Hearing Aid Market Report: 2010 Edition
Evolution of digital technology has changed the overall dynamics of the hearing aid industry. The industry is positively following the trend towards open and cosmetically attractive mini-instruments. The low global adoption rates represent a significant growth opportunity for the hearing aid manufacturers.
The major hearing aids markets are North America and Europe, in terms of sales whereas in terms of number of people with hearing loss, the major region is Asia having more than half of total global hearing loss population. The global hearing aid industry is moving towards shorter product life cycle, convergence of hearing aids & consumer electronics and industry consolidation through merger & acquisitions.
In U.S., the hearing aid industry sales declined in 2008 as a result of weak economic conditions. The Behind-the-ear (BTE) instruments represented more than half of the overall U.S. market. The main channel of distribution in the U.S. is Audiologist’s office.
Technology holds the key to higher penetration in mature markets. Innovation and advancements in hearing aids and Hearing Assistive Technologies (HATS) are major growth drivers of the overall industry. The segment of ageing population is also driving growth of the hearing aid market. The majority of hearing aids are sold to people in the age group of 65 or above, living in Europe and North America.
The factors like global economic crisis, social acceptance and non-coverage by private & public insurance are acting as a roadblock in the path of industry growth which the industry players need to tackle in order to grow in the long term.
The report offers an analysis of the worldwide hearing aid industry with a special focus on the US market. It also discusses major market trends and growth drivers. The report gives an overview of the demographic characteristics of the hearing loss population in the US. The report also profiles major players in the market and the competitive landscape.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
The major hearing aids markets are North America and Europe, in terms of sales whereas in terms of number of people with hearing loss, the major region is Asia having more than half of total global hearing loss population. The global hearing aid industry is moving towards shorter product life cycle, convergence of hearing aids & consumer electronics and industry consolidation through merger & acquisitions.
In U.S., the hearing aid industry sales declined in 2008 as a result of weak economic conditions. The Behind-the-ear (BTE) instruments represented more than half of the overall U.S. market. The main channel of distribution in the U.S. is Audiologist’s office.
Technology holds the key to higher penetration in mature markets. Innovation and advancements in hearing aids and Hearing Assistive Technologies (HATS) are major growth drivers of the overall industry. The segment of ageing population is also driving growth of the hearing aid market. The majority of hearing aids are sold to people in the age group of 65 or above, living in Europe and North America.
The factors like global economic crisis, social acceptance and non-coverage by private & public insurance are acting as a roadblock in the path of industry growth which the industry players need to tackle in order to grow in the long term.
The report offers an analysis of the worldwide hearing aid industry with a special focus on the US market. It also discusses major market trends and growth drivers. The report gives an overview of the demographic characteristics of the hearing loss population in the US. The report also profiles major players in the market and the competitive landscape.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
1. GLOBAL HEARING AID MARKET
1.1 Overview
Global hearing loss population and its geographical spread
1.1.1 Types of Hearing Aids
1.1.2 Value Chain
Hearing Aids value chain and the evolution within the value chain
1.2 Global Hearing Aid Market Size
Global hearing aids industry sales by value and volume
Industry growth in terms of value and volume
1.2.1 Global Hearing Aid Adoption Rate
Hearing aid adoption rate, globally and in key geographical markets
2. US HEARING AID MARKET
2.1 Market Size
US hearing aids industry sales growth by volume
2.2 Segmentation by type of Hearing Aids
Transformation of hearing aids from analog to digital signal processing devices
Sales by type of hearing aids in the US
2.2.1 Behind-the-ear (BTE) Instruments
BTE market share and its growth in total hearing aids instrument
BTE vs. ITE sales growth
BTE instrument by type of battery used
2.3 Hearing Aids Prices in U.S. market
Growth in average hearing aids prices in the US
Price growth by type of hearing aids
2.4 Distribution System
Contribution of distribution channels in the US sales of hearing aids
2.5 Demographics of Hearing Aid Market
2.5.1 Prevalence of hearing loss
2.5.2 Hearing aid Adoption Rate
2.5.3 Age-wise Break-up of Hearing loss population
2.5.4 Household Income-wise break-up of Hearing Aid Owners
2.5.5 Hearing loss population by Metro Size
2.5.6 Average age of New Hearing Aid Users
3. HEARING AID MARKET MOVEMENTS
3.1 Key Trends
3.1.1 Shorter product lifecycle
3.1.2 Wireless Connectivity resulting in Product Convergence
3.1.3 Increasing Global Hearing Aids Prices
3.1.4 Hearing aid industry moving towards consolidation
3.2 Growth Drivers
3.2.1 Global Low Penetration Rate of Hearing Aids
3.2.2 U.S. Hearing Loss Population
3.2.3 Increasing Per Capita World GDP
3.2.4 Rising Aging and Total Global Population
3.3 Challenges
3.3.1 Economic downturn
3.3.2 Social acceptance
3.3.3 Not covered by private & public insurance
4. COMPETITIVE LANDSCAPE OF HEARING AID MARKET
5. COMPANY PROFILES
5.1 William Demant
Overview
Business Strategies
Diversified Product Portfolio
Technological Shift to Wireless
5.2 GN Resound
Overview
Business Strategies
Demand Managed Inventory
Platform approach for Research and Development
5.3 Sonova
Overview
Business Strategies
Innovation led growth
Diversified Geographic Presence
5.4 Widex
Overview
Business Strategies
Diversified Distribution Network
Focus on CAMISHA Technology for Manufacturing of Hearing Aids
Concentration in Denmark
6. MARKET OUTLOOK
6.1 Market Forecast
6.2 Forecast Methodology
6.2.1 Dependent and Independent Variables
6.2.2 Correlation Analysis
6.2.3 Regression Analysis
LIST OF TABLES
Breakdown of US Sales by Hearing Aid Type (2005-2008)
BTE by Size of Battery Used (2007-2008)
Dependent & Independent Variables (2001– 2008)
Correlation Matrix
Model Summary – Coefficient of Determination
Regression Coefficients Output
Breakdown of US Sales by Hearing Aid Type (2005-2008)
BTE by Size of Battery Used (2007-2008)
Dependent & Independent Variables (2001– 2008)
Correlation Matrix
Model Summary – Coefficient of Determination
Regression Coefficients Output
LIST OF CHARTS
Geographical Break-up of Global Hearing loss population (Millions) 2008
Hearing Aid Industry Value Chain
Worldwide Hearing Aid Sales by Value (2000-2008)
Worldwide Hearing Aid Sales by Volume (2000-2008)
Global Hearing Aid Adoption Rate (2008)
U.S. Hearing Aid Sales by Volume (1998-2008)
Segmentation of U.S. Hearing Aid (2003-2008)
Average price of hearing-aid in U.S. (1989-2008)
Average price by type of hearing aids (1989-2008)
U.S. Hearing aid distribution by source of distribution (2008)
Prevalence of hearing loss per 1000 households (1989-2008)
U.S. Hearing Aid adoption rate (1989-2008)
Age-wise break-up of Hearing loss population (2008)
Household Income-wise break-up of Hearing Aid Owners (2008)
Break-up of Hearing loss population by Metro Size in U.S. (2008)
Average age of New Hearing Aid Users (1989-2008)
Factors contributing to Shorter Product Lifecycle
Convergence of Hearing aids and Consumer Electronics
Global Hearing Aid Prices Trend (2000-2008)
Segmentation and adoption rate of hearing loss population
Projected hard-of-hearing persons in U.S. (2006-2015)
Per Capita World GDP (2003-2008)
Proportion of old age and children population (1950-2010E)
World Population (2000-2008)
World Hearing Aid Market Share (2008)
William Demant Revenue (2004-2008)
GN Resound revenue (2007-2008)
Sonova Revenue (2004-2008)
Widex Revenue (2007-2009)
Global Hearing Aid Market Forecast (2009F-2012F)
Geographical Break-up of Global Hearing loss population (Millions) 2008
Hearing Aid Industry Value Chain
Worldwide Hearing Aid Sales by Value (2000-2008)
Worldwide Hearing Aid Sales by Volume (2000-2008)
Global Hearing Aid Adoption Rate (2008)
U.S. Hearing Aid Sales by Volume (1998-2008)
Segmentation of U.S. Hearing Aid (2003-2008)
Average price of hearing-aid in U.S. (1989-2008)
Average price by type of hearing aids (1989-2008)
U.S. Hearing aid distribution by source of distribution (2008)
Prevalence of hearing loss per 1000 households (1989-2008)
U.S. Hearing Aid adoption rate (1989-2008)
Age-wise break-up of Hearing loss population (2008)
Household Income-wise break-up of Hearing Aid Owners (2008)
Break-up of Hearing loss population by Metro Size in U.S. (2008)
Average age of New Hearing Aid Users (1989-2008)
Factors contributing to Shorter Product Lifecycle
Convergence of Hearing aids and Consumer Electronics
Global Hearing Aid Prices Trend (2000-2008)
Segmentation and adoption rate of hearing loss population
Projected hard-of-hearing persons in U.S. (2006-2015)
Per Capita World GDP (2003-2008)
Proportion of old age and children population (1950-2010E)
World Population (2000-2008)
World Hearing Aid Market Share (2008)
William Demant Revenue (2004-2008)
GN Resound revenue (2007-2008)
Sonova Revenue (2004-2008)
Widex Revenue (2007-2009)
Global Hearing Aid Market Forecast (2009F-2012F)
