The Hearing Aid Devices Market is Forecast to Reach $10 billion by 2017, The report provides market landscape, competitive landscape .
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The global market for hearing aid devices was valued at $6.6 billion in 2010, and is forecast to grow at a Compound Annual Growth Rate (CAGR) of 6% to reach $10 billion in 2017. The market is expected to be driven by the rapid increase in the elderly population, increase in the prevalence of acquired hearing loss among people, technological innovations in the hearing aid devices, government initiatives, and increase in the usage of binaural hearing aids.
The US Remains the Largest Hearing Aid Devices Market, Driven by Digital
Hearing Aids and Mass Marketing
The US hearing aid devices market was valued at $2.3 billion in 2010, and is expected to reach $3.5 billion in 2017, growing at a CAGR of 5.9% from 2010 to 2017. The US market remains the largest hearing aid devices market. The market is expected to be driven by the rapidly growing digital signal processing hearing aids, and a trend of mass marketing in the US.
In the US, there is a dramatic shift from hearing aid dispensers to mass marketers. It is expected that the traditional channels will lose market share to mass market channels. Mass marketing will bring down prices of hearing aids and this will result in greater availability of hearing aids and more choices for the patients.
Digital signal processing hearing aids are forecast to be the fastest growing segment in the hearing aid devices market. The global market for digital signal processing hearing aids was valued at $6.5 billion in 2010, and is forecast to grow at a CAGR of 6.2% to reach $9.9 billion in 2017.
Digital hearing aids offer some tangible benefits over analog hearing aids. Digital hearing instruments are able to create advanced signal processing schemes that analog instruments cannot. Additionally, digital instruments can perform multiple sound processing and management tasks efficiently and simultaneously. Digital technology allows the instrument to determine when feedback is going to occur and then virtually cancels it out so that it is not audible.
Digital technology gives patients the capability of determining which signals are most speech-like and which sounds are most likely noise. Once a hearing aid determines differences related to speech and noise characteristics, the patient can program the aid to essentially amplify the speech-like noises, whilen trying to reduce the background noises.
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In 2010, William Demant Holding A/S, Sonova Holding AG, Widex A/S, Siemens Healthcare and Starkey Laboratories, Inc. were the top five players in the hearing aid devices market, with more than 60% share. William Demant Holding A/S was the top player, with 14.4% market share. Its leading position can be attributed to technology advancements, efficient use of resources, wide geographical presence and its supplies to the US and UK government agencies.
Sonova Holding is the second largest player, with 14.1% share. Its strong position in the market can be attributed to its strong organic growth of 18.4% in the last financial year (2009-2010), strategic
Hearing Aid Devices Market Faces High Entry Barriers
Most of the technologically advanced and innovative products in the hearing aid devices market are developed by the small players. These small companies have novel and superior products in their pipeline, but they do not have enough resources to take these products to the commercialization stage. If these products reach the market at all then the companies do not have extensive distribution channels to make their products available globally. The big companies on the other hand acquire these small players, with potent pipelines and products, to stay competent in the market. This has led to a consolidation trend in the market. Due to consolidation,
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