- Published on 28 February 2017
India-based market research firm Markets and Markets recently published a new global forecast to 2020 for the hearing aids sector by product, reports Open PR.
The report examines the market based on the following segments: receiver-in-the-ear, behind-the-ear, in-the-ear, and in-the-canal hearing aids, along with cochlear implants and bone-anchored systems. It divides hearing loss into sensorineural and conductive conditions and distinguishes between end-users, either adults or children. Overall, high growth is expected, but the low penetration rate of hearing aids may restrict growth of the market during the forecast period.
According to the analysis, the sensorineural segment is projected to show the highest growth rate in this market and represents a new source of revenue. This growth is likely to be driven by the high prevalence of sensorineural hearing loss (SNHL). In terms of end-users, the adult segment is expected to grow fastest due to a large aging population and increasing incidence of hearing loss.
Geographically, the report forecasts that growth in the hearing aids market is likely to be centered in Asia in the next 5 years. Growth in this region, it says, can be attributed to the high prevalence of hearing loss, increasing initiatives by companies to expand their distribution networks, and the large customer base in Asia.
Source: Open PR; Markets and Markets