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Viewing report
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Ear Machine Market 2011
FACT Research, June 2011
The overall dynamics of the hearing aid industry has been transformed by the evolution of digital technology. With new innovations cosmetically attractive mini-instruments have been provided to hearing impaired people, which have proven to be highly efficient in performance. However, significant growth opportunities are offered to the hearing aids manufacturers globally due to the low adoption rates of the technologically improved aids.
Even though Asia accounts for over half of the global hearing loss population, North America and Europe are the major hearing aids markets, in terms of sales. The product life cycle for the hearing aids market is getting shorter with convergence of hearing aids & consumer electronics and industry consolidation through mergers & acquisitions.
A notable decline was witnessed in the hearing aid industry in the US in the year 2008, due to weak economy. In the US market, the behind-the-ear instruments represent more than half of the overall US hearing aid market with the main channel of distribution being the audiologists’ offices.
The key to higher penetration in mature markets lies in the advancements in technology. New Innovations and advancements in hearing aids and the hearing assistive technology Hearing Assistive Technology are the major growth drivers of this industry. With the majority of the buyers of hearing aids falling in the age group of 65 and above, the growing elderly population is also a major growth driver of this hearing aid market with the majority of this population living in Europe and North America.
In order to achieve long term growth, several roadblocks like global economic crisis, social acceptance and non-coverage by private & public insurance, need to be sorted by the industry players.
The report profiles the major players in the industry and competitive landscapes along with discussing the major market trends and growth drivers, giving an overview of the demographic characteristics of the hearing loss population of US.
Globally, major players are William Demant, Sonova and GN Resound.
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