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Hearing Aid Market Report: 2010 Edition
Market |
Consumer Goods |
Report Type |
Market Research |
Country |
Global |
Published |
1 February 2010 |
Number of Pages |
46 |
- |
|
Publisher |
Koncept Analytics |
Evolution of the digital technology has changed the overall dynamics of the hearing devices industry. Innovations have provided hearing-impaired people with cosmetically attractive mini-instruments, which have proven highly efficient in terms of performance. Meanwhile, the low adoption rates of the technologically improved hearing devices offer significant growth opportunities to the hearing devices manufacturers globally.
The hearing devices market is segmented into hearing aids and hearing implant market. In terms of growth, hearing implant industry has far outpaced the hearing aid industry, witnessing an average double digit growth. It has resulted in hearing aid manufacturers actively seeking investment into the high growth market of hearing implant. Also, hearing implant companies are planning to foray into hearing aids market.
North America and Europe are the major hearing aids markets, in terms of sales, whereas in terms of people with hearing disorder, Asia is the largest region as it accounts for over half of the global hearing loss population. The worldwide market for hearing aids is moving towards shorter product life cycle, convergence of hearing aids & consumer electronics and industry consolidation through mergers & acquisitions.
Sales of the hearing aid industry witnessed a notable decline in the US during 2008, as a result of weak economy. The behind-the-ear (BTE) instruments represent more than half of the overall US market. The main channel of distribution in the US is the audiologists' offices.
Technology holds the key to higher penetration in mature markets. Innovation and advancements in hearing aids and the hearing assistive technology (HAT) are regarded to be the major growth drivers of the overall industry. In addition, the increasing population of elderly people is also driving growth of the hearing aid market. The majority of people buying hearing aids fall in the age group of 65 or above, living mainly in Europe and North America.
There are several factors, like global economic crisis, social acceptance and non-coverage by private & public insurance, which are acting as a roadblock in the path of industry growth and need to be sorted by the industry players in order to achieve long term growth.
The report offers an analysis of the worldwide hearing devices industry with a special focus on the hearing aid market of U.S. In addition to discussing major market trends and growth drivers, it also gives an overview of the demographic characteristics of the hearing loss population in the US. The report also profiles major players in the market and the competitive landscape.
By combining SPSS Inc.'s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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