The “Global Hearing Aids Market Assessment & Forecast 2017-2021”, estimates that the global hearing aids market was valued at US$ 7,116.3 million in 2016 and is forecast to reach US$ 9,217.0 million by 2021 at a CAGR of 4.1% from 2017 to 2021.
Asia Pacific is expected to be the most profitable hearing aids market. India and China are two most highly populated countries globally and account for larger geriatric population along with countries such as Japan. Percentage of population above 65 years of age in U.S. is 14.7% as against 9.5% in China and 5.6% in India. However this percentage translates to 47.2 million in U.S., 130.2 million in China and 73.4 million in India. 26.3% of Japan’s population is aged 65 years and above; highest globally. In spite of such large patient pool, Asia Pacific currently accounts for less than 20% of the global market. Major reason impeding the adoption of hearing aid were ignorance to hearing loss and high cost of hearing aids that are not covered by insurance providers. Due to economic developments, the per capita income has increased in major Asia Pacific economies. This financial support would drive the hearing aids market in Asia Pacific region.
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The report also provides market estimation by type of hearing aids that includes receiver-in-canal (RIC), behind-the-ear (BTE), in-the-ear (ITE), in-the-canal (ITC), completely-in-canal (CIC) and hearing aids consumables and accessories. RIC hearing aids stands out as a leading segment on account of long standing market and higher popularity across the globe. Wireless RIC devices are expected to completely replace non-wireless devices the near future. ITEs accommodate larger batteries as compared to ITC and CTC as they are comparatively larger in size. ITCs and CTCs also cannot accommodate telecoils due to their smaller size.
Key players in the global hearing aids market include Sonova, William Demant, Sivantos, GN Hearing, Starkey and Widex. Other players operating at local as well as global level include Zounds, Microson, Audina, ExSilent, IntriCon and Ear Teknik.
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