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Hearing Aids Market: Increasing Prevalence of Hearing Loss Worldwide Augments Product Demand, Says TMR
ALBANY, New York, May 28, 2019 /PRNewswire/ --The global hearing aids market depicts a largely oligopolistic vendor landscape, notices Transparency Market Research (TMR). The presence of only six players makes the market's competitive landscape fiercely consolidated. Although, the level of competition is extremely high in the global hearing aids market as these countable number of players are competing among themselves. The names of these leading six players include Sonova Holding AG, Starkey, Siemens Healthcare, Widex A/S, the William Demant Holding Group., and GN ReSound.
These dominant six players hold nearly 98% of the overall market share. Therefore, the possibility of the entry of new players in the global hearing aids market has become fairly difficult. Additionally, new players are facing difficulties in terms of extremely high initial investments, which appears as a key requirement in order to enroot themselves in the global hearing aids market. However, the leading players are engaging in core research for developing high-quality products for the customers. Moreover, they are acquiring advanced technologies and incorporating it with their existing products for better offerings.
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TMR's experts' projection reveals that the global hearing aids market will expand at a promising 4.5% CAGR during the assessment period from 2016-2024. The market was valued US$4.7 bn in 2015, and is expected to gain valuation of US$7bn by 2024-end.
From the perspective of end-users, the adult hearing aids segment is dominating over the pediatric hearing aids segment on account of capturing a total market share of approximately 95%. On the regional front, Europe showcases the maximum share in the global hearing aids market as the region has witnessed a consistent upgradation of medical technology.
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Rapid Technological Advancements in Healthcare to Propel Growth
With the help of hearing technology, several advanced hearing aids have launched in the market with enhanced functionality and smart features. The factors highly responsible for fueling growth in the global hearing aids market include rising global adoption of hearing devices and increasing awareness regarding technologically advanced machines to treat deafness. Along with this, another major factor stimulates growth in the global hearing aids market is rising prevalence of hearing loss on account of growing burgeoning population.
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Governments in both developing and developed economies are highly emphasizing on early screening process of deafness. This factor is also propelling expansion in the global hearing aids market. Besides this, education and raised awareness about health among younger as well as adult population are also playing a crucial role in elevating demand for these hearing devices and other diagnostic services, which in turn is complementing the growth of the global hearing aids market.
Furthermore, a recent trend in using lithium-ion batteries inside the hearing aid devices is gaining traction. This is because of the batteries possess a long-lasting capacity. However, several other factors triggering the growth of the global hearing aids market include rising noise pollution worldwide and medical issues such as syphilis or rubella infections, which lead to congenital hearing loss.
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Poor Healthcare Infrastructure in Emerging Economies to Obstruct Growth
Several developing countries are still far from achieving prominence within the healthcare industry. Thus, these countries are facing difficulties in providing hearing aids to the all the patients, which clearly hampering the growth of the global hearing aids market. Additionally, regular battery replacements and repairing hearing machinery are major challenges in the global hearing aids market. Nonetheless, various market players are making their efforts to offer advanced, durable products at low prices, which is expected to underpin the growth momentum of the global hearing aids market in the forthcoming years.
The review is based on a market research report by TMR, 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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