Global Hearing Aids Market: Snapshot According to an estimate by the
World Health Organization, about 15% of the world’s adult population has
some degree of hearing impairment. The geriatric population has a major
share in this, with more than one-third of people above the age of 65
estimated to suffer from some form of hearing loss.
This has made the global hearing aids market economically and socially
relevant over the last few decades, due to which it now occupies a major
space in the global healthcare sector. The global hearing aids market is likely
to remain a major revenue contributor to the global healthcare sector in the
coming years due to the growing prevalence of hearing problems among the
global population and the increasing global geriatric population.
According to Transparency Market Research, the global hearing aids market
was valued at US$4.7 in 2015 and is likely to rise to a value of more than
US$7 by the end of 2024. The hearing aids market is expected to exhibit a
steady 4.5% CAGR between 2016 and 2024. Hearing-aids-market Growing
Geriatric Population to Drive Global Hearing Aids Market One of the prime
drivers for the global hearing aids market is the rising volume of the geriatric
demographic in developed as well as developing regions across the world.
Increasing the lifespan of citizens has been a key objective for governments,
which has led to a significant extension in average life spans in numerous
countries due to the consistent development of the healthcare sector and
enhancement in living conditions. The geriatric demographic is particularly
prone to hearing issues due to age-related degeneration problems regarding
the ears as well as the overall auditory system.
This is likely to remain the vital driver for the global hearing aids market in
the coming years. The high disposable income of consumers in developing
regions is also likely to be a key driver for the global hearing aids market in
the coming years. The geriatric and middle-aged demographic in developed
countries is already reasonably affluent, allowing for growing demand from
the hearing aids market and steady support for technological advancements in
the same. On the other hand, developing economies have seen relatively slow
growth of the hearing aids market due to the inability of consumers to
purchase products that are already standard in developed regions.
The growing disposable income of citizens in emerging regions such as Asia
Pacific and Latin America is thus likely to aid the growth of the global
hearing aids market significantly in the coming years. Adult Hearing Aids
Likely to Dominate Global Hearing Aids Market By type, the global hearing
aids market is segmented into adult and pediatric hearing aids. Adult hearing
aids dominate the global hearing aids market, with the segment accounting
for close to 95% of the global hearing aids market in 2015.
Adult hearing aids are likely to remain the leading contributor to the global
hearing aids market in the coming years, though pediatric hearing aids could
play an increasingly important role in the development of the market due to
the rising prevalence of hearing problems among younger demographics.
Regionally, Europe is the key segment of the global hearing aids market due
to the widespread support for consistent updation of medical technology and
the high disposable income of users in the region.
North America is also a major regional player in the global hearing aids
market due to the presence of several leading players in the hearing aids
industry. Moreover, emerging economies in the Asia Pacific are likely to make
stellar contributions to the global hearing aids market in the coming years.
Key players in the global hearing aids market include Siemens Healthcare,
Starkey, GN Resound, Widex A/S, Sonova Holding AG, and the William
Demant Holding Group.