Jan 19, 2018   SOURCE: BusinessWire

Top 3 Drivers in the Global Hearing Aid Batteries Market | Technavio

Technavio market research analysts forecast the global hearing aid batteries market to grow at a CAGR of close to 6% during the forecast period, according to their latest report.

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Technavio has published a new market research report on the global hearing aid batteries market 2018 ...

Technavio has published a new market research report on the global hearing aid batteries market 2018-2022 under their energy library. (Graphic: Business Wire)

The report segments the global hearing aid batteries market by battery type (primary battery and secondary battery) and by geography (the Americas, APAC, and EMEA). The report also presents a detailed analysis of the market, covering sections such as trends, challenges, competitive analysis, market share, size, and many more.

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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global hearing aid batteries market:

  • Increasing commonness of hearing loss
  • Increase in online sales of hearing aid devices
  • Developments in hearing aids and its battery technology

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Increasing commonness of hearing loss

As the world population is increasing, the number of people with disabilities are also increasing simultaneously. Infectious diseases, complications at birth, complications due to misuse of drugs, chronic ear infections, exposure to excessive noise, and aging are some of the causes of hearing loss. Hearing loss can distress one or both the ears, which leads to difficulty in hearing normal conversations or loud sounds. People affected by mild or moderate hearing loss are more likely to use hearing aids.

According to a senior analyst at Technavio for energy storage research, “The increase in the prevalence of hearing loss and the rising elderly population is expected to drive the market for hearing aids, which will, in turn, increase the demand for batteries in the devices.”

Increase in online sales of hearing aid devices

The rising trend of online shopping has put pressure on manufacturers and sellers to cater to the growing demand for hearing aid and batteries. Most of the consumers prefer to buy hearing aids online as they are priced much lower than their retail price, and they come with newer technology. The hassle of going to an audiologist for placing the order for hearing aids is also eliminated. Along with this, the batteries offered in such hearing aid devices are priced much lower than the ones found in retail stores. The online sales for hearing aid devices are increasing as they are easily procured, and product delivery is much faster. Hence, online sale of hearing aid devices is expected to increase the demand for hearing aid batteries during the forecast period.

Developments in hearing aids and its battery technology

The growth in the hearing aid market has been significant with the introduction of rechargeable batteries and its charge retention features. For instance, companies such as Sivantos, Signia solutions, and Phonak have developed rechargeable batteries using Li-ion technology, which is resulting in the growth of the market.

Some of the characteristics of researchable batteries are environment friendly, comfortable and easy to use, cost-effective, and convenient. Technological advances in the hearing aid devices and battery technology will drive growth in the market significantly, leading to considerable demand from consumers.

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