Hearing Aid Market-Forecast to 2022Cindy
It is estimated that the global hearing aid market will reach USD 7.62 billion in 2023 and will grow at a compound annual growth rate of 6.38% between 2019 and 2023. A surge in diabetes, an aging population, rising prevalence of hearing loss, and other factors have caused awareness to drive the market. However, the high cost, low average selling price and regulatory issues of hearing aids will pose challenges to the development of the industry. Some notable trends include digitization, rechargeable technology and wireless hearing aids.
The global hearing aid market is roughly divided into four types, namely hearing aids, cochlear implants, bone conduction systems and diagnostic instruments. The introduction of advanced technology products helps hearing devices maintain a leading position in all market segments. Hearing aids accounted for the highest share of the hearing aid market in 2019.
The fastest-growing regional market is the Asia-Pacific region, as high noise pollution levels in Asia-Pacific countries (such as India, China, and Japan) have had a significant impact on market growth. The United States and Europe are well-established high-end markets and occupy a significant share of the global market. Increasing numbers of people with hearing loss in the United States are driving the need for advanced hearing aid technology. The UK is one of the largest hearing aid markets and is already a highly penetrated market.
According to the type of hearing loss, the hearing aid market is divided into sensorineural hearing loss and conductive hearing loss. The sensory neurological hearing loss segment (SNHL) is expected to dominate the market due to the high prevalence of SNHL and increasing initiatives by companies and regulators to develop hearing aids for SNHL treatment.
According to patient type, the hearing aid market can be divided into adult patients and pediatric patients. The prevalence of hearing loss in the adult population is high due to age, so the adult population is expected to account for the largest share and is expected to record the highest compound annual growth rate.
Behind the ear hearing aids was the largest product type segment in 2019 and is expected to grow at a lucrative rate over the forecast period. This is because they are easy to handle and clean and are more preferred by younger population. Moreover, they can fit into various ear molds and don’t need device replacement as the child grows. With technological advances, new products such as the Mini BTE have been developed, which are smaller in size and provide more comfort.
The digital technology dominated the market in 2018 and is expected to retain its position over the forecast period. Digital technology hearing aids are technologically advanced and can be programmed according to the external environment to amplify sound and reduce noise, thus providing an enhanced auditory experience.
The retail sales channel segment dominated the market in 2019 and is expected to grow at a lucrative rate over the forecast period. This can be attributed to higher profit margin in retail stores and increasing number of companies investing in company-owned retail stores to gain higher revenue share. In addition, companies such as William Demant Holding A/S, Starkey, and GN Hearing are undertaking expansion strategies to increase the number of company-owned retail stores.
Europe dominated the market in 2019 with a revenue of USD 2.8 billion and is expected to grow at a lucrative rate over the forecast period. This is owing to increase in prevalence of auditory loss, growing awareness about various treatment options, and rising adoption of hearing aids. Asia Pacific is anticipated to exhibit the fastest growth, due to large population base, coupled with increasing geriatric population, easy availability and accessibility of hearing aids.
In 2020, Europe is expected to occupy the largest market share, followed by North America. However, Asia is expected to have the highest CAGR over the forecast period. The high growth in this area is attributable to the prevalence of hearing loss, the availability of technologically advanced hearing aids, the growth of an aging population and the aggressive actions taken by the company to expand in these emerging economies.