Global Hearing Aid Market Report -----------------------------------------------------

2013

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Executive Summary

A significant increase has been noted in the number of people suffering from hearing problems over the past couple of years. The companies operating in the healthcare and medical technology are setting high standards by producing hearing aids capable of addressing the complex medical needs of patients suffering from hearing loss with the help of technological advancements. This has helped the patients to lead a safer and happier life. Moreover, incessantly evolving surroundings and ever changing lifestyle have consistently boosted the growth of medical sector. The global hearing aid industry continues to witness volume growth.

People are said to suffer from hearing loss when they have diminished sensitivity to the sounds that are normally heard by others. In speech frequencies, certain people have relative insensitivity to sound. Such situation is termed as hearing impairment. The increase in volume above the usual sound levels necessary before the listeners can detect it determines the severity of hearing loss. There are three types of hearing loss: Conductive, Sensorineural and Mixed hearing loss. The hearing losses according to the severity are classified into four types: Mild, Moderate, Severe and Profound hearing loss.

The global hearing aid market is categorized by certain trends which are likely to affect the market. Low penetration rate and reimbursements of the hearing aids are the key trends providing sufficient opportunity for further growth. On the development front, advent of wireless, bluetooth and FM technology are few of the major innovations in this industry. The growth of this market is driven by growing ageing population, increase in demand of hearing aid devices and growing worldwide economy among others. However, the global hearing aid industry faces serious challenges in terms of social stigma and rise in price pressure.

The report on global hearing aid market contains a comprehensive analysis of the global hearing instruments industry along with the study of the regional markets including North America, US, APAC, EMEA, Germany and Korea. An intense competition is observed among few major players; Sonova, William Demant, Siemens, and GN ReSound; of the hearing aid industry. Moreover, competitive landscape in terms of geographical comparison, organic growth comparison, product portfolio comparison, along with company profiles of the leading players in the market is included in this report.

By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.

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Hearing is one of the traditional five senses, and refers to the ability to perceive sound by detecting vibrations through ear. Sound can be heard through any of three matters: solid, liquid, or gaseous.

• Recording a growth of … the global hearing instruments market reached US$.... billion in 2012, compared to US$.... billion in the previous year. The effect of more certain reimbursement backdrops in a large number of European countries is mainly reflected by the growth of hearing instruments industry in the year 2012.

• Over the past couple of years, the global hearing aid market has witnessed a consistent increase. In terms of unit, the global hearing aid market registered a growth of ….% to reach ..…. million units, compared to … million units in 2011. This growth can be attributed to rapidly evolving lifestyle, demographic changes, and increased penetration rates in emerging markets.

• In 2012, the US held the highest share of …% of the global hearing aid market, followed by the UK with a share of .…%. Germany represented a modest share of …%. France and Japan contributed an equal share of ….% each.

Region-Wise Percentage Distribution of Global Hearing Market –

By Volume (2012))Global Hearing Instruments Market by Volume (2007-2012)

Global Hearing Instruments Market by Value (2007-2012)

2007 2008 2009 2010 2011 2012

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The adoption rate of the hearing aids is greatly influenced by the reimbursements across the globe. Full or partially reimbursement for hearing aids is offered by the various countries.

• In case of age-wise segmentation, the age group of 55 to 64 years offers the maximum opportunity for the hearing aid market in the US. This is because the highest number of people with hearing loss in this age group does not use hearing aids.

• . In Korea, a steady growth has been observed in the hearing aid market over past few years. In 2012, the Korean hearing aid market displayed an incline of ….% to reach US$.... billion (KRW…. billion), compared to US$... billion (KRW …. billion) in the previous year. However, in terms of local currency, the same represented an impressive increase of ….%.

• The hearing aid market in Germany has been consistently growing over the past couple of years. Marking an incline of ….%, … million hearing aid devices were sold in Germany in 2012, compared to …. million units in the previous year. However, the same represented a remarkable increase of ….%, compared to sales …. million units during 2007.

Germany Hearing Aid Market by Volume (2007-2012)Korea Hearing Aid Market by Value (2007-2012E)

Owners vs. Non-Owners of Hearing Instruments in the US

2007 2008 2009 2010 2011 2012E

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Introduction of Quest Platform, Advent of Bluetooth and FM and development of hearing aids made for I-Phone users are some of the industrial developments in the hearing aid market.

• It is observed that the sale of hearing aid market segment is constant at US$... billion since 2010. However, the sale of the hearing implants segment grew at ….% to reach US$... billion in 2012, compared to US$... billion in the previous year

• . The highest market share by volume of …% was claimed by the cochlear implants, followed by bone anchored hearing aids and middle-ear hearing aids with shares of …% and …,respectively in 2012. In terms of sales, the percentage share of hearing aids segment declined to …% in 2012, compared to …% in 2011. On the other hand the percentage share of the hearing implants segment was noted to be …% in 2012,

• Cochlear was the leading player in cochlear implant market segment as of 2012. Cochlear held an impressive share of …% of the aforementioned market in 2012. Further, Med EI contributed modest share of …%, immediately followed by Sonova and Neurelec with shares of …% and ….% respectively.

Market Share of Cochlear Implants by Company (2012)Hearing Implants Market Share by Volume (2012)

Global Hearing Aids Vs Implants Sales (2007-2012)

Cochlear Implants Bone Anchored Hearing Aid

Middle-Ear Hearing Aid

2007 2008 2009 2010 2011 2012

Hearing Aids Hearing Implants

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Cochlear Med EI Sonova Neurelec

Rising incidence rate of hearing loss, growing population of people over 60 years of age, increasing public awareness and growing demand in emerging markets will provide a tailwind to hearing aid market.

By the end of 2013, it is expected that the market share of Sonova will increase by 1.8% points to reach 26%, compared to 24.2% in 2012. Siemens and Starkey are also expected to increase their market share by value to reach 17% and 11% by the end of 2013, compared to 13.3% and 10.3%, respectively, during the previous year. However, it is expected that the share of GN will be 12% at the end of 2013, down by 4.7% points, compared to 16.7% in the previous year.

In terms of product range, William Demant offers product under most hearing aid segments. Moreover, it is assumed that in the near future the companies which will offer the broadest product portfolio will be best positioned in the global marketplace. As of 2012, MEDEL is the only company that offers product in the middle-ear-implant segment. Among the top most companies, diagnostic equipments products are offered by William Demant and ReSound.

The global hearing aid market value is forecasted to represent an increase of 6%, to reach US$6.1 billion by the end of 2013, compared to US$5.8 million in 2012. The same is expected to grow at a CAGR of 3.24% during the period spanning 2007 to 2013. The market is forecasted to reach US$6.6 billion by 2016, thereby registering growth at a CAGR of 2.68% during the period spanning 2007 to 2016.

Note: Market attractiveness is inverse of penetration. Low penetration means high attractiveness and vice-versa

Sonova WDH Siemens GN Starkey Widex Others

Hearing Instruments Market Share - By Value (2013E)

2007 2008 2009 2010 2011 2012 2013F 2014F 2015F 2016F

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Global Hearing Instrument Market Value Forecast (2007-2016F)

Table of Contents

1. Overview

1.1 Introduction

1.1.1 Degree of Hearing Loss 1.1.2 Types of Hearing Loss

1.2 Hearing Aid Devices

1.2.1 Types of Hearing Aids

1.3 Industry Value Chain

2. Market Structure

2.1 Global Hearing Instruments Market-Market Value-Market Volume

2.2. Distribution Channels

2.3 Hearing Instruments Market by Region

2.3.1 North America-Market Volume-Growth Rate-US Overall Market-US VA Market -US Private Market-Penetration Rate

2.3.2 Asia-Pacific-Market Volume-Growth Rate-Korean Market Value-Korean Market Distribution Share

2.3.3 Germany -Market Volume-Distribution Share

List of Charts & Tables

List of Charts

Hearing Aid Industry Value ChainGlobal Hearing Instruments Market by Value (2007-2012) Global Hearing Instruments Market by Volume (2007-2012) Product Distribution Channel’s Share by Volume (2012) Region-Wise Percentage Distribution of Global Hearing Market – By Volume (2012) The US Hearing Instruments Market Volume Growth (Q110-Q313) The US VA Hearing Instruments Market - Quarterly Volume (Q110-Q313) The US Private Hearing Instruments Market - Quarterly Volume (Q110-Q313) Segment-Wise Percentage Distribution of the US Hearing Aid Market – By Volume (2012) Hearing Aid Penetration Rate in the US by Degree of Hearing Loss (2012) Owners vs. Non-Owners of Hearing Instruments in the US (2012) Korean Hearing Aid Market by Value (2007-2012E) Korean Hearing Aid Distribution Market (2012) German Hearing Aid Market by Volume (2007-2012) German Hearing Aid Distribution Market (2012) Global Hearing Instruments Market by Segment (2012) Global Hearing Aids Vs Implants Sales (2007-2012) Global Hearing Aids Vs Implants -Percentage Share (2007-2012) Hearing Implants Market Share by Volume (2012) Market Share of Cochlear Implants by Company (2012) Hearing Impaired Population Segmented by Grades of Hearing Loss (2012) Hearing Aid Penetration Rate by Region (2012) The US Hearing Aid Penetration Rate (2012) The US Paediatric Penetration Rate of CI in Profound Hearing Loss Segment (2010-2015F) The US Wireless VS Non-Wireless Hearing Instruments Market (Q113) Hearing Instruments Units – Channel Development (2012) Global Health Care Expenditure Per Capita (2008-2012E) Global Aging Population (Over 65) as a Percentage of Total Population (2008-2012) Increase in Incidence of Hearing Loss Population in the US (1989-2050) Cumulative Device Failures in the US – By Volume (2012) 

2.3.4 EMEA-Market Volume-Growth Rate

2.3.5 European Region-Market Volume by Country

2.4 Hearing Instrument Market by Segment-Hearing Aids Market-Hearing Implant Market

2.4.1 Cochlear Implants -Market Share-Unit Sales

3. Market Dynamics

3.1 Key Trends

3.1.1 Market Penetration of Hearing Aids3.1.2 Shift from Non-Wireless to Wireless Technology3.1.3 Effect of GDP on the Hearing Aid Market 3.1.4 Reimbursement Drives Adoption Rate 3.1.5 Distribution channels

3.2 Industry Developments

3.2.1 Introduction of Quest Platform 3.2.2 Advent of Bluetooth and FM Technology 3.2.3 Development of Hearing Aids Made for I-Phone Users

3.3 Growth Drivers

3.3.1 Rising Global Healthcare Expense3.3.2 Increasing Global Aging Population3.3.3 Increase in Hearing Loss Population 3.3.4 Increased Use of MP3 Players

3.4 Challenges

3.4.1 Increased Number of Cochlear Device Failure in the US3.4.2. Social Stigma 3.4.3 Rising Price Pressure

Drop-Out Rates in Germany (2012) Hearing Instruments Market Share - By Value (2012) Hearing Instruments Market Share - By Value (2013E) Hearing Aid Manufacturers - Geographical Comparison (2012) Hearing Aid Manufacturers - Therapeutic Comparison (2012) Hearing Aid Manufacturers – Inventory Management (2012) Sonova’s Revenue Share by Segment (2013) Sonova’s Revenues and Net Income (2008-2012) William Demant’s Revenue Share by Business Segments (2012) William Demant’s Revenues and Net Income (2008-2012) GN ReSound’s Revenue Share by Business Segments (2012) GN ReSound Revenues and EBITA (2008-2012) Siemens AG’s Revenue Share by Business Segments (2013) Siemens AG’s Revenues and Net Income (2008-2013) Global Hearing Instrument Market Value Forecast (2007-2016F) 

 

 

4. Competitive Landscape

4.1 Product Portfolio 4.2 Geographic Comparison4.3 Therapeutic Comparison 4.4 Organic Growth 4.5 Inventory Management4.6 Veteran Affairs Market (US)

5. Company Profile

5.1 Sonova Holding AG

5.1.1 Business Overview 5.1.2 Financial Overview 5.1.3 Business Strategies-Unremitting Focus on Innovation-Increased Penetration in the Global Marketplace

5.2 William Demant Holding Group

5.2.1 Business Overview 5.2.2 Financial Overview5.2.3 Business Strategies-Business Expansion through Acquisitions-Launch of Novel and Innovative Products

5.3 GN ReSound

5.3.1 Business Overview 5.3.2 Financial Overview 5.3.3 Business Strategies-Launch of SMART Program-Expanding Product Portfolio

5.4 Siemens AG

5.4.1 Business Overview5.4.2 Financial Overview 5.4.3 Business Strategies-Focus on R&D Activities-Global Expansion

  List of TablesNorth America’s Hearing Instruments Market by Volume (2007-2012) APAC’s Hearing Instruments Market by Volume (2007-2012) EMEA’s Hearing Instruments Market by Volume (2007-2012) European Hearing Aid Market by Volume (2008-2012) Market Share of Cochlear Implants by Volume (1H11-2H13E) Real GDP Growth by Region and Hearing Devices Sales Growth (2007-2012) Hearing Aid Reimbursements in Key CountriesHearing Healthcare Product Portfolio – By Companies (2012) Organic Hearing Aid Growth (2012-2013E) Market Share in the VA Hearing Aid Market (November 07 - October 13F) Dependent & Independent Variables (2007-2012) Correlation MatrixModel Summary – Coefficient of DeterminationRegression Coefficients Output

 

 

6. Market Outlook

6.1 Market Forecast 6.2 Forecast Methodology

6.2.1 Dependent and Independent Variables6.2.2 Correlation Analysis 6.2.3 Regression Analysis

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