Hearing Care Devices Market Size to Exceed Revenue of USD 10 Billion by 2023 | CAGR: 10.0% Until 2017 to 2023
Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled ldquo;Hearing Care Devices Marketnbsp;(Product: Hearing Aids, Hearing Implants; Type Of Hearing Loss : Sensorineural Hearing Loss, Conductive Hearing Loss; End User: Hospitals amp; Clinics, Home Settings, Ambulatory Surgical Centers (ASCs)) ndash; Global Industry Analysis, Market Size, Opportunities and Forecast 2023rdquo;, estimates that the global market for hearing care devices is expected to reach the market value of around $10 billion by 2023 and is expected to grow at a CAGR of over 6% in terms of revenue during the period 2017 - 2023. Owing to the rapidly growing geriatric population, rising incidences of hearing disorders, technological advancement and increasing binaural fitting rate are the main factors contributing to the development of hearing care devices market, globally. In addition, productive opportunity from emerging economies and increasing penetration rate is the major trend observed in the market.
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Growing Incidence Of Hearing Disorders To Have High Influence On Market
Hearing loss remains an ignored problem from corner to corner across the globe in spite of revolutionary advances in hearing care sector. According to the 2012 estimates of WHO, nearly 5.3%, i.e. 360 million people, of the worldrsquo;s population suffer from hearing disability - a disorder in which hearing loss is greater than 40 dB in adults (15 years or older) and greater than 30 dB in children with age group of 0-14 years. Of these, nearly 91% (328 million) are adults and 9% (32 million) are children. Further, the majority of people with hearing loss live in low or middle income countries with little or no access to hearing care. Hence, hearing care device manufacturers have potential growth opportunities in the emerging economies of the world. This has led to the amplified demand for hearing care devices. Thus, increase in incidence of hearing disorders is expected to drive the growth of hearing care devices market.
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Insights on Market Segments
Global hearing care devices market is segmented by product, type of hearing loss, and end user. Based on different products, the market is segmented into hearing aids and hearing implants. Hearing aids are further segmented on the basis of type and technology. Based on type market is further classified into behind-the-ear (BTE) aids, in-the-ear aids, receiver-in-the-ear (RITE) and canal hearing aids. Also, technology is further bifurcated into analog hearing aids and digital hearing aids. Prior to the development of digital sound technologies, analog hearing aids were used the most. Although analog and digital hearing aids have same components, the type of technology used in analog hearing aids to amplify sound is different. The main benefit of analog hearing aids is its cheap cost and longer usage life span. Hearing implants are classified into cochlear implants, bone-anchored hearing systems (BAHS), auditory brainstem implants and middle ear implants. Based on type of hearing loss, market is further classified into sensorineural hearing loss and conductive hearing loss. End user segment is classified as hospitals amp; clinics, home settings and ambulatory surgical centers (ASCs).
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Hearing Loss in Adults Is One of the Most Persistent Health and Social Issues Faced By Europe
The major countries analyzed in the European hearing care devices market include France, the UK, Italy, Germany, Spain, and others. Germany accounted for the majority share of 19.6% in the European hearing care devices market in 2015. Hearing loss deprives people of the ability to communicate proficiently, which affects every aspect of their lives. The Ear Foundation (UK) in 2016 estimates that nearly 51 million European adults suffered from hearing loss and the number is expected to increase further in coming years. Thus, device manufacturers have focused on developing technologically advanced hearing aids and implants to cater to the high demand in this region. In addition, favorable reimbursement policies in certain European nations have increased the adoption of hearing care devices in this region.
Receiver-In-The-Ear (RITE) Aids Segment by Type Held Highest Share in Terms of Volume
Receiver-in-the-ear (RITE) hearing aids are also known as receiver-in-the-canal (RIC) hearing aids. In 2016, receiver-in-the-ear (RITE) aids segment held highest share in terms of volume. The instrument includes a case that is placed behind patientrsquo;s ear. RITE devices are different from behind-the-ear (BTE) hearing aids, as the receiver (loudspeaker) enters inside the ear and the size of RITE is smaller than that of a BTE. Due to these physical advantages of RITE over BTE, it is expected to witness increased adoption among end users.
Among the players operating in the global hearing care devices market, some profiled in the report include GN Store Nord A/S, Amplifon, Cochlear Ltd., Starkey, American Hearing Aids, Sivantos Pte. Ltd, Sonova, MED-EL, IntriCon Corporation, and William Demant Holding A/S among others.
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