Sonova, William Demant Lead European Hearing Aid Market due to Premium Product Innovations
September 23, 2016 (PRLEAP.COM) Health NewsSeptember 23, 2016 - Vancouver, BC – According to a new series of reports on the European hearing device market by iData Research (https://www.idataresearch.com), innovation is occurring across all product types and having a positive effect on market average selling prices. All device market segments, including batteries, are consistently being upgraded with the newest features and technologies. Unit sales in some European countries have dramatically increased, most notably in the U.K. and Germany.
"The sales for a majority of the region are maintained primarily due to the reimbursement policies that help patients acquire hearing aids," explains Dr. Kamran Zamanian, CEO of iData. "But while some countries have increased their reimbursement rates, such as Germany, the dominant trend is a reduction in reimbursement policies across the region due to mounting budgetary constraints, which will put pressure on the overall market."
The multi-billion dollar European hearing aid market consists of the sale of hearing aid devices to either private retail chains, public healthcare systems that dispense hearing aids or to patients through retail sales. The cochlear implant market in Europe is a relatively newer segment of the market and has recently gained momentum in terms of unit sales and market penetration, accounting for an above average growth rate. The bone anchored hearing system market is the fastest growing segment in the hearing device market in Europe. While this market has a much larger potential customer base, it has yet to reach the penetration rates that cochlear implants enjoy. Nonetheless, the bone anchored hearing system segment is expected to grow dramatically over the next several years given the large untapped market in Europe.
Denmark had the highest penetration of hearing aids of all the European countries due to offering one of the highest reimbursement rates compared to any other European country. In addition, three of the largest hearing aid manufacturers, Oticon, ReSound and Widex, are headquartered in Denmark, where their combined lobbying power has also greatly contributed to the high penetration of hearing aid devices. The United Kingdom hearing aid market held the second highest penetration of hearing aids in Europe because the National Health Service is the single largest purchasing organization of hearing aid devices in all of Europe.
Sonova is the market leader in most European countries including Germany, France, Italy, Spain, the Netherlands, Belgium, Sweden, Finland and Switzerland. They compete by offering higher priced premium-quality hearing aids which has also built a strong reputation in Europe. Phonak operates under the Sonova holding group, which also owns Unitron in addition to other newly acquired companies such as Advanced Bionics in the cochlear implant market, and Lyric, the manufacturer of the invisible ITE hearing aid. The company owns direct retailing distribution in Belgium with Lapperre and in Austria through Hansaton, which has boosted sales for Phonak hearing aids in both countries. Additional competitors in the European hearing device market include William Demant, Sivantos, GN ReSound, Widex and Starkey among others.
For Further Information
More on the hearing device market in Europe can be found in a series of reports published by iData Research entitled the European Market Report Suite for Hearing Devices 2016 – MedSuite. The suite covers reports on the following markets: Hearing Aids, Hearing Aid Batteries, Cochlear Implants and Bone Anchored Hearing Systems.
The iData report series on hearing devices covers the United States, Mexico, Brazil and 15 countries in Europe including Germany, France, the United Kingdom (U.K.), Italy, Spain, Benelux (Belgium, Netherlands and Luxemburg), Scandinavia (Finland, Denmark, Sweden and Norway), Portugal, Austria and Switzerland. Reports provide a comprehensive analysis including units sold, market value, forecasts, as well as detailed competitive market shares and analysis of major players' success strategies in each market and segment. To find out more about hearing device market data, register online or email us at firstname.lastname@example.org for a European Market Report Suite for Hearing Devices 2016 – MedSuite brochure and synopsis.
About iData Research
iData Research (https://www.idataresearch.com) is an international market research and consulting group focused on providing market intelligence for medical device and pharmaceutical companies. iData covers research in: Operating Room Equipment, Surgical Microscopes, Robotics and Surgical Navigation, Laparoscopy, Urology, Gynecology, Vascular Access, Endoscopy, Interventional Cardiology, Cardiac Surgery, Cardiac Rhythm Management, Electrophysiology, Ultrasound, X-Ray Imaging, Diagnostic Imaging, Oncology, Spinal Implants and VCF, Spinal MIS, Orthopedic Soft Tissue Repair and Regeneration, Orthopedic Trauma, Large & Small Joints, Anesthesiology, Wound Management, Orthopedics, Ophthalmics, Dental Operatory Equipment and more.