The bone conduction hearing aids market is poised to grow at a CAGR of 12% during the forecast period.
The major factors driving the studied market includes technological advancements, high incidence of hearing loss in the older population.
In the healthcare industry, the evolution of technology has been significant, primarily with respect to hearing aid devices. Many people are not aware about the changes and advancements in hearing aid devices. Currently, these devices can meet the various needs of people with hearing impairment, while providing comfort.
According to the World Health Organization (WHO), an estimated 6.1% of the world population (466 million) was living with hearing loss in 2018. Added to that, 34% of this population is children only. The rising demand for minimally invasive hearing devices coupled with growing awareness regarding the availability of bone conduction hearing aids is expected to fuel the market growth over the future. Moreover, the bone conduction hearing aid provides good sound quality and lesser chances of infection compared to other hearing aid devices. However, the high cost of the devices and disadvantages such as discomfort and pain in a few cases may hamper market growth.
Key Market Trends
Bone Anchored Hearing Aids are Projected to Grow at a Healthy Rate
The bone-anchored Hearing Aid (BAHA) is a surgically implanted device designed to help people with hearing loss and bypass particular problems by sending sound vibration directly to the inner ear through the skull bone. These work best for people who have at least one inner ear that functions normally. The prevalence of hearing loss among the older population is growing and leading to the high demand for adult bone-anchored hearing aids. Furthermore, growing awareness and advancements in technology in the diagnosis of hearing loss in infants and children is expected to boost the child/pediatric bone conduction hearing aids segment growth.
The growth in healthcare infrastructure around the world and rising spending on healthcare are fuelling the adaptation of new technologies which is boosting the market growth.
The new innovations in bone conduction such as ease of use, noise reduction and increase in durability changing the phase of bone conduction hearing aids and further fuelling the market growth in the near future.
North America is Projected to Have Significant Share
North America is projected to have a significant market share among the regions owing to well-established healthcare infrastructure and increasing healthcare expenditure. Furthermore, the growing number of patients with hearing loss and product innovations and launches in the region are projected to boost regional growth. The Asia Pacific region is expected to have notable growth rate owing to the high adaptation of new technologies. As the major companies are trying to expand to the emerging countries such as India and China, the market studied is gaining the benefits due to the same in Asia-Pacific region. Furthermore, the presence of a large number of patient pool living with hearing loss coupled with growing awareness regarding the hearing loss expected to boost the regional share over the period.
The bone conduction hearing aids market is highly consolidated and few numbers of market players. Market players are focusing on product innovations and new product launches to expand their market share. The key market players operating in urgent care centres include Cochlear Limited, Oticon Medical, Medtronic plc, MED-EL and BHM-Tech Produktionsgesellschaft mbH among others.
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Table of Contents
1.2 Scope of the Study
4.2 Market Drivers
4.2.1 Technological Advancements in Bone Conduction Growing incidence of Hearing Loss in Geriatrics
4.2.2 Increasing Healthcare Spending and Demand for Hearing Bone Conduction Hearing Aids
4.3 Market Restraints
4.3.1 Disadvantages Such as Discomfort and Pain
4.3.2 High Cost of Bone Conduction Hearing Aids
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5.1.1 Bone Anchored Hearing Aids
5.1.2 Traditional Bone Conduction Hearing Aids
5.2 By Product
5.2.3 Sound Processors
5.3 Patient Type
5.4.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.4.4 Middle East and Africa
188.8.131.52 South Africa
184.108.40.206 Rest of Middle East and Africa
5.4.5 South America
220.127.116.11 Rest of South America
6.1.1 Cochlear Limited
6.1.2 Oticon Medical
6.1.3 Medtronic plc
6.1.5 BHM-Tech Produktionsgesellschaft mbH
A selection of companies mentioned in this report includes:
- Cochlear Limited
- Oticon Medical
- Medtronic plc
- BHM-Tech Produktionsgesellschaft mbH