Hearing Aids Market - Global Outlook and Forecast 2018-2023 - Product Image

Hearing Aids Market - Global Outlook and Forecast 2018-2023

  • ID: 4455448
  • Report
  • Region: Global
  • 135 pages
  • Arizton
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FEATURED COMPANIES

  • Cochlear
  • Earlens
  • In4 Technology
  • NewSound Hearing Aids
  • Sivantos Group
  • Starkey
  • MORE
This market research report on the hearing aids market offers analysis on market size and forecast, market share, industry trends, growth drivers, and vendor analysis. The market study also includes insights about segmentation by product type (hearing aid devices and hearing implants), end-user (hospitals, clinics/audiology centers, and individuals), and geography (APAC, Europe, Latin America, MEA, and North America).

Hearing Aids Market - Overview

The growing awareness in the population about under-diagnosed medical conditions that can cause hearing impairment is driving the growth of the global hearing aids market. The dynamic changes in lifestyles and the increasing demand for hearing aids will boost the sale of these products in the global market. Introduction of new and innovative products such as digital waterproof hearing aid and implementation of digital technology will propel the growth of the hearing aids market during the forecast period. The introduction of a new product that combines cochlear implant and hearing aid technology to overcome the high-frequency hearing loss in patients will create new opportunities for players in the global hearing aids market. Prominent vendors are investing in advanced technology to launch better products and increase market share in the hearing aids market.

The penetration of internet is helping the development of e-commerce websites that sell hearing aids to end-users. The global hearing aids market is witnessing a surge in demand for these products through online websites. The distribution through online channels will increase the revenue of vendors and reduce the waiting time for patients in hospitals and clinics. The global hearing aids market is expected to cross $9 billion by 2023, growing at a CAGR of around 8% during the forecast period.

Hearing Aids Market - Dynamics

The leading vendors in the global hearing aids market are increasing their promotional and marketing activities to gain a large consumer base and market size. The players in the hearing aids market are focusing on the product development and choosing the correct distribution channel to attract the maximum number of customers and increase their market size. Companies are leveraging the popularity of various online websites to create awareness about the different products that are available in the market and educate end-users about them. For instance, online retailers such as Amazon and eBay offer a comparative analysis of various types and brands of hearing aids. Such marketing strategies will drive the growth in the global hearing aids market during the forecast period.

Hearing Aids Market Segmentation

This market research report includes a detailed segmentation of the market by products type, end-users, and geography.

Segmentation of Global Hearing Aids Market

Hearing Aids Market - By Product Type

Hearing aid devices product segment to occupy a larger market share in the hearing aids market during the forecast period.

The hearing aids market by product segment is further divided into hearing aid devices and hearing implants. The hearing aid devices segment dominated the global hearing aids market, accounting for close to 75% of the total market share in 2017. The growing demand for hearing aid devices from countries such as the US, China, and Japan will attribute to the growth of this market segment. With the advancement in technology, digital hearing aids are gaining traction in the global market. The introduction of miniature hearing aid devices and increasing adoption of these devices around the world will propel the growth of this market segment in the global hearing aids market during the forecast period.

Hearing Aids Market - By End-user

Hospitals are the key end-users that influence the market share of the global hearing aids market.

Hospitals are the largest end-user segment in the global hearing aids market. The consolidation of small hospitals has led to an increase in the number of specialized services provided by hospitals. These specialized centers primarily attend to the diagnosis and intervention of hearing impairments. The growth of these specialty centers will drive the demand in the global hearing aids market over the next few years. Hospitals and authorized audiology centers prescribe hearing aids such as BTE, IIC, or cochlear implants to their patients. The implementation of affordable healthcare programs across different countries in the world will increase the affordability of hearing aids in different regions across the globe.

Hearing Aids Market - By Geography

North America was the most significant contributor to the global hearing aids market during 2017.

The global hearing aids market is divided into five major geographical segments: North America, Europe, APAC, Latin America, and MEA. North America is the largest revenue generator in the global hearing aids market, and is likely to occupying around 41% of the total market share during the forecast period. Factors such as high patient awareness about hearing impairment, reimbursement policies, speech-language therapies, and technology innovation are making North America as one of the fastest growing regions in the global hearing aids market. Vendors are focusing on leveraging advanced technology to enable product enhancement and modification of digital hearing aids in the North American region. Such advancements will increase the adoption of hearing aids in the North American market during the forecast period.

Key Countries Profiled

The key countries profiled in the report are:
  • US
  • Canada
  • UK
  • Germany
  • China
  • India
  • Japan
  • Brazil
Key Vendor Analysis

The global hearing aids market is moderately fragmented with many international players providing hearing aid products with high functionality and compact designs. With the advancement in technology and product innovation, the competition in the market is intensifying. The increasing demand for digital hearing aids is creating new opportunities for vendors to enter this market. The prominent players are also focusing on expanding their businesses to fast-developing regions of APAC and Latin America to increase the market share and the consumer base. The introduction of innovative and advanced solutions will drive the growth of the global hearing aids market during the forecast period.

The major vendors in the global market are:
  • Cochlear
  • William Demant
  • Sivantos Group
  • Sonova
Other prominent vendors include: Microson, Starkey, Widex, Audina Hearing Instruments, NewSound Hearing Aids, and Nurotron Biotechnology.

Key market insights include

1. The analysis of hearing aids market provides market size and growth rate for the forecast period 2018-2023.
2. It offers comprehensive insights on current industry trends, trend forecast, and growth drivers of hearing aids market.
3. The report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
4. It offers a complete overview of market segments and regional outlook of global hearing aids market.
5. The study also offers a detailed overview of the vendor landscape, competitive analysis, and key market strategies to gain competitive advantage.

Report Snapshot

According to the latest industry analysis, the global hearing aids market size is expected to reach $9.25 billion by 2023, growing at a CAGR of 8.00% 2017-2023. The market research report provides in-depth market and segmental analysis of the global hearing aids market by product type, end-user, and geography.

The global hearing aids market is witnessing a surge in demand for digital hearing aids due to their increased adoption in developing countries. BTE is the most commonly used hearing aid devices among all types of hearing aid devices available in the global hearing aids market. Miniaturization of these devices will drive the growth of the market share in the hearing aids market during the forecast period.

Base Year: 2017
Forecast Year: 2018-2023

The study considers the present scenario of the global hearing aids market and its market dynamics for the period 2018-2023. It covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes the leading five companies and 18 other prominent companies operating in the market.

Major Vendors in the Global Hearing Aids Market

Cochlear
  • Business Overview
  • Business Segments
  • Cochlear in Global Hearing Aids Market
  • Product Offerings
  • Key Strengths
  • Key Strategy
  • Key Opportunities
William Demant
Sivantos Group
Sonova

Prominent Players in the Global Hearing Aids Market

Microson
  • Company Overview
Starkey
Widex
Audina Hearing Instruments
NewSound Hearing Aids
Nurotron Biotechnology

Market Segmentation by Product Type
  • Hearing aid devices
  • Hearing implants
Market Segmentation by End-users
  • Hospitals
  • Clinics/audiology centers
  • Individuals
Market Segmentation by Geography

North America
  • US
  • Canada
APAC
  • China
  • Japan
  • India
EMEA
  • UK
  • Germany
  • Latin America
  • Brazil
MEA
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Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Cochlear
  • Earlens
  • In4 Technology
  • NewSound Hearing Aids
  • Sivantos Group
  • Starkey
  • MORE
1 Research Methodology

2 Research objectives

3 Research Process

4 Report Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of Study
4.3.1 Market Segmentation by Product Type
4.3.2 Market Segmentation by End-users
4.3.3 Market Segmentation by Geography

5 Report Assumptions & Caveats
5.1 Key Caveats
5.1.1 Inclusions
5.1.2 Exclusions
5.2 Currency Conversion rate
5.3 Market Derivation

6 Market at a Glance

7 Introduction
7.1 Hearing aid devices
7.2 Hearing implants

8 Reimbursement
8.1 North America
8.1.1 US
8.1.2 Canada
8.2 Europe
8.2.1 France
8.2.2 Germany
8.2.3 UK
8.3 MEA
8.3.1 Israel
8.3.2 South Africa
8.3.3 UAE
8.4 APAC
8.4.1 Australia
8.4.2 India
8.4.3 Japan

9 Market Dynamics
9.1 Market Growth Enablers
9.1.1 Rise in 3D Printing Technology
9.1.2 High Prevalence of Hearing Loss Disorder
9.1.3 Increased Adoption of Implantable Solutions in the Market
9.1.4 YOY Impact of Market Growth Enablers
9.1.5 YOY Impact of Market Growth Enablers on Regions
9.2 Market Growth Restraints
9.2.1 High Procedural Cost for Hearing Implants
9.2.2 Complications Associated with Hearing Aid Implantation
9.2.3 YOY Impact of Market Growth Restraint
9.2.4 YOY Impact of Market Growth Restraint on Regions
9.3 Market Opportunities & Trends
9.3.1 Influence of Internet on End-users' Purchasing Pattern
9.3.2 Increased Promotional and Marketing Activities
9.3.3 Innovative Technology aiding New Product Launches
9.3.4 YOY Impact of Market Opportunities & Trends
9.3.5 YOY Impact of Market Opportunities & Trends in Regions
9.3.6 Sensitivity Analysis of Key Market Trends and Opportunities

10 Global Hearing Aids Market
10.1 Market overview
10.1.1 Historical Data 2014-2016
10.1.2 Market Size & Forecast
10.2 Porter’s Five Forces Analysis
10.2.1 Threat of New Entrants
10.2.2 Bargaining Power of Suppliers
10.2.3 Bargaining Power of Buyers
10.2.4 Threat of Substitutes
10.2.5 Competitive Rivalry

11 Hearing Aids Market By Product
11.1 Market Overview
11.2 Global Hearing Aid Devices Market
11.2.1 Market Size & Forecast
11.3 Global Hearing Implants market
11.3.1 Market Size & Forecast

12 Market Segmentation by End-Users
12.1 End-Users of Global Hearing Aids Market
12.1.1 Manufacture, Production, and Distribution
12.1.2 Distribution through Retail Stores
12.1.3 Distribution through Online Websites

13 Geographical Segmentation
13.1 Market Overview

14 North America: Hearing Aids Market
14.1 Market Overview
14.1.1 Historical Data 2014-2016
14.1.2 Market Size & Forecast 2017-2023
14.2 Key Countries
14.2.1 US: Market Size & Forecast
14.2.2 Canada: Market Size & Forecast
14.3 Leading Trend, Driver, and Restraint

15 Europe: Hearing Aids Market
15.1 Market Overview
15.1.1 Historical Data 2014-2016
15.1.2 Market Size & Forecast 2017-2023
15.2 Key Countries
15.2.1 Germany: Market Size & Forecast
15.2.2 UK: Market Size & Forecast
15.3 Leading Trend, Driver, and Restraint
16 APAC: Hearing Aids Market
16.1 Market Overview
16.1.1 Historical Data 2014-2016
16.1.2 Market Size & Forecast 2017-2023
16.2 Key Countries
16.2.1 China: Market Size & Forecast
16.2.2 Japan: Market Size & Forecast
16.2.3 India: Market Size & Forecast
16.3 Leading Trend, Driver, and Restraint

17 Latin America: Hearing Aids Market
17.1 Market Overview
17.1.1 Historical Data 2014-2016
17.1.2 Market Size & Forecast 2017-2023
17.2 Key Country
17.2.1 Brazil: Market Size & Forecast

18 MEA: Hearing Aids Market
18.1 Market Overview
18.1.1 Historical Data 2014-2016
18.1.2 Market Size & Forecast 2017-2023

19 Competitive Landscape
19.1 Market overview
19.2 Market Structure and Mapping of Competition
19.2.1 Herfindahl-Hirschman Index
19.3 Market VENDOR Analysis
19.3.1 Hearing Aid Devices
19.3.2 Hearing Implants

20 Key Company Profiles
20.1 COCHLEAR
20.1.1 Business Overview
20.1.2 Business Segments
20.1.3 Cochlear in Global Hearing Aids Market
20.1.4 Product Offerings
20.1.5 Key Strengths
20.1.6 Key Strategies
20.1.7 Key Opportunities
20.2 WILLIAM DEMANT
20.2.1 Business Overview
20.2.2 Business Segments
20.2.3 William Demant in Global Hearing Aids Market
20.2.4 Product Offerings
20.2.5 Key Strengths
20.2.6 Key Strategies
20.2.7 Key Opportunities
20.3 SONOVA
20.3.1 Business Overview
20.3.2 Business Segments
20.3.3 Sonova in Global Hearing Aids Market
20.3.4 Product Offerings
20.3.5 Key Strengths
20.3.6 Key Strategies
20.3.7 Key Opportunities
20.4 Sivantos Group
20.4.1 Business Overview
20.4.2 Business Segments
20.4.3 Sivantos Group in Global Hearing Aids Market
20.4.4 Product Offerings
20.4.5 Key Strengths
20.4.6 Key Strategies
20.4.7 Key Opportunities
20.5 MED-EL
20.5.1 Business Overview
20.5.2 Business Segments
20.5.3 MED-EL in Global Hearing Aids Market
20.5.4 Product Offerings
20.5.5 Key Strengths
20.5.6 Key Strategies
20.5.7 Key Opportunities

21 Prominent Companies
21.1 Microson
21.1.1 Company Overview
21.2 Starkey
21.2.1 Company Overview
21.3 Widex
21.3.1 Company Overview
21.4 Audina Hearing Instruments
21.4.1 Company Overview
21.5 NewSound Hearing Aids
21.5.1 Company Overview
21.6 Nurotron Biotechnology
21.6.1 Company Overview
21.7 GN Hearing
21.7.1 Company Overview
21.8 SeboTek Hearing Systems
21.8.1 Company Overview
21.9 RION
21.9.1 Company Overview
21.1 Horentek
21.10.1 Company Overview
21.11 Arphi Electronics
21.11.1 Company Overview
21.12 Zounds Hearing
21.12.1 Company Overview

22 Emerging Companies
22.1 Solarear
22.1.1 Company Overview
22.2 ExSilent
22.2.1 Company Overview
22.3 IN4 Technology
22.3.1 Company Overview
22.4 EARNET
22.4.1 Company Overview
22.5 EARLENS
22.5.1 Company Overview
22.6 SONETIK
22.6.1 Company Overview

23 Report Summary
23.1 Key Takeaways
23.2 Strategic Recommendation
23.3 Qualitative Summary of Global Hearing Aids Market
23.4 Quantitative Summary of Global Hearing Aids Market
24 Appendix
24.1 List of Abbreviations

List of Exhibits
Exhibit 1 Segmentation of Hearing Aids Market
Exhibit 2 Market Size Calculation Approach 2017
Exhibit 3 Market Size Calculation 2017
Exhibit 4 Overview of Global Hearing Aids Market 2017
Exhibit 5 Projected Global Prevalence of Hearing Loss 2006-2026
Exhibit 6 Total Cochlear Units Sold 2016-2017
Exhibit 7 Prevalence of Hearing Loss in Children
Exhibit 8 Prevalence of Hearing Loss in Men
Exhibit 9 Prevalence of Hearing Loss in Women
Exhibit 10 Growing Influence of Internet on End-users’ Purchasing 2007-2023 (%)
Exhibit 11 Sensitivity Analysis of Key Market Trends 2017-2023
Exhibit 12 Global Hearing Aids Market: Historical Data 2014-2016 ($ billion)
Exhibit 13 Global Hearing Aids Market 2017-2023 ($ billion)
Exhibit 14 Five Forces Analysis 2017
Exhibit 15 Global Hearing Aids Market by Product Type
Exhibit 16 Global Hearing Aids Market by Product Type 2017 and 2023
Exhibit 17 Global Hearing Aids Market by Product Type 2017-2023 ($ billion)
Exhibit 18 Global Hearing Aid Devices Market 2017-2023 ($ billion)
Exhibit 19 Global Hearing Aid Devices Market by Products 2017
Exhibit 20 Global Hearing Implants Market 2017-2023 ($ billion)
Exhibit 21 Global Hearing Implants Market by Products 2017
Exhibit 22 Distribution of Global Hearing Aid Products
Exhibit 23 Share of Hearing Aids Market by Geography 2017
Exhibit 24 Average CAGRs of Key Geographies 2017-2023
Exhibit 25 Hearing Aids Market in North America: Historical Data 2014-2016 ($ billion)
Exhibit 26 Hearing Aids Market in North America 2017-2023 ($ billion)
Exhibit 27 Hearing Aids Market in North America by Products 2017
Exhibit 28 Aging Population in US 2010-2050 (Overall Population %)
Exhibit 29 Hearing Aids Market in US 2017-2023 ($ billion)
Exhibit 30 Hearing Aids Market in US by Products 2017
Exhibit 31 Hearing Aids Market in Canada 2017-2023 ($ billion)
Exhibit 32 Hearing Aids Market in Canada by Products 2017
Exhibit 33 Hearing Aids Market in Europe: Historical Data 2014-2016 ($ billion)
Exhibit 34 Hearing Aids Market in Europe 2017-2023 ($ billion)
Exhibit 35 Hearing Loss in European Population (2015)
Exhibit 36 Self-reported Hearing Loss Cases in Europe (2015)
Exhibit 37 Hearing Aids Market in Europe by Products 2017
Exhibit 38 Hearing Aids Market in Germany 2017-2023 ($ billion)
Exhibit 39 Hearing Aids Market in Germany by Products 2017
Exhibit 40 Hearing Aids Market in UK 2017-2023 ($ billion)
Exhibit 41 Hearing Aids Market in UK by Products 2017
Exhibit 42 Hearing Aids Market in APAC: Historical Data 2014-2016 ($ billion)
Exhibit 43 Hearing Aids Market in APAC 2017-2023 ($ billion)
Exhibit 44 Hearing Aids Market in APAC by Products 2017
Exhibit 45 Hearing Aids Market in China 2017-2023 ($ billion)
Exhibit 46 Hearing Aids Market in China by Products 2017
Exhibit 47 Hearing Aids Market in Japan 2017-2023 ($ billion)
Exhibit 48 Hearing Aids Market in Japan by Products 2017
Exhibit 49 Hearing Aids Market in India 2017-2023 ($ billion)
Exhibit 50 Hearing Aids Market in India by Products 2017
Exhibit 51 Hearing Aids Market in Latin America: Historical Data 2014-2016 ($ billion)
Exhibit 52 Hearing Aids Market in Latin America 2017-2023 ($ billion)
Exhibit 53 Hearing Aids Market in Brazil 2017-2023 ($ billion)
Exhibit 54 Hearing Aids Market in Brazil by Products 2017
Exhibit 55 Hearing Aids Market in APAC: Historical Data 2014-2016 ($ billion)
Exhibit 56 Hearing Aids Market in MEA 2017-2023 ($ billion)
Exhibit 57 Overview of Market Concentration in Geographies 2017 (as illustrated by HHI)

List of Tables
Table 1 Key Geographies Definition
Table 2 Key Caveats
Table 3 Currency Conversion 2014-2017
Table 4 Healthcare Common Procedure Coding System (HCPCS) Code for Cochlear Implant Reimbursement (2016)
Table 5 Reimbursement Plans Operational in Different Canadian Provinces
Table 6 Revised Cost of Hearing Aid Devices in India (2015)
Table 7 Factors Affecting Hearing Loss in Children
Table 8 Strategies for the prevention of hearing loss in children
Table 9 YOY Impact of Market Growth Enablers 2017-2023
Table 10 YOY Impact of Market Growth Enablers on Regions 2017
Table 11 Services and Cost Comparison for Hearing Impairment
Table 12 YOY Impact of Market Growth Restraint 2017-2023
Table 13 YOY Impact of Market Growth Restraint on Regions 2017
Table 14 New Technology and Product Line in Hearing Aid Devices Market
Table 15 YOY Impact of Market Opportunities & Trends 2017-2023
Table 16 YOY Impact of Market Opportunities & Trends in Regions 2017
Table 17 Market Challenges and Required Action in Global Hearing Aids Market by End-users
Table 18 Prevalence Rate of Hearing Loss in US
Table 19 Leading Hearing Aids Manufacturers 2017
Table 20 Leading Hearing Implants Manufacturers 2017
Table 21 Cochlear: Product Offerings
Table 22 William Demant: Product Offerings
Table 23 Sonova: Product Offerings
Table 24 Business Segments for Various Brands under Sivantos Group
Table 25 Sivantos: Product Offerings
Table 26 MED-EL: Product Offerings
Table 27 Qualitative Summary of Global Hearing Aids Market
Table 28 Quantitative Summary of Global Hearing Aids Market by Geography ($ billion)
Table 29 Quantitative Summary of Global Hearing Aids Market by Geography (%)
Table 30 Quantitative Summary of Hearing Aids Market by Products ($ billion)
Table 31 Quantitative Summary of Hearing Aids Market by Products (%)
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  • Sivantos Group
  • Earlens
  • Ear Technic
  • In4 Technology
  • ExSilent
  • Solarear
  • Nurotron Biotechnology
  • NewSound Hearing Aids
  • Audina Hearing Instruments
  • Widex
  • Starkey
  • Microson, Sonova
  • William Demant
  • Cochlear
Note: Product cover images may vary from those shown
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