The hearing aids are used to improve hearing sensitivity and to cover hearing loss problem. There are five major types of hearing aids available in market are behind the ear hearing aids, receiver in the ear hearing aids, in the ear hearing aids, completely in the ear hearing aids and in the canal hearing aids. Among all these, behind the ear hearing aids type is mostly preferred by the deaf people as it sits comfortably behind the ear.
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Also the hearing aids differ by technology and are conventional hearing aids and digital hearing aids, among these digital type of hearing holds major market share as this type of hearing aids provide more benefits as compare to conventional hearing aids such as improvement in programmability, greater precision in fitting, management of discomfort related to loudness and noise reduction. The digital hearing aids are associated with high cost than conventional hearing aids although provides better hearing and have longer life span. The user can change the hearing aid setting by pushing a button only but in case of conventional hearing aids it is not possible as this aids are based on particular frequency response of audiogram of the user.
Increase in number of deaf people around the globe is fueling growth of hearing aids market, furthermore, rising demand for technologically advance hearing aids due to increased awareness among deaf people to manage hearing loss will support the growth of hearing aids market in the near future.
The continuous advancement in technology is the other factor supporting to the growth of hearing aids market also the companies has increased focus on emerging countries to expand their customer base as this emerging countries such as China and India holds the largest population globally and also there is rising incidence of hearing loss cases in this region will support the growth of market.
Also the manufacturers are focusing on product development to design the better hearing aid and improve the performance and life of the aid. For example, Sivantos Inc. launched new product brand Signia, which increases battery life and provides additional features such as Bluetooth connectivity to the T.V. and phone.
It is expected that, these technologically advanced devices will help to expand the market in emerging as well as developed countries in the near future.
Increasing geriatric population and advancement in hearing aids’ technology will increase growth of the hearing aids market over the forecast period
North America is leading the global hearing aids market with the highest market share followed by Europe. Factors such as high geriatric population and rapid adoption rate of hearing aids devices are increasing growth of hearing aids market in this region. However, Asia Pacific is expected to witness the highest growth rate in hearing aids market during the forecast period due to increasing population in the emerging economies such as China and India.
The key players are incorporating strategies to increase its market share, meet rising demand, and expand customer base in emerging countries such as China and India. For instance, according to World Health Organization (WHO), in 2012, overall production of hearing aids met only 10% demand around the globe and as low as 3% demand in emerging economies.
Factors that might hamper the growth of hearing aids market are high costs of devices, poor accessibility of healthcare services, issues related with the devices such as battery problem, post purchase service, and maintenance problem.
Continuous innovation and product development by manufacturers expected to fuel the growth of hearing aids market
The companies like Sivantos Inc. and William Demant Holding A/S are focusing on product development and innovation, as a part of this Sivantos Inc. has recently launched their new hearing aids brand Signia, which provide advanced hearing solutions, customizable aids and have discreet appearance and wireless connectivity to phone and TV features.
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Some major players hold largest market share of hearing aids market are Sonova Holding AG, Sivantos Inc., Cochlear Ltd., SeboTek Hearing Systems, LLC, Oticon A/S, Zounds Hearing Inc, MED-EL, Sonic Innovations Inc., GN Hearing and William Demant Holding A/S
This post was originally published on Trading Herald