Hearing Aids Market to Rise at 4.5% CAGR During the Forecast Tenure from 2016 to 2024
A report by Transparency Market Research on the global hearing aids market states that the market has an oligopolistic landscape. The reason behind this is the dominance of just six prominent players. Cumulatively, these players accounted for 98% total growth of the market in 2015.
This dominance of the players makes the entry of newcomers extremely difficult in the market. Even if a company manages to enter the market, it is at high risk of being overthrown by the incumbent players. Further, high initial investment is another factor that restricts a new player from entering the hearing aids market.
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The players who have a stronghold over the market are William Demant Holding Group, Widex A/S, Sonova Holding AG, Siemens Healthcare, Starkey, and GN ReSound.
Geriatric Population – Hearing Aids Market: Major Growth Factor
People with age above 50 have tendency to develop hearing problems. The report states that growing number of geriatric population in the U.S., India, China, and various European countries is purchasing hearing aids. Rise in sales of various hearing aids technologies in the regions is one of the major factors driving growth of the global hearing aids market from 2016 to 2024. Moreover, rising awareness of about variety of hearing aids available in the market among old people is also stimulating the growth of the market.
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4.5% CAGR from 2016 to 2024 in Multibillion-Dollar Market Indicates Enormous Prospects
Transparency Market Research’s report suggests that the global hearing aids market is expected to witness 4.5% CAGR during the forecast period of 2016 to 2024. It also states that the market that worth US$ 4.7 bn in 2015 is expected to reach the value of US$7 bn by the end of 2024. The market is experiencing the projected growth, mainly on the back of rising hearing aid services provided by various companies that design and develop hearing aids products. Since deafness or hearing loss can happen at any age to anybody. Organizations are developing hearing aids devices which are accessible by every age group around the world. The development of products for various peoples of various ages is another factor driving the growth for the global hearing aids market. Additionally, better availability of the products to customers is also a prominent factor driving the growth of the market in the forecast period of 2016 to 2024.
Benefits from Support and Subsidy by Governments
Governments across the globe are offering huge support to the companies that are developing hearing aid products. These governments are focused on preventing deafness in their respective countries. Subsequently they have introduced numerous initiatives to raise the awareness about the condition, products, and treatments. These initiatives stimulates the players to develop and unveil products to meet wide range of demands of populations.
For instance, in 2017, president Trump signed Over the Counter (OTC) Hearing Aid Act which aims to improve the adoption of hearing aid devices for the patients lacking prescription of a healthcare practitioner. With this act the U.S. Government expects to support a large number of patients suffering from healing loss.
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Adult Hearing Aids Segment Held 95% of Market Share
On the basis of end users, the global hearing aids market is bifurcated into two segments, the pediatric and adult hearing aids. Of these, the adult hearing aids segment is the largest shareholder in the global hearing aids market. According to the report, the segment accounts for 95% of total market share in 2015. This prominence of the segment is driven by the preference of the customer, affordability, flexibility of use, and low maintenance.
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