Industry & market trends
A highly attractive market
The global hearing retail aids market has an estimated value of around €13.5 billion euros and is expected to grow around 4% over the next few years as a result of demographics and increase in penetration rate.
Approximately 15% of the world’s adult population has some degree of hearing loss and, out of these, the World Health Organization estimates that 460 million have a disabling hearing loss. Due to the increasing life expectancy of global population, this number is expected to double by 2050. Untreated hearing loss represents an annual global cost of 750 billion dollars.
The hearing aids retail market has been historically growing at a healthy rate and Amplifon expects this to continue thanks to favorable secular trends: demographics and penetration. Alongside these secular drivers, two favorable trends are emerging: a generation of increasingly active and dynamic consumers and the rising role of digital.
Competitors in the hearing aids retail market
Around half of the global hearing aids retail market is made of independents (i.e. players with generally few points of sale or very small chains).
Around 35%, is comprised of the specialty retailers, of which 25% are international players (including Amplifon and hearing aids manufacturers vertically integrated - such as Sonova, William Demant, GN Store Nord, Sivantos, Starkey and Widex) with the balance of 10% owned by national retail chains. Amplifon, with almost 10% market share, is the only pure hearing retail global leader.
Pharmacies, grocery stores and opticians providing professional audiological services represent the segment of non-specialty retailers, which account for more than 10% of the retail market.
Lastly, online players which are very marginal today (<3%).