Analysis of consumer behavior by country, analysis of purchasing habits, demographics, trend analysis, survey results and results, leading companies and their market strategies


NEW YORK, July 8, 2020 / PRNewswire / –

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The report also provides information on the marketing strategies and actions taken by companies to maintain their position in the local and global market. The study also provides information on the factors affecting purchasing decisions, consumer preferences, and demographic factors favoring the product growth of the global hearing aids market.

Hearing loss is one of the major health problems in the world. Hearing loss problems are more common in low and middle income countries. A person who cannot hear and a person with normal hearing are both considered to have hearing loss. Hearing loss greater than 40 dB in the best ear in adults and hearing loss greater than 30 dB in the better ear in children is considered disabling hearing loss. Hearing loss is classified into mild, moderate, severe or profound depending on its intensity. People with mild to severe hearing loss can usually communicate through spoken language and benefit from hearing aids. Hearing aids are small electronic devices primarily used to improve hearing and speech understanding in people with sensorineural hearing loss. There are different types of hearing aids available in the market, such as behind the ear (BTE), in-ear (ITE), in-ear receiver (RIE). A hearing aid can improve the lives of people with hearing loss to higher levels.

Growth of Geriatric Population Increases Growth of Global Hearing Aid Market
According to the report, the global hearing aids market was valued at $ 8.06 billion in 2019 and it is expected to grow with a CAGR of 6.6% during the forecast period 2020-2026. The major driver of the global hearing aid market is the increase in the number of elderly people with hearing loss. The population aged over 65 and over is mainly affected by hearing loss and is the main consumer of sleep aid products. In addition, the increasing adoption of hearing aids by people with hearing loss is increasing the demand for them. In addition, the growing awareness of technological advancements in hearing aids is further boosting the growth of the global hearing aids market.

The survey found that the majority of people around the world seek medical advice before using over-the-counter hearing aids. Many people with hearing loss, especially young adults, are concerned about their social acceptance and are ready to improve their lives. These people often tend to see doctors or physicians for professional advice and for treatment of hearing loss. In addition, doctors are expert professionals in the field of health, and they can suggest a suitable solution for hearing loss more than anyone. This, in turn, encourages people to consult a doctor before purchasing and using any type of hearing aid.

Figure 1 Influence on the decision to purchase hearing aids in the United States

United States, China, and Germany among the best markets for hearing aids
According to the findings of the report, United States and China with the countries of Europe are the main markets for hearing aids. Europe and North America together account for over 63% of total hearing aid sales worldwide. The United States is the leading country in terms of sales in the global hearing aid market, followed by China and Germany. The increased awareness of hearing aids and the growth of the geriatric population are the main driving forces behind the sales of hearing aids in Western countries. Moreover, a larger portion of the population suffering from hearing loss and the availability of various products in the market are the major factors contributing to the growth of the Chinese hearing aid market. On the other hand, the sale of hearing aids in developing countries such as India should grow rapidly. Factors such as the growing awareness of hearing aids and the number of government initiatives to improve public health care are significantly influencing the sale of hearing aids in developing countries.

Figure 2 Major Countries of the Global Hearing Aid Market in 2019 (% Revenue Share)

North America Has Generated the Highest Income from Hearing Aids
According to geographic regions, North America generated the highest turnover in the global hearing aid market. The growing geriatric population with hearing loss is the primary driver of the North American hearing aid market. The elderly population is predominantly affected by hearing loss problems and is the main group of hearing aid consumers. In addition, increased awareness of hearing aids and technological advancements in devices is also supporting the market growth of North America. In addition, the Asia Pacific region is expected to grow with the fastest rate due to the growing awareness of hearing loss and its treatment. Improving the health sector in developing countries in the Asia Pacific provides favorable business opportunities for major players in the hearing aid market.

Research methodology

Primary research
Our main research involves in-depth interviews and analysis of the opinions provided by key informants. Primary research begins with the identification and approach of the main respondents, the main respondents are approached by
• The main associated opinion leaders
• Internal and external experts in the field
• Professionals and participants from LinkedIn, Hoovers, Factiva and Bloggers
• Our primary research respondents generally include
• Executives working with leading companies in the market under study
• Product / brand / marketing managers
• CXO level executives
• Regional / zonal / country managers
• Vice-president level executives.

Primary research methods
• Computer Assisted Telephone Interview (CATI)
• Computer-assisted personal interview (CAPI)
• Computer Assisted Web Interview (CAWI)
• Questionnaires / Surveys

Secondary research
Secondary research involves an in-depth exploration of secondary sources of information available both in the public domain and in paid sources. Each research study is based on over 500 hours of secondary research accompanied by primary research. The information obtained via secondary sources is validated by cross-checking on different data sources. Secondary sources of data generally include
• Company reports and publications
• Governmental / institutional publications
• Professional and association journals
• Databases such as the WTO (World Trade Organization), OECD (Organization for Economic Co-operation and Development), Hoovers, Factiva and the World Bank, among others.
• Research agency websites and publications

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