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Hearing Care Devices Market Analysis- opportunities sales, revenue, Gross Margin, Outlook and Forecast To 2022

May 23, 2017

Hearing Care Devices Market Analysis- opportunities sales, revenue,  Gross Margin, Outlook and Forecast To 2022

Hearing care devices are also termed as hearing aids which a patient wears either behind or in the ear. In order that the patient suffering from hearing impairment could listen, communicate and be involved in day-to-day activity, these devices make some sounds louder. These devices assist individuals in both noisy as well as quiet environment. Hearing care devices have three basic parts – an amplifier, a microphone and a speaker. The sound is received via microphone and that converts the sound waves to electrical signal and channels them to an amplifier. Later, the amplifier escalates the power of these signals and then sends them to the ear with the help of a speaker.

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Several types of hearing care devices are available in the market in many shapes and forms and are primarily used to amplify soft sound. Latest and enhanced hearing care devices need configuration to match the physical feature, hearing loss and lifestyle of the wearer. This method is known as “fitting” and is carried out by audiologists. The level of advantage that a hearing device renders depends in huge part on the quality of the fitting.

In 2016, the global hearing care devices market was evaluated at USD 6,423 million, and it is anticipated to garner USD 9,729 million by the end of 2023, thereby registering a compound annual growth rate (CAGR) of 6.1% during the forecast period.

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There is an escalating demand for hearing care devices by mostly the adult and geriatric population who experience some type of hearing loss or impairment. World Health Organization (WHO) predicted that nearly 15 percent of the global adult population has some degree of hearing impairment, of which almost one-fourth is more than 65 years of age. Two major factors impacting the positive growth of this market industry are rising prevalence of hearing loss and increasing need for enhanced technological devices. Escalated case of deafness due to increased levels of noise pollution, ear infection, genetic elements, birth complications and many other factors contribute to the global growth of this industry’s market. Besides, increase in technologically advanced and esthetically appealing hearing aids by population is fuelling the market growth.

Furthermore, increased adoption of technically advanced hearing care devices like cochlear implants, contribute to the market’s growth. But, superior cost of advanced devices and upsurge in withdrawal rate of the patients are anticipated to hinder the growth of this market on a global level.

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The key market players of the global hearing care devices market are Cochlear Ltd., Sivantos Pte. Ltd., American Hearing Aids, IntriCon Corporation, GN Store Nord A/S, William Demant Holding A/S, Amplifon, Sonova, MED-EL, and Starkey. Geographical segmentation of the global market of this industry is United States, Europe, China, Japan, Southeast Asia and India. Based on the type of the product, this market is split into Behind-the-Ear (BTE) Aids, Receiver-in-the-Ear (RITE), Canal Hearing Aids, and In-the-Ear Aids. The end user applications of this market on a global level are home settings, hospitals and clinics, and Ambulatory Surgical Centers (ASCs).

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