The Western European hearing aids market is expected to grow at a compound annual growth rate (CAGR) of 4.8 per cent from 2010 to 2017. The expanding ageing population and growing prevalence of hearing loss has amplified market potential. Greater involvement of manufacturers in retail sales and widening product portfolios will further enhance the growth of market participants in the hearing aids industry. The advent of Bluetooth technology has witnessed an overwhelming response from hearing aid manufacturers, who have been avidly incorporating this product innovation.
New analysis from Frost & Sullivan (medicaldevices.frost.com), Western European Hearing Aids Market, finds that the market earned revenues of $2304.5 million in 2010 and estimates this to reach $3222.1 million in 2017.
"Every major manufacturer has some form of wireless product or product line," says Frost & Sullivan Senior Research Analyst Beulah Devadason. "Wireless communication between hearing aids and other personal media as well as between binaural hearing aids has been a boon to hearing aid users, with a slew of product options that provide superior performance and functionality levels."
Further improvements in wireless technology applications in the field of hearing aids will drive market growth with more non-users adopting hearing aids than ever before.
Although the prospects for the market look upbeat, there are some challenges clouding its landscape. Market consolidation is a major factor restraining its momentum. The period from 1996 to 2006 witnessed massive consolidation in the hearing aids market. Starkey, GN ReSound, Willam Demant Holding, Sonova Holding and Siemens emerged as the top five companies with various brands and subsidiaries under their brand name. GN ReSound was to be acquired by Sonova in 2006. However, the German Federal Cartel office prohibited the acquisition in 2007, which was later overruled by the German Supreme court in 2010.
Although consolidation in the hearing aid industry has occurred at wholesale and retail levels, large-scale consolidation is not an option post the rejection of Sonova's acquisition of GN ReSound by German competition authorities.
"Confronted with this scenario, manufacturers must focus on product innovation and best price-performance offerings to expand their market share," concludes Devadason. "Forward integration and product diversification through strategic acquisitions to satisfy evolving client requirements will ensure strong traction for participants in the competitive hearing aids market."
If you are interested in more information on this study, please send an email to Janique Morvan, Corporate Communications, at janique.morvan[.]frost.com with your contact details.
Western European Hearing Aids Market is part of the Medical Devices Growth Partnership Service program, which also includes research in the following markets: Medical Device Industry: "Recovering from Recession. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best-practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages 50 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 40 offices on six continents.
Western European Hearing Aids Market / M716