Hearing Aids Market
Valued at more than $7.7bn in 2018, the Global Hearing Aids Market is growing at a healthy pace—in the upper single-digits, at a compound annual growth rate (CAGR) of nearly 7.5%. Growth will be driven by the increasing global prevalence of hearing loss. According to the World Health Organization (WHO), approximately 466 million people have disabling hearing loss worldwide, including 34 million who are children, and this number is expected to grow to nearly 630 million by 2030.
Hearing aids have been around for decades; yet, it is a substantially underpenetrated market. A key to market growth is expanding access to those who do not have access or cannot afford hearing aids, in developing and developed markets alike, as well as technological improvements and marketing to younger patients.
Major limiters to growth include high expense/out-of-pocket pay, limited access in emerging markets, stigma, low compliance, technological limitations, inconvenience and requirement for multiple visits to the audiologist.
Overall growth of the hearing aids market will be driven by strong benefits (eg improved quality of life, social/mental health); lowered prices/online/mass retailer accessibility; and steadily improving hearing aid technology or innovations (eg artificial intelligence, improved speech/sound clarity, less interference, directional hearing technology, rechargeability, miniaturization/invisible hearing aid designs, etc.). Other market drivers include aggressive sales/marketing and education efforts, strong and growing retail/audiologist networks and audiology practice referrals targeting patients with all forms of hearing loss, and expanded access to more regulated/higher-quality yet lower-cost hearing aids (especially in the US market due to the new FDA OTC hearing aids law set to finalize by 2020).
This report provides the following useful information:
- prevalence of hearing loss
- hearing aid portfolios offered by leading manufacturers
- new and emerging hearing aid technologies
- key trends, drivers and limiters
- market and competitive analysis (including 5-year market forecast, 2018 market share by region, and corporate growth strategies).
Markets covered by this analysis include the US, Japan, the five major EU markets (France, Germany, Italy, Spain, and the UK), and the Rest of World (RoW) markets, which include all other countries.