Global Information Inc. would like to present a new market research report, "Hearing Aid Devices Market to 2018 - Cosmetic and Audiological Advantages of Miniature Behind-the-Ear (BTE) Devices to Drive Market Growth" by GBI Research.
The global hearing aid devices market was valued at $7.2 billion in 2011 and is forecast to grow to $11.3 billion by 2018 at a Compound Annual Growth Rate (CAGR) of 7%. The market is expected to be driven by a number of factors, including the introduction of innovative small-sized hearing aids, such as Completely-in-the-Canal (CIC) and Receiver-in-the-Ear (RITE) devices; a growing percentage of elderly people in the population; more government initiatives in emerging countries to provide high-quality healthcare; increasing healthcare expenditure; and a rise in the prevalence of acquired hearing loss.
The following figure gives the forecast revenues for the global hearing aid devices market.
Cosmetic Appeal of Miniaturized Hearing Aids to Drive their Adoption Rate
Small-sized hearing aids have high cosmetic appeal as they are nearly invisible. This helps to overcome the associated stigma, and as a result they are being readily adopted by patients around the world.
The size of hearing aids ranges from large to virtually invisible, but people with hearing impairments tend to prefer those that are discreet or hidden.
To meet the growing demand for invisible hearing aids, companies have invested in the R&D of CIC and Invisible-in-the-Canal (IIC) hearing aids, which have attracted customer attention as they meet the need for better speech intelligibility, improved sound quality and enhanced aesthetics, as well as other lifestyle preferences such as robustness and comfort.
A wide range of deep-fitting, invisible hearing aids offering aesthetic benefits are available in the market, such as the iMini by Siemens, the Lyric and Phonak nano by Phonak, and the Oticon Intiga by Oticon.
Miniature Behind-the-Ear (BTE) devices and other miniature hearing aid devices such as ITC and CIC are nearly invisible as they are deep-fitting hearing aids, and are witnessing growing global demand as a result. According to GBI Research estimates, the CIC category grew at a CAGR of 11% between 2004 and 2011, and is forecast to grow at a CAGR of 6% from 2011 to 2018. There are also surgical solutions available, but these cannot be used for all hearing problems and are more expensive than hearing aids. Manufacturers have therefore realized the need for invisible hearing aids and are introducing many small-sized devices.
Increased Adoption of Miniaturized BTE Hearing Aids to Drive Market Growth
BTE hearing aids have witnessed significant growth during the last few years. Their various advantages, such as improved comfort, ease of wearing and technological advances, including the introduction of miniature BTE hearing aids, are driving demand across the world.
In the US, the hearing aid adoption rate declined between 1984 and 1997, but increased to 24.6% from 2000 (Kochkin, 2009). The market saw increased demand with the launch of small-sized BTE devices such as Receiver-in-the-Canal (RIC) hearing aids. The miniaturization of hearing aids resulted in an increase in the sales of BTE hearing aids, and in 2009 they accounted for 63% of all sales (Kirkwood, 2009). GBI Research noted a similar trend in global BTE device sales, as their value increased from $2.77 billion in 2004 to $4.98 billion in 2011.
According to GBI Research, the BTE hearing aids market represented more than 69% of the global digital signal processing hearing aids market in 2011.
The figure gives a breakdown of global digital hearing aid sales in 2011.
The table below gives a breakdown of global digital hearing aid sales, according to style, in 2011.
The major contributing factors for the increased demand for BTE devices include improved comfort, long-lasting batteries, and increased ease of wearing and removal.
BTE hearing aids have seen substantial growth since the introduction of RIC/RITE hearing aids, and demand is expected to increase in the future. Companies are continuing to introduce additional features and varieties, which is expected to further increase sales.