision parameters, funding and M&A scenario in the industry, competitive landscape and government regulations. The report concludes with market projection and analyst recommendations highlighting the major opportunities and cautions.
India POCT market is at the growing stage. India POCT market in terms of revenue has increased at a positive CAGR during the period FY'2013-FY'2018. This growth was supported by advancement in medical knowledge and R&D along with increase in the prevalence of chronic diseases amongst the Indian population in the recent years. The customers in the market are becoming more aware of their health with time which has further boosted the demand for POCT devices in the country.
There has been intense competition between the players in the India POCT market as more number of MNC's are setting up their units in India owing to the allowance of 100% FDI in the country. The domestic production of POCT devices has been relatively low as compared to other countries. The POCT devices have led a faster pace for treatment coupled with a reduction in the overall health checkup expenditure.
The report provides information on medical device market segment (by type of medical device, by type of medical consumables, by end user and by procurement), competitive landscape of major medical device manufacturers and distributors including Indo Health Medical, PT Andini Sarana, PT Trimitra Garmedindo Interbuana, PT Mega Andalan Kalasan, GE Healthcare, Siemens, Indonesia, Philips, Indonesia, Samsung, Hitachi, PT Mensa Bina Sukses, PT Transmedic Indonesia, PT Surgika Alkesindo, PT Daya Inti Kurnia Abadi, and Citra Medika Lestari. The report concludes with market projection for future highlighting the major opportunities and cautions.
The growing number of hospitals or other health centers in Indonesia has led to the rising demand for medical equipment. Indonesia medical device market is highly regulated with stringent import regulations even though it heavily relies on imports. This is due to lack of established local manufacturer. The demand has increased majorly for diagnostic imaging, medical consumables, aesthetic, orthopedic and dental products. This is driven by increased healthcare spending and rising awareness about different treatment methods.
The report provides a comprehensive analysis on the medical devices market in Philippines. The report covers a brief introduction of the medical devices market in the country, value chain analysis of the market, the overall size of the market in terms of revenue; market segmentation on the basis of business activity, mode of sales, type of medical devices, end users and regions; decision making process and pain points encountered by end users in the industry, trends and developments, issues and challenges, porter's forces analysis, regulatory environment of the industry; competitive landscape including competition stage, competition parameters and company profiles of major players. The report concludes with market projections and analyst recommendations highlighting the major opportunities and cautions for existing players and new entrants in the industry.
Philippines Medical Device market is at the growing stage. Philippines Medical Device market in terms of revenue has increased at a positive CAGR during the period 2013-2018. Philippines heavily rely on imports for medical devices and local production is limited to prototype units and disposables such as surgical gloves, syringes, and needles. The market is price-sensitive and major factors impacting demand are population growth, increase in geriatric population, steady economic growth at 6.7% (2017), and hospital expansion and up-gradation.
The report provides a comprehensive analysis of Vietnam Medical Devices Market Overview and Size, growth drivers and restraints. The report also provides data points on Vietnam Medical Devices market by Application (Orthopedic and Prosthetic Applications, Diagnostic Imaging Equipment, Paraclinical Equipment, Emergency Medical Equipment, Operation Room Equipment and Others), by Material (Textile Products, Electronic Products, Plastic Products, Rubber Products and Other Products), by Equipments (Consumables, Diagnostic Imaging, Dental Products, Orthopaedics and Prosthetics, Patient Aids and Other Medical Devices) and by End Users (Government Funded Hospitals, Local Private Hospitals, Foreign Owned Hospitals and Medical Education, Research Institution and Others) along with company profiles of Japan Vietnam Medical, Danameco, Armephaco, B Braun, Shimadzu, General Electric, Terumo BCT and Phillips. The report also covers SWOT Analysis, Roadmap for Tender Application for Medical Device Company in Vietnam, Regulatory Process, import by value and destination, Vietnam Medical devices competitive landscape, Analyst Recommendations and future outlook.
The report covers aspects such as medical device market segment (by type of medical device, and by end users), competitive landscape of major players in the Singapore medical device market, and covering competitive landscape of major medical device manufacturers and distributors including QT Vascular, Biosensors International, Becton Dickinson, Optimal Medical Products Pte Ltd, B. Braun Singapore Pte Ltd, Alcare Pharmaceuticals, and Kingston Medical Supplies Pte Ltd. The report concludes with market projection for future highlighting the major opportunities and cautions.
Singapore Medical device revenue increased at a double digit CAGR during 2012-2017. The market is in the growing stage with rise in number of foreign players. This was driven by expansion of healthcare institutions and increased demand for home care devices such as Elderly Care -Monitoring Systems (sensors at home, applications, and wearable devices). Singaporeans' strong demand for better healthcare creates an excellent market for foreign medical device companies, who supply more than 85% of the country's devices. Leading importers include the US, Germany and Japan. At present, more than 60% of products imported into Singapore are subsequently re-exported.
The report covers various aspects including introduction, market size, competition, market segmentation by end user (Public Sector and Private Sector), by type of medical devices (Diagnostic Imaging Products, Medical Disposables, Auxiliary Devices, Orthopedic Devices, Dental Products, Aesthetic Devices, Diabetic Products and Others), growth drivers, restraints, key regulations future outlook and analyst recommendation. The report is useful for manufacturers, AI companies, distributors, system integrators, hospitals, diagnostic labs, doctors, end users, government, pharmacies and potential entrants and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.
Kuwait medical device market is in its late growth stage (based on distributor model) and has a limited number of large players dominating the market. The medical devices market in Kuwait is completely import driven dominated by international brands. The medical devices market in Kuwait has witnessed growth owing to the increased participation of private players in healthcare sector. Technological innovations and increased focus on infrastructure development has also resulted in increased demand of medical devices in Kuwait. Heavy investments in infrastructure projects are driving the growth in Kuwait. Increase in number of chronic diseases has resulted in increase in demand of healthcare facilities in the country. The end users of medical devices are government as well as private sector hospitals, clinics and primary care centers.
Contact Us:
Ankur Gupta
Head Marketing
Ken Research Private Limited
Ankur@kenresearch.com
+91-9015378249
LOGO: https://mma.prnewswire.com/media/661352/Ken_Research_Logo.jpg
Share this article