Global Hearing Aids Market

The global hearing aids market was valued at USD 8.06 billion in 2019 and it is expected to grow with a CAGR of 6.6% over the forecast period of 2020-2026.

Infinium Global Research Analysts

Global Hearing Aids Market: Consumer Behavior Analysis by Countries, Buying Pattern Analysis, Demographics, Trends Analysis, Survey Findings and Results, Leading Companies and their Market Strategies

  • Published : May, 2020

  • Rep Id : GHAM1452020

  • No. of Pages : 184


Infinium Global Research and Consulting Solutions has published a comprehensive research study based on a survey conducted to analyze the buying patterns, consumer behavior, and impact of pricing on buying decisions. The report also provides insights into the marketing strategies and steps taken by the companies to retain their market position in the local as well as global market. The study also provides insights into the factors affecting the buying decisions, consumer preferences, and the demographic factors promoting the growth of the products of the global hearing aids market.

 

Hearing loss is one of the major health issues in the world. The hearing loss problems are more common in countries with low and middle-incomes. A person who is not able to hear and a person with normal hearing are both believed to have hearing loss. Hearing loss greater than 40 dB in the better hearing ear in adults and a hearing loss greater than 30 dB in the better hearing ear in children is considered as disabling hearing loss. Hearing loss is categorized into mild, moderate, severe, or profound depending upon its intensity. People with hearing loss ranging from mild to severe can usually communicate through spoken language and are benefited from hearing aids. Hearing aids are small electronic devices primarily used for improving the hearing and speech comprehension of people who have sensorineural hearing loss. There are different types of hearing aids available in the market such as behind-the-ear (BTE), in-the-ear (ITE), receiver-in-ear (RIE). A hearing aid can improve the lives of people suffering from hearing loss at greater levels.

 

Growing Geriatric Population Augment the Growth of the Global Hearing Aids Market

According to Infinium Global Research and Consulting Solutions, the global hearing aids market was valued at USD 8.06 billion in 2019 and it is expected to grow with a CAGR of 6.6% over the forecast period of 2020-2026. The rise in the number of old age population suffering from hearing loss is the major driver for the global hearing aids market. The population aged over 65 years and above is majorly affected by hearing loss and is the main consumers of sleep aid products. Moreover, the growing adoption of hearing aids devices by the people suffering from hearing loss is augmenting the demand for them. In addition, increasing awareness regarding technological advances in hearing aids devices is further boosting the growth of the global hearing aids market.


The survey conducted by Infinium Global Research and Consulting Solutions found that majority of people across the world take advice from the physicians before using OTC hearing aids devices. Many individuals suffering from hearing loss, particularly the younger adults are concerned about their social acceptance and are willing to improve their life. Such people often tend to visit doctors or physicians for professional advice and for the treatment of hearing loss. Moreover, physicians are the professionals that are experts in the field of healthcare, and they can suggest an appropriate solution for hearing loss than anyone else. This, in turn, encourages people to consult physicians before buying and using any kind of hearing aids device.

 

Figure 1 Influence on Buying Decision of Hearing Aids in the US

Influence on Buying Decision of Hearing Aids in the Us

Source: Infinium Global Research Analysis 


The United States, China, and Germany Among Top Markets for Hearing Aids

According to the findings in the report, the United States and China along with the countries in Europe are the top markets for hearing aids. Europe and North America together make more than 63% of the total sales of hearing aids in the world. The US is the leading country in terms of sales in the global hearing aids market followed by China and Germany. The higher awareness regarding hearing aids and the growing geriatric population are the major drivers for the sale of hearing aids devices in western countries. Moreover, a larger part of the population suffering from hearing loss and the availability of various products in the market are the major factors contributing to the growth of the Chinese hearing aids market. On the other hand, the sale of hearing aids in developing countries such as India is anticipated to grow rapidly. Factors including growing awareness regarding hearing aids devices and the number of government initiatives to improve public healthcare are majorly influencing the sale of hearing aids in developing countries.

 

Figure 2 Top Countries in the Global Hearing Aids Market in 2019 (Revenue % Share)

Top Countries in the Global Hearing Aids Market

Source: Infinium Global Research Analysis

 

North America Generated Highest Revenue from Hearing Aids

Based on the geographical regions, North America generated the highest revenue in the global hearing aids market. The growing geriatric population suffering from hearing loss is the major driving factor for the North American hearing aids market. The old-age population is majorly affected by hearing loss problems and it is the major consumer group for hearing aids devices. Moreover, greater awareness regarding hearing aids devices and technological advances in the devices is also supporting the growth of the market in North America. Furthermore, the Asia Pacific region is projected to grow with the fastest rate owing to the growing awareness regarding hearing loss and its treatment. The improving the healthcare sector in the developing nations in the Asia Pacific is offering favorable business opportunities to the major players in the hearing aids market.


Research Methodology

Primary Research

Our primary research involves extensive interviews and analysis of the opinions provided by the primary respondents. The primary research starts with identifying and approaching the primary respondents, the primary respondents are approached through

·         Key Opinion Leaders associated with Infinium Global Research

·         Internal and External subject matter experts

·         Professionals and participants from LinkedIn, Hoovers, Factiva, and Bloggers

·         Our primary research respondents typically include

·         Executives working with leading companies in the market under review

·         Product/brand/marketing managers

·         CXO level executives

·         Regional/zonal/ country managers

·         Vice President level executives.

               

Methods of Primary Research

·         Computer-assisted telephone interview (CATI)

·         Computer-assisted personal interview (CAPI)

·         Computer-assisted web interview (CAWI)

·         Questionnaires/Surveys


Secondary Research

Secondary research involves extensive exploring through the secondary sources of information available in both the public domain and paid sources. At Infinium Global Research, each research study is based on over 500 hours of secondary research accompanied by primary research. The information obtained through the secondary sources is validated through the crosscheck on various data sources. The secondary sources of the data typically include

·         Company reports and publications

·         Government/institutional publications

·         Trade and associations’ journals

·   Databases such as WTO (World Trade Organization), OECD (The Organization for Economic Co-operation and Development), Hoovers, Factiva, and the World Bank, among others.

·         Websites and publications by research agencies


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