Hearing Aids Market is Likely to Reach US$7 Billion by 2024; Growing Prevalence of Auditory Issues to Propel the Market, Says TMR

ALBANY, New York, Feb. 12, 2019 /PRNewswire/ -- According to the report published by Transparency Market Research, the global hearing aids market is anticipated to rise at 4.5% CAGR during the forecast tenure from 2016 to 2024. By rising at this rate, the valuation of the market is expected to reach US$7 bn by the end of 2024. In 2015, the valuation of the market was US$4.7 bn.

The adult hearing segment is expected to capture a large market share over the forecast period. The segment held roughly 95% of the total market share in 2015, and this trend is expected to continue over the coming years.

Geography-wise, Europe is expected to remain a lucrative regional market for hearing aids. This could be attribute dot people's awareness and high purchasing power.

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Changing Lifestyles to Promote Growth

According to World Health Organization (WHO), about 466 million people around the world (i.e. 5% of the global population) have a hearing loss that is disabled, a significant percentage of which are children. The dynamic lifestyle changes and the rising demand for hearing aids will boost the international market sales of these products. Introduction and implementation of new and innovative auditory products, such as digital waterproof hearing aids, will promote the growth of the auditory aid market in the forecast period.

Some other key factors impacting this market are advances in technology, the growing number of the global geriatric population leading to surge in hearing aids usage and growing trend of customized implants.

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Online Distribution Channel to Emerge Key Market Trend

The internet penetration supports the development of websites for e-commerce that sell listening aids to end-users. There is growing demand for these products from online websites fuelling the global hearing aid market. Online distribution will raise suppliers ' revenue and reduce the waiting time in hospitals and clinics for patients.

A major factor hindering the growth of this market is the high cost of hearing aid systems. The technology is very dependent, which makes them highly costly, from USD 1000 to USD 6000 per device. This is mainly at the cost of the services of a highly trained audiologist because of significant investments in research and development for improving hearing aids. Therefore, the growth of this market is one of the primary problems.

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The global hearing aids market is projected to see a healthy growth in the forthcoming years, according to analysts at Transparency Market Research (TMR). The vendor landscape of the hearing aids market is largely oligopolistic in nature, with six players holding nearly 98% of the total market share. The market is privy to entry of new players, on account of high rivalry among existing vendors. Moreover, steep initial investment required deters new vendors from entering this market space.

Vendors in the global hearing aids market are expected to focus on the core research and development in order to provide improved product quality to consumers. Manufacturers are seen focusing on smaller sized devices, in order to have a better user experience. Several technological innovations, such as use of lithium ion batteries are expected to be adopted by vendors to offer improved product to consumers.

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The leading players in the global hearing aids market are Sonova Holding AG, the William Demant Holding Group, Widex A/S, GN ReSound, and Siemens Healthcare.

This review is based on TMR's report titled, "Hearing Aids Market (Product Type - Hearing Aids (Behind the Ear (BTE), Receiver in the Ear (RITE), In the Ear (ITE), Canal Hearing Aids (ITC), (CIC), & (IIC)), Bone Anchored Hearing Aids (BAHA); End-user (Pediatric, Adult)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024."

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