Hearing Care Devices Market Scope
Hearing care devices are used to improve or restore hearing in individuals suffering from temporary or permanent hearing loss. Growth in geriatric population susceptible to hearing disorders, rise in prevalence of hearing loss, and increase in binaural fitting rate are expected to drive the growth of the global hearing care devices market. Moreover, rise in adoption of technically advanced hearing care devices, such as cochlear implants supplement the market growth. However, high cost of the devices and increase in drop-out rates of the patients from the treatment of hearing loss are expected to hamper the market growth.
Siemens Healthcare (Germany), Widex A/S (Denmark), Starkey (United States), Zounds (United States), GN ReSound (Denmark), SeboTek Hearing Systems, LLC (United States), Sivantos Pte (Singapore), GN Store Nord A/S (Denmark), Cochlear Limited (Australia) and Sonova (Switzerland) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are William Demant Holding A/S (Denmark), Audina Hearing Instruments (United States), Horentek (Italy) and Med-El (Austria).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Hearing Care Devices market by Type (Hearing Aids and Hearing Implants), by Application (Hospitals & Clinics, Home Settings and Ambulatory Surgical Centers (ASCs)) and Region with country level break-up.
On the basis of geography, the market of Hearing Care Devices has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
On 16th may 2018, Sivantos has completed a merger with Widex. This merger is done for accelerating development, firming market penetration and improving productivities to enable additional funds into R&D and supply chain.
On 17th April 2018, WIDEX has launched machine-learning hearing aid, named WIDEX EVOKE™. It provides advanced machine learning technology in real-time with great sound technology.
Market Trend
- Technological advancements in Hearing Care Devices
Market Drivers
- Growing incidence of hearing disorders
- Growing geriatric population
- Increasing binaural fitting rate
Opportunities
- Lucrative opportunities in the emerging economies
- Increasing the penetration rate
Restraints
- High cost of devices
- Increasing drop-out rates
Challenges
- Lack of Awareness about Technological Innovations
Key Target Audience
Hearing Care Devices Manufacture, Hearing Care Devices Suppliers, Private Research Agencies and Consulting Enterprises, Government Bodies, Industry Associations, Government Market Research and Consulting Firms and Others