The BRICS Hearing Aids, Hearing Implants and Hearing Diagnostic market has witnessed a substantial growth of 4.8 per cent in last few years and it is likely to register higher growth than expected. This could be attributed to the continuous innovation and technological advancements in the designs of hearing aids and implants, resulting in improved acceptability among patients. Further, the emerging economies of BRICS, with constantly improving healthcare infrastructure, growing population, rapid urbanization and unmet medical needs, offer a huge, untapped growth potential and lucrative market opportunities.
China and India account for around 36.8 per cent of the world's population and collectively housing nearly 31.3 per cent of the world's elderly population, and have consequently become a home for a large hearing-impaired patient base. With growing economies and rapid urbanization, BRICS represents a high-potential market after the US for hearing aids devices.
The BRICS comprises emerging economies which account for one-fifth of world GDP. The BRICS market is primarily driven by factors such as significant aging population, increasing awareness, improved diagnosis rates and rising affordability. While, the BRICS market relies on imports from foreign firms, the introduction of advancements such as wireless devices and features such as Bluetooth as well as aesthetic designs have brought in a transition towards more refined devices in the market. On the other hand, high cost of these devices and limited reimbursement remain to be key restraints curtailing the market.
In order to overcome pricing pressure, companies are continuously introducing new designs and technologies which have helped sustain the overall growth of the market. Further better patient compliance rendered by these products, evolution of digital technology, cosmetically attractive designs of devices which are not visible outwardly and enhanced connectivity has augmented the acceptability and usage of hearing devices. Hence, the potential of conversion to binaural devices and replacement of existing ones with the help of new technology are likely to drive the growth of the hearing aids market.
The key players dominating the hearing aids space are Envoy Medical Corporation, GN ReSound A/S, Istok-Audio, Siemens Healthcare (SIE:XETRA), Sonova Holding AG (SIX), Starkey Hearing Technologies, Inc., RION Co., Ltd (TSE:6823), Widex A/S and William Demant Holding A/S (WDH.F).
'BRICS Hearing Aids, Implants and Diagnostic Market Through 2020', a strategic market report published by ABMRG recently, analyzes the hearing aids, implants and diagnostics market for the entire BRICS region (Brazil, Russia, India, China, and South Africa). It reviews historical trends and forecasts (for the period from 2007 to 2020), annualized trends for sales in terms of value and volume, market growth, pricing (Average Selling Price or ASP), competitive landscape and market share. It outlines the hearing aids and implants pipeline products and highlights findings of global clinical studies. It offers a cross-category comparison for the historical and forecast period. It also lists developments in the global industry over the last two years, including M&As, partnerships, clinical studies, pipelines, product approvals and launches, recalls and litigations, market dynamics, market drivers and restrains.
Why one should buy this report
The report can be instrumental in making strategic decisions pertaining to:
- Launch of competitive hearing aids and implants products in the BRICS region.
- Capital investments based on the forecast for high potential hearing aid, hearing implants and hearing diagnostic segments.
- Capitalization of opportunities in high-growth geographies and attractive hearing aids and hearing implants markets.
- Identification of in-licensing and out-licensing opportunities, and recognizing potential business partners and M&A targets within the hearing aids market.
- Procurement of raw material and inventory well in advance for the hearing equipment companies.
- Preparation of management and strategic presentations for the investors and shareholders.
- Managerial presentations to the management.