Published By : 19 Oct 2016 | Published By : QYRESEARCH
Hearing aids are a vital requirement for patients suffering from hearing disorders. The demand for hearing aids has grown in recent years due to the rising awareness about their easy availability and reliability. The global hearing aids market is likely to rise to a value of more than US$7 bn by the end of 2024, rising at a solid 4.5% CAGR from 2016 to 2024. The hearing aids market was valued at US$4.5 bn in 2015.
Rising Incidence of Hearing Problems Driving Hearing Aids Market in Emerging Economies
The increasing prevalence of hearing disorders in emerging countries has led to a vital opportunity for leading manufacturers of hearing aids. However, the high costs of modern hearing aids are unaffordable for most consumers in developing economies, in spite of their rising disposable income. Nonetheless, the high volume of the unmet demand for hearing aids in emerging countries will have a lasting effect on the global hearing aids industry, as it has created a lucrative environment for leading international players in the hearing aids market.
The rising global geriatric population is the leading driver for the global hearing aids market, as a large majority of geriatrics suffer from hearing problems of varying intensity due to degenerative damage to the ears. The steady government support to initiatives that aim to improve the overall living standard is likely to lead to sustained growth of the geriatric demographic in the coming years, providing a steady sales outlet for the hearing aids market. The rising awareness among the geriatric demographic about modern hearing aids has also helped drive the demand from the geriatric demographic.
APAC Market’s Rapid Rise Insufficient to Upstage Europe
Geographically, Europe was the leading contributor to the global hearing aids market in 2015. The Europe market for hearing aids is expected to remain the global market leader in the 2016-2024 forecast period, despite the steady growth of the North America and Asia Pacific hearing aids markets. Asia Pacific followed both North America and Europe in 2015, but it is expected to exhibit the highest CAGR in the 2016-2024 forecast period.