LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global bone-anchored hearing aids market to grow at a CAGR of approximately 14% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global bone-anchored hearing aids market for 2016-2020. To calculate the market size, the report considers the revenue generated from sales of stand-alone bone-anchored hearing aids globally.
The bone-anchored hearing aids market is a niche segment of the global hearing aids market. The market is expected to witness double-digit growth in the coming years. Since 2007, the market for bone-anchored hearing aids is growing faster than the other hearing aid segments because of the product's ability to deliver quality sound in any situation. It also offers superior comfort and minimizes potential ear infections.
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Technavio healthcare and life sciences analysts highlight the following three factors that are contributing to the growth of the global bone-anchored hearing aids market:
- Increase in prevalence of hearing loss in children and older population
- Increasing product customization
- Increase in demand for aesthetic hearing aids
Increase in prevalence of hearing loss in children and older population
According to WHO, 360 million people are affected with hearing loss each year annually, which accounts for about 5.3% of the world’s population. Among this, around 330 million were adults (185 million males and 145 million females) and 30 million were children. The NIDCD reported that during the period 1997-2007, 2-3 of every 1,000 children born in the US, had a perceptible level of hearing loss in one or both ears.
Among the older population, about one-third of the world's population aged above 65 years have hearing loss, most of whom live in low and middle-income countries such as Africa and India. Congenital and acquired diseases such as maternal rubella, presbycusis (age-related hearing loss), meningitis, measles, and mumps can cause hearing loss in an individual. Chronic ear infection causes persistent discharge from the ear, which can lead to serious complications such as hearing loss. In addition, in some situations, meningitis or brain abscesses can also lead to hearing loss in people.
Increasing product customization
According to Barath Palada, a lead analyst at Technavio for medical devices research, “Most leading bone-anchored hearing aid manufacturers are customizing their products to attract more consumers and stay competitive in the market.” Several bone-anchored hearing implant vendors are addressing the needs of the older population by developing products that increase the quality of digital sound. Many individuals with hearing problems are expected to benefit from devices such as Ponto bone-anchored hearing system by Oticon Medical and bone-anchored hearing aid devices from Cochlear.
Furthermore, manufacturers are developing cosmetically appealing bone-anchored hearing aid devices, which target the younger population. For instance, Cochlear developed Baha 5 Sound Processor with colorful caps for headpiece and covers, which help individuals to experience clear and crisper sound. The customization of bone-anchored hearing aids with aesthetic appearance makes them easy to adopt. This increase in product customization is expected to further drive the growth of the bone-anchored hearing aids market.
Increase in demand for aesthetic hearing aids
An increase in the acceptance and demand of aesthetic hearing aids has propelled the growth of the global bone-anchored hearing aids market. People with hearing loss can select from the analog or digital hearing aids present in the market. Hearing aids that are cosmetic and invisible in appearance provide comfort and satisfaction to individuals.
In addition, advances in technology have led to better sound quality of the devices with higher frequencies and transmission of sound waves directly to the brain with the same hearing threshold frequency. “Cosmetic hearing aids, also known as canal hearing aids, are quite small and are available in different designs with special features,” says Barath.
Browse Related Reports:
- Global Cochlear Implants Market 2016-2020
- Global Hearing Aids Market 2016-2020
- Global Portable Medical Devices Market 2015-2019
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