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Summary and extracts
1 Market summary
1.1 Definition and presentation
Hearing aids are electronic devices designed to improve the hearing of those with hearing loss, that is, a reduction in hearing ability. These devices pick up sounds from the environment through a microphone, amplify them and transmit them directly to the user's ear, thus facilitating better understanding of speech and greater perception of environmental sounds. With technological advances, hearing aids have evolved considerably, becoming smaller, more discreet and functional.The components that are common to all models are:
- A microphone - collects sounds and converts them into electrical signals
- An amplifier - increases the volume of microphone signals and filters out irrelevant sounds
- A "Loudspeaker" - Converts electrical signals into acoustic signals
- A receiver - channels acoustic signals to the eardrum.
Different types of devices include:
- BTE (behind-the-ear): behind-the-ear hearing aids are placed behind the ear and channel sound into the ear canal through a thin, transparent tube connected to a custom-made earpiece.
- RIC (receiver-in-canal): RIC hearing aids use a thin plastic tube that extends from behind the ear into the ear canal. The distinguishing feature is that the receiver (speaker) is covered by a silicone dome, and its position inside the ear canal makes it almost invisible.
- ITE (in-the-ear): ITE hearing aids have the unique feature of placing the device completely inside the ear canal. Three different models are part of this category (ITC, IIC, CIC).
In 2023 the world market for hearing aids is estimated at 7.96 billion dollars. Sustained growth in the industry is expected in the near future. For the period 2024-2030 a compound annual growth rate (CAGR) of 6.78 percent under which the global market could reach a total value of 12.60 billion dollars.Regarding the volume of hearing aid sales, there is evidence of sustained growth between 2017 and 2022. During the period analyzed, the total number of devices sold increased from 15.05 million to 20.25 million, representing a growth of 34.6 percent. With the exception of 2020 (-17.2% compared to 2019), growth appears to be steady throughout the entire period.
1.2 The global and European market
In ****, the world market for hearing aids is estimated at $*.** billion. Sustained growth of the industry is expected in the near future. A compound annual growth rate (***) of *.**% is projected for the period ****-**** under which the world market could reach a total value of $**.** billion by the end of the ...
1.3 The Italian market
As for the Italian market, between **** and ****, the value of production sold of prosthetic objects and appliances (***). Value of production sold of prosthetic objects and appliances (***) Italy, ****-****, in millions of euros Istat As for household spending on the purchase of hearing aids, this again shows growth. Between **** and ****, total spending ...
1.4 Import - Export
in order to analyze the import-export of hearing aids, trade flows realtive to products under HS Code ****** "Hearing aids (***) are analyzed.
Between **** and ****, Italy's trade position related to hearing aid trade is that of a net importer. In fact, during the period analyzed, the coverage ratio, determined by the ratio of ...
1.5 The consequences of the Russian-Ukrainian conflict
the outbreak of the Russian-Ukrainian conflict in February **** led, among other things, to a general increase in price indexes. However, the sector related to medical devices is not particularly affected by the consequences of the conflict. Analyzing the consumer price index for hearing aids, there is an increase of just *.* points ...
2 Demand analysis
2.1 Overview of demand
There is a sustained growth in the rate of hearing aid adoption between **** and ****. During the period analyzed, the percentage of those with hearing impairment who use a hearing aid increased from **.* percent to **.* percent. The increase is also evident in relation to the total population: from *.*% in **** to *.*% in ****.
Prevalence ...
2.2 Demand drivers
In order to analyze the drivers of demand for hearing aids in Italy, the age distribution of users, the demographic forecast for the over-** population and the main sources of information used by users are considered.
Regarding the first aspect, there is a marked correlation between age and hearing aid use. ...
2.3 Geographical distribution of demand
In order to visualize the geographic distribution of demand for hearing aids in Italy, a map was created with the value of average annual household spending on hearing aids.
In ****, the center of the peninsula ranked at the top of the podium for the value of recorded spending. In this area, ...
3 Market structure
3.1 Market organization and dynamics
The structure of the hearing aid market in Italy mirrors the dynamics of the global market. In fact, about **% of the global market share is composed of independent players, generally organized around a few outlets or small chains. About ** percent is represented by retailers, including international players (***), and the remaining ** percent ...
3.2 The value chain
To develop an effective value chain in the hearing aid market, it is critical to understand the various stages that contribute to the creation and delivery of value to consumers. This industry, characterized by a strong emphasis on technological innovation and customer welfare, requires a detailed analysis of the stages of ...
3.3 Distribution: dominance of hearing aid stores
Business to Business
Production and manufacturing take place in another company, which at a later stage, once the product is complete, sells it to retailers. This methodology is common in the hearing aid value chain, as international manufacturers sell their production to wholesalers or retailers.
Business to Consumer
Production and manufacturing ...
4 Supply analysis
4.1 Three types of hearing aids
The components that are common to all models are:
A microphone-Collects sounds and converts them into electrical signals An amplifier - increases the volume of microphone signals and filters out irrelevant sounds A "Loudspeaker" - Converts electrical signals into acoustic signals A receiver - channels the acoustic signals to the ...
4.2 An in-depth look at the BTE and ITE models
About ITEs
ITEs fall into the larger category of CUSTOM hearing aids because of the unique and distinctive features they offer. They are generally connected to a remote control or wirelessly to an electronic device.
IIC (***) are the smallest and most discreet hearing aids available. IIC styles are as described-virtually invisible; ...
4.3 An average range of prices for different models
taking the consumer price index for hearing aids cited in Section *.* and expanding the period of analysis, it shows that between **** and ****, prices grew by an average of *.* percent. Therefore, unlike other medical and other assistive products, prices for hearing aids have seen a much smaller increase.
Consumer price index for ...
4.4 New supply trends: artificial intelligence and machine learning
The integration of artificial intelligence (***)
Machine learning (***)
In ****, the global market for AI-enabled integrated hearing aids reached a total value of $*.** billion. Sustained growth in the industry is expected in the near future. A compound annual growth rate (***) of * percent is estimated for the period ****-**** under which the market could ...
5 Rules and regulations
5.1 Regulatory framework for the hearing aid market
There are three relevant standards in the hearing aid market: Legislative Decree ***/**, EEC Directive **/**, and Legislative Decree ***/**.
The professional profile of the hearing aid practitioner is regulated by Ministerial Decree (***) ***/**. The article states, "The hearing aid specialist is the health care professional who, holding a qualifying university diploma, carries out his ...
5.2 Medical benefits
The ASL " Azienda Sanitaria Loc ale " - Local Health Authority - grants specific categories of patients full reimbursement for the provision of hearing aid. The categories eligible for these benefits are:
All minors, regardless of the degree of diagnosed hearing loss; All patients admitted to accredited health care facilities. In this ...
6 Positioning of actors
6.1 Segmentation
- Amplifon s.p.a
- Cochlear Italia s.r.l
- Maico s.r.l (Demant Italia s.r.l)
- Sonova (Sonova Audiological Care Italia s.r.l)
- Phonak Italia (Sonova Italia s.r.l)
- Bernafon (Demant Italia s.r.l)
- GN Hearing s.r.l
- Advanced Bionics Italia s.r.l
List of charts presented in this market study
- Hearing aid market
- Sales volume of hearing aids
- Total household spending on hearing aids
- Value of production sold of prosthetic objects and appliances (excluding dental and joint prostheses)
- Import - export of hearing aids (excluding spare parts and accessories)
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the hearing aid market | Italy
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