- 10 December 2019 23:03
Hearing Care Devices Market Increasing Demands Across the Globe
In a recent report, ARC finds the hearing care devices market possibly reaching $10 Billion by 2023, progressing at a 6% CAGR during the forecast period 2017 - 2023, 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.
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 world’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.
Rise in Incidence of Hearing Disorders and Increase in Ageing Population
According to the estimates of the National Institute on Deafness and Other Communication Disorders (NIDCD), about 2 to 3 out of every 1,000 children in the U.S. are born with a detectable level of hearing loss. In addition, according to the 2016 estimates of Population Reference Bureau, the number of Americans in the age group of 65 years and above is anticipated to increase from 46 million in 2017 to over 98 million by 2060. Thus, the increase in incidence of hearing loss and rise in pool of geriatric population contributes to market growth.
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Technological Advancements in Hearing Care Devices
Hearing care devices have witnessed several technological advancements in recent years. The cochlear implants available in the present scenario have speech recognition in difficult listening situations, which differentiate speech in the noisy and reverberant situations, understand sound from television or telephone, and identify a specific sound from distance. In addition, hearing aids feature acoustic scene classifiers, which classify and identify any sound on the basis of background noise, speech in quiet or in noise, music, wind, and number of other parameters. Hearing care devices restore hearing function in patients suffering from hearing loss. Some of these devices (mainly implants) are expected to restore hearing function in profoundly deaf individuals. There are two types of hearing care devices, namely, hearing aids and hearing implants.
Key Benefits for Stakeholders
The study provides an in-depth analysis of the global hearing care devices market, with current trends and future estimations to elucidate the imminent investment pockets.
Quantitative analysis from 2017 to 2023 is expected to enable the stakeholders to capitalize on the prevailing market opportunities.
Comprehensive analysis of all geographical regions is provided to determine the prevailing opportunities.
Extensive analysis is conducted by following key product positioning and monitoring the top contenders within the market framework.
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 & clinics, home settings and ambulatory surgical centers (ASCs).
Market Segment Analysis:
Acumen Research report focuses on market attractiveness by assessing the key market segments. The report also combines region-wise segments for a better understanding of the supply and demand ratio of this market. This exclusive study of the report analyzes the present and future market scenario and the industry trends that are influencing the growth of the segments. Besides, the report also covers the value chain analysis, supply chain analysis, and year-on-year basis analysis of this market.
Market By Product
- Hearing Aids
- By Type
- Behind-the-Ear (BTE) Aids
- In-the-Ear Aids
- Receiver-in-the-Ear (RITE)
- Canal Hearing Aids
- By Technology
- Analog Hearing Aids
- Digital Hearing Aids
- By Type
- Hearing Implants
- Cochlear Implants
- Bone-Anchored Hearing Systems (BAHS)
- Auditory Brainstem Implants
- Middle Ear Implants
Market By Type of Hearing Loss
- Sensorineural Hearing Loss
- Conductive Hearing Loss
Market By End-User
- Hospitals & Clinics
- Home Settings
- Ambulatory Surgical Centers (ASCs)
Market Regional Analysis:
Based on the regions, the global hearing care devices market is segmented into -North America (US and Canada), Europe (UK, Germany, France, Spain and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea and Rest of Asia-Pacific), Latin America (Mexico, Brazil and Rest of Latin America), Middle East & Africa (GCC, South Africa and Rest of MEA)
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