Hearing loss today is one of the most prevalent medical condition. The global incidences of hearing impairment are expected to witness an increase of 2.1% from 2018 and reach approximately 900 million by 2050. Along with its effects on the communication power of an individual, hearing loss also creates economic, social, and emotional impact including frustration, isolation, and increased rate of unemployment.
With the growing cases of hearing loss, the use of hearing assistive devices such as foam earplugs, custom hearing protection, and earmuffs has increased significantly. However, these protection devices assist only in treating the mild type of hearing. Furthermore, technical issues such as dependency on the battery are a major area of concern associated with the use of such devices. To address the growing needs of consumers, the medical industry has gradually undergone several transformations and has developed more advanced and user-friendly hearing aids. For instance, at present open fit devices, i.e. devices which do not require any surgery to be implanted in the ears are being widely adopted.
Identifying the potential in the hearing aids market, BIS Research recently published a market intelligence report titled Global Hearing Aids Market – Analysis and Forecast (2019-2028) providing insights about this emerging market.
Based on the report published by BIS Research, the global hearing aids market was valued at $8.37 billion in 2018 and is projected to reach $16.34 billion by 2028. Hearing aid devices and hearing aids implants are the two key aspects of the global hearing aids market. Hearing aid devices dominated the overall hearing aids market in 2018 and are expected to maintain their dominance during the forecast period as well.
The two segments can be further sub-segmented under the type of products. The devices segment includes behind-the-ear (BTE), in-the-ear (ITE), in-the-canal (ITC), and completely-in-the-canal (CIC). Further, the implants segment constitutes cochlear implants and BAHA implants.
Additionally, the report also analyzes the hearing aids market under two segments — distribution channel and region. Audiology and ENT clinics, pharmacies, and hospitals are the major distribution channels for the hearing aid devices and implants. Amongst these, audiology and ENT clinics are expected to be the leading segment followed by hospitals and then pharmacies.
South Asian region is expected to have the largest population with hearing loss followed by East Asia by 2050. However, with the high demand for hearing aids and the presence of established companies such as William Demant Holding A/S, Sonova Holding AG, and Cochlear Limited in the market, the North America region is expected to grow at the fastest CAGR during the forecast period, 2019-2028.
In terms of technological developments, artificial intelligence is expected to fuel the growth of the hearing aids market in the future. The integration of artificial intelligence in hearing aids is expected to improve sound interpretation and provides users the facility to translate into languages in real-time.
The report also provides insights about the competitive landscape of the market discussing the key strategies and developments, industry attractiveness, and market share analysis. As per the study, the majority of companies adopted product launches as a strategy to strengthen their position in the market. Some of the leading companies venturing in the hearing implants market include Oticon Medical, MED-EL, and Cochlear Ltd. On the other hand, the hearing aids devices market includes players such as William Demant Holding A/S, Zounds Hearing Inc., and Starkey Hearing Technologies.