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
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Published : May, 2020
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Rep Id : GHAM1452020
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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
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)
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
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Key Opinion Leaders associated with Infinium
Global Research
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Internal and External subject matter experts
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Professionals and participants from LinkedIn,
Hoovers, Factiva, and Bloggers
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Our primary research respondents typically
include
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Executives working with leading companies in the
market under review
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Product/brand/marketing managers
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CXO level executives
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Regional/zonal/ country managers
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Vice President level executives.
Methods of Primary
Research
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Computer-assisted telephone interview (CATI)
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Computer-assisted personal interview (CAPI)
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Computer-assisted web interview (CAWI)
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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
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Government/institutional publications
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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
