global hearing aid market report: 2015 edition - new reports by koncept analytics
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Global Hearing Aid Market Report -----------------------------------------
2015
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Executive SummaryHearing aid is a small electronic device that is placed around or inside the ear for amplification and modification of sound in order to enhance the hearing and speech comprehension of people. It is considered one of the most popular treatments of hearing loss. Hearing aid styles are classified into four types: Behind-the-Ear (BTE), In-the-Ear (ITE), In-the-Canal (ITC) and Completely-in-the-Canal (CIC), and Invisible-in-Canal (IIC).
As per the global hearing aid market report, the hearing healthcare market in the world is mainly divided into three segments: Hearing Aids, Hearing Implants and Hearing Diagnostics. The global wholesale hearing aid market volume reported faster growth when compared to historical growth trend, primarily driven by favorable reimbursement changes in Germany with the effect from November, 2013. The US is the largest hearing aid market, still having plenty of scope for volume growth like other countries, Germany, the UK, Japan, and Australia among others. The hearing implants are segmented into three categories: cochlear implants, direct acoustical cochlear stimulation implants and bone-anchored hearing implants.
The key factors which are anticipated to drive market growth include promising demographic development, increasing global GDP, increasing global healthcare expenditure among others. Some of the noteworthy industry trends include RIC/RITE showing remarkable growth, distribution strategies as a means of competition and leading players entering into related business segments. However, the industry remains threatened by certain challenges which include potential threat from new entrants, pricing pressure and changed market dynamics in the US among others.
The report provides a comprehensive study of global hearing aid market and its segments in addition with major regional markets. The competition in the global hearing aid market is highly intense among very few large players like Sonova Holding AG, GN ReSound and William Demant. All these companies have been profiled in the present report highlighting their key financials and business strategies for growth.
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.
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In terms of value, Germany accounts for the second largest hearing aid market share.
Within the global hearing healthcare market, the hearing aid segment accounts for ..% share followed by hearing implant segment with ..% of market share, while hearing diagnostics accounts for the remaining ..% share as of 2014.
The global wholesale hearing aid market volume stood at .. million units in 2014, an increase of …% from … million units in 2013. The reported growth is faster than the historical growth trend.
The retail market comprises various retail channels, from the traditional ‘mom & pop’ independent retail stores around the corner, to big box retailers, optical chains, online retailers, etc. The wholesale hearing aid market value is US$... billion in 2014, growing at a CAGR of …% from 2002 to 2014.
Global Wholesale Hearing Aid Market Volume (2005-2019E)
Global Hearing Healthcare Market Value Share by Segment (2014)
Global Wholesale & Retail Hearing Aid Market Value (2002-2014)
Latin America, Middle East, China and India have very low cochlear implant penetration rate.
The average selling price (ASP) of hearing aid units declined by ..% in 2014 to US$..., largely due to altered market dynamics in the US, a new reimbursement system in Germany and strengthened competition. However, the global ASP development declined to ..% in 2014, down by ..% from 2013.
The global wholesale value of hearing implant market is estimated to be around US$.. billion in 2014, an increase of ..% versus prior year.
In 2014, around .. million units of hearing aids were sold through VA in the US, while … million units of hearing aids were sold through the private sector. The respective share of unit sales through both segments continues to increase along with improving economic conditions.
Global Wholesale Hearing Implant Market Value (2003-2015E)
Average Selling Price of Hearing Aids – Retail and Global (2005-2014)
The US VA and Private Sector Hearing Aid Units (2007-2014)
The retail market comprises various retail channels, like traditional mom & pop independent retail stores big box retailers, optical chains, online retailers, etc.
Out of four hearing aid styles, Behind-the-ear (BTE) style hearing aids continue to dominate the market in 2014 making up …% of all dispensed hearing aid units. Receiver in-the-canal and receiver-in-the-ear (RIC/RITE) style hearing aids make up …% of all hearing aid sales, an increase of ..% from ..% in 2013.
In the US, the VA and Costco together account for ..% of market volume with VA making up ..% of the market in 2014. However, the market is still largely captured by independent retailer/buying groups accounting for ..% of market by volume and ..% of market by value.
The global wholesale hearing aid market is dominated by six players accounting for ..% of total unit sales in 2014. Sivantos is the third largest company with an ..% share behind Sonova with ..% and William Demant with ..% market share.
The US Hearing Aid Market Volume by Distribution Channel (2014)
The US Hearing Aid Market Volume Share by Aid Types (2009/2014)
Global Wholesale Hearing Aid Market Value Share by Company (2014)
Large hearing aid retailers like Amplifon & Connect Hearing are expected to consolidate the market.
• The hearing aid market has factually been growing at a steady and relatively robust rate driven by the demographic developments and higher frequency of hearing impairment in the population. A unit growth of ..% is expected in hearing aid market worldwide, which will however be dented by a decline in the market’s average selling price (ASP) due to continued distribution channel mix changes and cut-throat competition. In terms of value, the market is expected to be positive in 2015.
• The wholesale hearing aid market value is forecasted to reach US$... billion in 2015, depicting an increase of nearly ..% from US$... billion in 2014. The wholesale value of global hearing market is forecasted to reach to US$... billion by 2018, growing at a CAGR of …% from 2014 to 2018.
• The Department of Veterans Affairs (VA) in the US, one of the largest distributors of hearing aids, has awarded contracts to purchase products from the US divisions of all six of the world’s largest hearing aid manufacturers effective November 1, 2014. Although the contracts with GN ReSound, Oticon Inc., Phonak LLC, Siemens Hearing Instruments, Starkey Hearing Technologies, and Widex USA, are legitimate for only a 1-year base period, they include an option sanctioning the VA to renew them for four additional 1-year periods.
Global Wholesale Hearing Aid Market Value Forecast (2013-2018F)
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