Hearing aid devices were in their initial stages known as ‘Ear Horns’ or ‘Ear Trumpets’. The first electronic hearing aid device was produced in the year 1898 after the discovery of telephone. Soon there were various stages of innovations and progress in the hearing aid technology and by the ending years of the 20th century; the new age digital hearing devices were available in global markets.
Inputs from the WHO:
As per a record sourced by the World Health Organization (WHO) around 300 million of the global population is victim to light or severe hearing inabilities due to multiple reasons. The details further indicate that the already alarming number may well reach the 700 million mark by the end of 2015. These stats provide an adequate idea of how fast and profitable is the industry for hearing aid makers estimated to grow.
Audio logical market and its growth:
The Global Hearing Aid Industry is projected to grow to a whopping value of $8.6 billion by the end of 2018. The industry was limited to a value of $6.2 billion by the close of 2011 but the increase of the aged population around the globe and constant upsurge in cases of ailments related to hearing abilities stand as fueling factors for the speedy growth of the sector. These hearing devices also known as hearing aid instruments and is available in many types since their inception.
The digital quality hearing aid devices are the prominent ones that enjoy heavy demands worldwide. With overall technologies growing thick and fast; progress in hearing aid technology is evident. Besides the introduction of digital hearing devices, there are others like wireless hearing aid devices, Directional Microphones and the Telescopic which are flying off the racks globally. The sales chat for these devices as a whole has shown growing trends in the recent few years. According to figures; the years 2010, 2011, 2012 posted growth rates of 2.8%, 3.0% and 2.9% respectively.
Types of hearing aid devices:
Talking of different types of hearing aid devices; the Behind the Ear (BTE) devices with external receivers currently make up for a major share of 52.2% of the industry in the US alone. The European region represents the largest market on the globe; it is followed by the highly active US market. The industry is estimating a big chunk growth in the APAC regions and other less developed countries from the African continent.
Going by the market research related to the industry the Asia-Pacific region is a high potential market for the industry as they are likely to record a growth of 9% or even more to be named as the “fastest growing” market in near future. This part of the world includes more than half of the hearing impaired population. The study further indicates that the constant developments taking place in the hearing aid technology, increasing numbers of aging population, growing awareness of quality healthcare and increased levels of disposable incomes are prime reasons for the bundling growth of the industry.
Noted manufacturers facing the competition:
There are a set of renowned manufacturers who maintain the stiff competition in the industry. Embrace and Adicus are two leading makers of the devices followed by Siemens (SI) and Phonak.