Hearing Amplifiers Market Size By Product (On-the-Ear, In-the-Ear), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Spain, Italy, Netherlands, Norway, Sweden, Denmark, Switzerland, Russia, China, India, Australia, Japan, New Zealand, Brazil, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023
Published Date: July 2016 | 98 Pages | Report ID: GMI672 Report Format: PDF
Hearing Amplifiers Market size was USD 58.1 million in 2015, with 4.8% CAGR estimation from 2016 to 2023. Global volume is set to cross 500 thousand units by 2023, at an estimated 6.7% CAGR.
U.S. Hearing Amplifiers Market Size, by Product, 2012 - 2023 (USD Million)
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Dramatic increase in the geriatric population worldwide, rising prevalence of deafness and hearing loss disorders, and technological advancements leading to introduction of aesthetically appealing devices are the pivotal growth factors boosting the global hearing amplifiers market throughout the forecast period.
According to WHO estimates, population base with age 65 years and above is anticipated to increase 16% in 2050 from 7% in 2000. Since aging is considered to be one of the major risk factor for developing deafness and other hearing disorders, the expected rise in the population should act as major driving force for hearing amplifiers market size. As per WHO findings, population with age group of 65 years and above showcase the highest prevalence rate of 33% for deafness and hearing loss.
Moreover, technological advancements such as introduction of small-sized, behind-the-ear hearing aids, with less power consumption and clearer voice should further drive the hearing amplifiers market. Apart from this, the rising demand for cosmetically appealing, and barely visible hearing aids, which is well-suited to the modern lifestyle and high purchasing power population should further boost demand for the overall audiology devices market.
Hearing Amplifiers Market, By Product
Global hearing amplifiers market share was dominated by on-the-ear hearing aid amplifiers product segment, with around 70% of the revenue in 2015. This can be attributed to its popularity among the patients, and favorable regulatory scenario. In addition, technological advancements such as wireless devices which allows the user to answer calls, play music and control the settings through mobile apps should essentially drive the adoption of these devices. In-the-ear hearing amplifiers market is slated to register higher 5.2% CAGR over the forecast timeframe. Latest technologies such as development of non-removable, permanent hearing aids that operate on induction charging rather than batteries to regenerate damaged parts by utilizing stem cells should drive growth.
Hearing Amplifiers Market, By Region
Europe hearing amplifiers market size is the largest, and was pegged at USD 24.4 million in 2015. UK and Germany together contributed considerably to regional revenue generation. Regional growth drivers are the high prevalence of deafness, and hearing loss disorders along with favorable regulatory landscape.
Asia Pacific hearing amplifiers market share is projected to grow at the highest CAGR of 8.7% from 2016 to 2023. Large number of untapped patient pool in this region, improving healthcare infrastructure, and purchasing power of people should drive growth, China and India being the major contributors.
Competitive Market Share
Global hearing amplifiers industry in oligopolistic. There are limited number of giant players such as Sonova, William Demant, GN Resound, and Widex, collectively accounting for a share of 80% in 2015. The market experiences limited product differentiation, and rigorous price-based competition among the players. Other active players include Starkey Hearing Technologies, Focus Ear LLC, and Soundhawk Corporation among others. The major strategy adopted by the players includes mergers and acquisitions in order to maintain leadership position.
Major ancillary components include telecoil, audibility enhancers, speech enhancers, feedback cancellation and compressors. Over the past few years the number of component suppliers has increased tremendously. The raw material component needs of the big players are served by limited suppliers. The high level customization required to suit each manufacturer is a challenging aspect and requires considerable collaboration between the manufacturer and component supplier.
Hearing Amplifiers Industry Background
The industry is marked by stringent regulatory framework. Regulatory bodies such as U.S. FDA and EU Commission regulate the approval and launch of these devices. They are classified under class-II and III devices as per U.S.FDA risk based classification and in Europe as class-II -a (low risk) or class-II-b (high risk). The process of securing a U.S FDA 510(k) pre-market approval and Europe CE mark is a major barrier to commercialize the product and requires considerable investment of time and resources.
Favorable political scenario such as introduction of government reforms such as 12th Five Year Plan in China to promote healthcare access, and introduction of Provincial Hearing Aid Program in Canada providing provincial subsidies on hearing aids should propel growth. The severity of the deafness however, plays an imperative role in purchase decisions. For instance, patients with profound deafness lack the option of choosing the cost effective products. Development of permanent in-ear hearing aids that are non-removable and operate on induction charging rather than batteries to regenerate damaged parts by utilizing stem cells are expected to gain popularity among the hearing impaired population.
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