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The Mexican hearing device and battery market is projected to almost double in value by 2021. Low market penetration coupled with the increased population of hearing loss patients will allow for significant growth.
According to our market research on the Mexican hearing device market the Mexican market for hearing devices and batteries is projected to experience double digit growth by 2021. Market will be driven by the aging population combined with technological improvements in hearing aid circuitry.
Hearing loss is strongly associated with age, with at least moderate hearing loss becoming common above 65 years of age. As of 2014, approximately 2.2 million people in Mexico suffer from hearing loss. However, only a minor portion of this population made use of hearing aids as a treatment. This market remains at only a fraction of its potential size as increasing device penetration remains challenging.
The fastest growing segment of the hearing device and battery market was that of bone-anchored hearing aids. Growth can be attributed to the relatively captive market, as bone-anchored hearing aids are the only treatment option for some types of hearing loss, such as an infection of the ear canal which prevents the use of standard hearing aids. The low penetration of this captive market allows for strong growth, which is expected to continue through to 2021.
Competitors leading the Mexican market for hearing devices and batteries include Starkey, with their product line Halo™ and 3 Series™, Phonak, a member of the Sonova Group, Oticon, Siemens, Widex, ReSound and Rayovac.
Other Key Findings from the Mexican Hearing Device and Battery Market Report
Technological Innovation Driving Hearing Aid Battery Sales
Technological refinements that increase ease-of-use have been popular in the market over the past few years. Many of the newer hearing aids are smaller in size and have additional features such as Bluetooth® technology. These new innovations provide substantial benefit to the patient; however, they require a great deal more power than older models of hearing aids, and thus demand a greater number of batteries.
Patient Acceptance of Standard Hearing Aids Limits Market Growth
The increase in the aging population is expected to drive hearing aid sales; however, reluctance to use hearing aids is a continuing obstacle that the industry faces in maintaining market growth. Studies have shown that although those with hearing impairment are prime hearing aid candidates, they are likely to wait at least 7 years before they treat their hearing loss.
For Further Information
The global series on the “market for hearing devices and batteries” covers 22 countries including the U.S., China, India, Japan, South Korea, Australia, Brazil, and 15 Countries in Europe. The full reports provide a comprehensive analysis including procedure numbers, units sold, market value, forecasts, as well as detailed competitive market shares and analysis of major players’ success strategies in each market and segment.
Markets covered include hearing aids, bone-anchored hearing aids, cochlear implants and hearing aid batteries.
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