Hearing Aids Market Is All Set to Reach Us$2.6 Bn by the End of 2024 Due to Increasing Geriatric Population

The global hearing aids market is highly consolidated with only six players holding a high share in the revenue pie. As per a new analysis by Transparency Market Research, a whopping 98% of the global hearing aids market was held by the leading six companies in 2015. Among these, Sonava accounted for the 25% of the market in the same year. Due to the high expenditure incurred on the initial production set-up and research and development, new entrants find it difficult to cut through the competition. Despite the absence of direct competition, the increasing interest in prosthetic implants could adversely impact the demand for hearing aids.

Nevertheless, companies manufacturing hearing aids and amplification products are poised to witness incredible growth opportunities in the near future. “Although the market has been growing at a modest pace since the last few years, the increasing geriatric population will fuel demand for hearing loss support in the near future,” says an analyst at TMR. “Furthermore, with hearing impairment emerging as one of the most prevalent chronic conditions worldwide, the sale of hearing aids is expected to increase in the forthcoming years,” he added.

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High Price of Hearing Aids to Limit Adoption across Low-income Countries

Developing and underdeveloped countries have been witnessing a higher prevalence of hearing loss among their citizens. Governments across these countries are thus compelled to adopt various awareness initiatives aimed at curbing the incidence of hearing loss. Such initiatives are expected to positively influence sale of hearing aid products across developing and underdeveloped economies.

On the flip side, the high price of hearing aids and cost incurred on maintaining them limit their purchase among low-income people. Furthermore, the device requires periodic replacements, which...