Hearing aids are devices utilized for the treatment of hearing impairment. It is an electronic sound-amplifying device that consists of varied components such as receiver, microphone, amplifier circuitry, and batteries. These devices intend to capture, amplify and deliver sound into the ear canal. The hearing loss may occur owing to varied reasons such as trauma or injury to the head, aging, prolonged exposure to loud noise, genetic factor and disorders such as Meniere’s disease.
Market Outlook:
According to the 2015 statistics provided by Royal National Institute for Deaf People (RNID), in the U.K. , around 11 million people suffer from hearing loss and the number is anticipated to grow to 15.6 million by the year 2035. Also, in the year 2014, according to the Centers for Disease Control and Prevention (CDC), over 97% infants were screened for hearing loss. During the period 2005 to 2014, over 45,000 deaf children were born in the U.S.
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In 2012, as per the World Health Organization (WHO), over 360 million people were suffering from hearing loss that included 32 million children. In addition in the year 2017, over 1.1 billion people across the world falling in the age group of 12-35 years are at the hearing loss risk owing to continuous noise exposure. Over 60% of childhood hearing loss can be prevented by immunizing children against the disease that results in hearing loss for instance meningitis, rubella, and mumps.
Major players:
William Demant Holding A/S
Sonova Holding AG
Sivantos Inc.
Sonic Innovations Inc.
Cochlear Ltd.
Oticon A/S
Zounds Hearing Inc
SeboTek Hearing Systems
MED-EL
GN Hearing.
There are three different types of hearing loss, namely mixed hearing loss, conductive hearing loss, and sensorineural hearing loss. The most common type of hearing loss is sensorineural hearing loss. It is also a permanent type of hearing loss that is caused owing to damage to the inner cells or auditory nerve of the ear.
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The global hearing aids market can be classified based on product, type of hearing loss, patient type and region. On the basis of product, the global market is classified into hearing aid devices and hearing implants. Further, the hearing aid devices are classified into receiver-in-the-ear (RITE) hearing aids, behind the ear hearing aids, canal hearing aids, in the ear hearing aids and other hearing aid devices. Further based upon type of hearing loss, it is segmented into sensorineural hearing loss and conductive hearing loss. Depending upon patient type, the global market is sub-divided into adults and pediatrics.
Based on regions, the global hearing aids market is divided into North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and Latin America. North America commands the majority of the market share, followed by Europe in the global market. Factors such as huge geriatric population and high rate of adoption of devices in this region will help in the market growth. It is anticipated that the rate of growth of hearing aids market will rise in Asia-Pacific region during future period owing to the incessant increase in population in the emerging countries such as China and India. Also, the majority of companies are focusing on emerging economies to capture the market share and expand their customer base in order to meet the high demand from this region.
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