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MARKET SUMMARY

1.1 Definition and presentation

A hearing aid is a medical device intended to correct a hearing defect.

The hearing aid market can be divided into two macro categories:

  • STANDARDs: Behind-the-ear (BTE) and Receiver-in-the-canal (RIC)
  • CUSTOM : In-The-Ear (ITE), Completely-in-Canal (CIC) and Invisible-in-Canal (IIC)

Historically, the first modern hearing aid appeared in the early 20th century with Sonotone's invention of the first earpiece in 1929. Hearing aids then became increasingly portable and discrete over the century, with the use of increasingly smaller and more efficient microprocessors since the late 1990s.

The hearing aid market is expected to benefit from a series of demographic and social transformations affecting global society. Specifically, in the context of Portugal, a progressively aging population, increasing awareness of preventive medicine, and technological innovations are projected to impact the hearing aid market.

1.2 Rapid growth of the global market

Ventes d'appareils auditifs Monde, ****-****, billions USD Source: ****

The global hearing aids market was valued at $*.** billion in **** and is projected to grow to $**.** billion by the end of ****. This equates to a CAGR of *.*%. Among the main drivers of this increase is an aging population. After all, the elderly are ...

1.3 The Portuguese case

Estimated size

According to **** estimates, the Portuguese market value sales for hearing aids was around €** million, growing by about *.*% compared to **** and about **% compared to ****.

Hearing aid sales Portugal, ****-****, millions of euros Source: ****

Estimates also indicate that about **,*** hearing aids were sold in ****, resulting in an average price of €*,*** per ...

1.4 International Trade

UN Comtrade provides information on the exchange of goods or services between countries in terms of value and volume. The following data is based on code ******, labeled "hearing aids excluding parts and accessories".

Hearing aid trade Portugal, ****-****, in millions USD and in % Source: ****

With the information on the UN Comtrade, ...

DEMAND ANALYSIS

2.1 Demand Overview and Drivers

Low penetration rates

Compared to the European average, hearing aid penetration in Portugal is still quite low, showing that most people with hearing needs are not solving their hearing problem. [***]

Other international studies have already shown that only **% of people who need to use hearing aids actually do so effectively. This ...

MARKET STRUCTURE

3.1 Market organization and dynamics

The structure of the hearing aid market in Portugal does not (***) and the remaining **% is held by national chains. [***]

Instead, in Portugal, the recent history of mergers and acquisitions resulted in a structural transformation that concentrated about **% of the market in four major chains: Minisom/Amplifon/GAES, Acústica Médica, ...

3.2 A highly international production

The production of hearing aids is not only a national issue, but also an international one. Competition is strong among hearing aid manufacturers. There are seven international players in the hearing aid production industry that hold ** percent of the total European market. These companies are members of EHIMA - the European ...

3.3 Distribution

In general, two categories of professionals can dispense hearing aids: audiologists and hearing aid dispensers. The former requires a four-year degree, and the latter requires high school graduation and a six-month technical training program. Consumers usually buy hearing aids from hospitals or retail clinics in department stores ranging from small private ...

3.4 Expected Impact of Covid-19

Social distancing and other measures imposed in Portugal and other countries have a severe impact on the hearing-related healthcare market. This includes independent hearing care professionals to larger players and component suppliers.

In addition to this supply shock, the virus has also had an impact on potential demand. This is because ...

SUPPLY ANALYSIS

4.1 A more concentrated supply structure

As previously mentioned, the hearing aid market in Portugal is characterized by the recent series of acquisitions, first of Minison being acquired by Amplifon in early ****, and then, the same Amplifon also buying GAES in ****. As a consequence, Amplifon has become the leading player in the retail marketing of hearing aids ...

4.2 Three types of hearing aids

The components that are common to all models are:

A microphone - Captures sounds and converts them into electrical signals An amplifier - Increases the volume of the microphone signals and filters out irrelevant sounds A speaker - Converts electrical signals into acoustic signals A receiver - Channels acoustic signals to ...

4.3 An average price range for the different models

The number of hearing aid types undoubtedly reflects a number of different price points. Price differences do not necessarily increase between the three different typologies, since the most impacting factors increase or decrease the price mainly with regard to the features, competencies, and additional components of the hearing aids themselves.

Price ...

RULES AND REGULATIONS

5.1 Regulatory framework for the hearing aid market

Decree-Law No.***/**** transposed the European directive ****/**/EC into Portuguese law. It establishes the rules regarding research, manufacturing, marketing, commissioning, surveillance and advertising of medical devices and their accessories. In other words, it is about the commercial exchange of hearing aids, which are regulated as medical devices.

It is stated that medical ...

5.2 Hearing aid subsidies

Public subsidies for hearing aids are provided by the National Health Service. However, these are exclusively for children under the age of **. If a child or young person is diagnosed with a hearing impairment, there is no fixed limit to the amount of help that individual can receive. In addition, children ...

POSITIONING OF THE ACTORS

6.1 Companies

  • Minisom
  • GAES
  • Amplifon
  • Widex
  • Acústica Médica (Demant group)
  • Audição Activa

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Reviews (1)

The hearing aid market - France

Publicado en 30/04/2022 by Alexis Leblanc - Natixis Partners

Very good value for money, basic information is clear, big time saver in terms of research!