LONDON--(EON: Enhanced Online News)--According to the latest market study released by Technavio, the global hearing aids market is expected to grow at a CAGR of more than 5% during the forecast period.
“Hospitals have teams of specialized audiologists who examine the individuals with hearing disabilities before prescribing them with hearing aids. Many hospitals around the globe have strategic partnerships with hearing aid clinics and institutions to better diagnose and prescribe aids and implants”
This research report titled ‘Global Hearing Aids Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Hearing loss refers to the inability to hear any frequency greater than 25 dB in adults and a frequency greater than 15 dB in children. Hearing impairment is the one of the leading causes of disability worldwide. About one-third of the people over the age of 65 years suffers from hearing related problems. Hearing and hearing related problems can be treated with the use of hearing aids or hearing implants.
The main factors resulting in hearing problems are genetics, noise, trauma, aging, and viral or bacterial infections. These factors have resulted in rising incidences of hearing loss. Health surveys have reported that more than 10% of the European population suffers from hearing impairment. Developing nations, such as India and China, have recorded higher incidence cases for hearing loss. There is an increasing number of the young adult population with hearing problems due to high exposure to loud noises. All these factors create a huge potential for the hearing aids market.
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Based on end-user, the report categorizes the global hearing aids market into the following segments:
“Hospitals have teams of specialized audiologists who examine the individuals with hearing disabilities before prescribing them with hearing aids. Many hospitals around the globe have strategic partnerships with hearing aid clinics and institutions to better diagnose and prescribe aids and implants,” says Srinivas Shashi, one of the lead market analysts at Technavio for medical devices research.
Hospitals providing hearing aid services are the key end-users that mainly drive the market for hearing aid devices. Both public and private sector hospitals are involved in providing devices like cochlear implants to the patients. Hospitals with ear, nose, and throat (ENT) departments have been engaged in providing these services. The patient pool is dependent on the hospitals for most of the hearing aid services as some of these hospitals funded by government organizations. The funding can be utilized by these hospitals to provide subsidies on procedure cost or device procurement cost, which will encourage more people to come forward.
Many patients prefer the comfortable ambience of clinics to the sterilized, impersonal hospital ambience. Clinics provide independent services to patients in a more personal setting. In many countries, clinics have working collaborations with insurance companies much like hospitals to provide medical coverage for hearing aids and implant costs. The high procedure cost and inadequate reimbursement policies have been creating a bottleneck for this particular end-user segment. Despite this, there have been an increasing number of investments from both domestic and foreign players to improve facilities in private clinics. Hearing clinics include specialized hearing aid centers in the Americas. In APAC, there are language, speech, and therapy centers.
“Hearing aid devices can directly be sold to individuals through health insurance providers and clinics in cases where there is no requirement of surgery for the implantation of device. The number of patient visits to physicians' offices against hospitals is steadily increasing. This has led prominent and established hospitals to implement business models that involve collaboration with physicians' offices,” says Srinivas.
These business models usually involve converting the physician’s clinic into a hospital-based provider. Hospitals receive less reimbursement compared with physicians' offices. The conversion of physicians' offices into out-patient departments for hospitals as a part of their out-patient ambulatory, with a similar payment classification structure has increased the bill amount for technical fees.
The top vendors highlighted by Technavio’s research analysts in this report are:
- William Demant
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