Hearing loss is a major public health issue and is the third utmost common physical complaint after heart disease and arthritis. Hearing loss can be genetic in nature or it may be caused by factors such as ageing, trauma, birth-related complications, exposure to excessive noise and infection. Depending on the cause, the degree of hearing loss can be mild, moderate, severe or profound. Most of the cases with mild hearing loss can be treated by taking primary prevention like use of ear plugs or noise blocking earmuffs, whenever required. However, for severe or profound hearing loss, hearing aids, hearing implants or combined electric and acoustic devices are used. In September 2016, FDA has approved MED-EL Electric and Acoustic hearing system implant; which is expected to gain highest market share in the forecast period of 2016-2024. Electric and acoustic hearing system utilizes cochlear implant and acoustic amplification technology, and is used in patients with mild to severe hearing loss. In Electric and acoustic hearing hybrid system, a cochlear electrode array is implanted into cochlea and is coupled with a hearing aid, which transmits low-frequency information to user via acoustic stimulation. According to WHO, there are over 360 Mn people suffering from hearing loss, of which 328 Mn are adults and 32 Mn are children. Increasing consumer awareness about hearing impairment and availability of various types of advanced hearing aids are some of the factors expected to drive growth of the global electric and acoustic system market over the forecast period.
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Increasing incidence of hearing loss, expanding global geriatric population and rising consumer awareness regarding hearing aids are some of the factors expected to drive growth of the global electric and acoustic hearing system market over the forecast period. According to WHO, it is estimated that by 2025, there will be over 1.2 billion people above 60 years of age. Increasing adoption of digital hearing technology and demand for aesthetically appealing hearing aids is expected to fuel growth of the global electric and acoustic hearing system market over the forecast period. However, high product cost is the only factor that could hamper growth of the market.
EAS hearing system devices are sold through specialized hearing-aid clinics, bigbox retailers, company-owned stores, government agencies and hospitals. The trade margin for EAS devices is high, which increases market profitability for the manufacturers. Hospital segment is expected to account for major market share in the global electric and acoustic hearing system market.
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On the basis of region, the global electric and acoustic hearing system market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Europe dominates the electric and acoustic hearing system market, followed by North America. Europe accounts for highest market share of the electric and acoustic hearing system market, as majority of the key players are located in this region. Growth of the electric and acoustic hearing system market in North America is driven by factors such as increasing aging population, high prevalence of hearing loss and technological advancements. According to the Hearing Loss Association of America (HLAA), about 20% of Americans, 50 Mn, report some degree of hearing loss. Also, at age of 65, one out of three people is suffering from hearing loss.
The global electric and acoustic hearing system market in Asia Pacific is expected to grow significantly during the forecast period. The rising investments in healthcare infrastructure and development of digital and new technology are some of the factors driving growth of the market in this region. Asia Pacific market is expected to account for largest market share by 2026, due to robust distribution network and increasing prevalence of hearing loss, especially in the geriatric population.
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Some of the key players in the global electric and acoustic hearing system market include MED-EL, Cochlear Ltd., Beltone and Sonova.
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