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Western European Hearing Aids Market
Frost & Sullivan, July 2011, Pages: 124
This Frost & Sullivan research service titled Western European Hearing Aids Market provides revenue forecasts, market shares, and geographical analysis. In this research; Frost & Sullivan's expert analysts thoroughly examine the following types of hearing aids: behind the ear (BTE), in the ear (ITE), in the canal (ITC), receiver-in-canal (RIC), completely in the canal (CIC) and invisible in canal (IIC).
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MARKET OVERVIEW
Ageing Population Expands Applicable Customer Base in the Western European Hearing Aids Market
Bluetooth Technology and Binaural Fittings Propel the Market Forward
The Western European hearing aids market is slated to grow at a compound annual growth rate (CAGR) of 4.8 per cent from 2010 to 2017. The expanding ageing population and the growing prevalence of hearing loss have amplified market potential. Greater involvement of manufacturers in retail sales and widening product portfolios will enhance the growth of market participants in the hearing aids industry. The advent of Bluetooth technology has seen an overwhelming response from hearing aid manufacturers, who have been avidly incorporating this product innovation. “Every major manufacturer has some form of wireless product or product line,” notes the analyst of this research service. “Wireless communication between hearing aids and other personal media as well as between binaural hearing aids has been a boon to hearing aid users, with a slew of product options that provide superior performance and functionality levels.” Further improvements in wireless technology applications in the field of hearing aids will drive market growth with more non-users adopting hearing aids than ever before.
Although the prospects for the market look upbeat, there are some challenges clouding its landscape. Market consolidation is a major factor restraining its momentum. The period from 1996 to 2006 witnessed massive consolidation in the hearing aids market. Starkey, GN ReSound, Willam Demant Holding, Sonova Holding and Siemens emerged as the top five companies with various brands and subsidiaries. GN ReSound was to be acquired by Sonova in 2006. However, the German Federal Cartel office prohibited the acquisition in 2007. This decision was overruled by the German Supreme court in 2010. Although consolidation in the hearing aid industry has occurred at wholesale and retail levels, large-scale consolidation is not an option post the rejection of Sonova's acquisition of GN ReSound by German competition authorities.
“Confronted with this scenario, manufacturers must focus on product innovation and best price-performance offerings to expand their market share,” concludes the analyst. “Forward integration and product diversification through strategic acquisitions to satisfy evolving client requirements will ensure strong traction for participants in the competitive hearing aids market.”
MARKET SECTORS
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
- Behind the ear (BTE)
- In the ear (ITE)
- In the canal (ITC)
- Receiver-in-canal (RIC)
- Completely in the canal (CIC)
- Invisible in canal (IIC)
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