The Denmark hearing aid market is estimated to witness growth at a CAGR of 5.36% during the forecast period.
A hearing aid is a device designed to improve hearing by making sound audible to a person with hearing loss. A hearing aid works by amplifying sound through a three-part system: The first part is a microphone that receives sound and converts it into a digital signal. The amplifier is the second part that increases the strength of the digital signal, and the speaker is the third part that produces the amplified sound into the ear of the user. The key market driver of the hearing aid market in Denmark is the increasing prevalence of hearing loss due to the growing geriatric population in the country. According to the UNECE, out of the total population of Denmark, almost 19% of people are aged above 65 years or older. By 2040, out of the total population, approximately 25% of people will be 65 years or older, which will accelerate the growth of the hearing aid market in the country. In addition, other factors such as the rising adoption of these devices, and the increasing awareness about technologically advanced devices for the treatment of deafness in the country will further bolster the market growth during the forecast period.
The creation of noise pollution also has a significant impact on the hearing abilities of people. Noise emission in heavy-duty industries, and public carnivals, may damage the hearing capacity of adults, which can result in driving the growth of the hearing aid market in the country. Furthermore, the hearing service offices and general healthcare service associations of the Denmark government are emphasizing early screening of deafness and the provision of hearing aids to the population. The healthcare infrastructure in the country has been rapidly developed to meet the growing medical needs of the population, which will further proliferate the market growth. According to the World Health Organization, the effectiveness of amenable mortality in Denmark is among the lowest in the EU. This suggests the Denmark population is highly aware and conscious about their health which will surge the number of hearing tests being conducted in the country, which in turn will contribute to the growth of the hearing aid market in the country in the next few years.
By type, the behind-the-ear (BTE) hearing aid device segment is expected to hold a significant market share due to better connectivity, high efficiency, easy usage, a wide range of applications, and wider target patients. BTE is considered to be ideal for most people with hearing problems owing to which it is projected to grow at a high CAGR during the forecast period. By end-user, the adult population is estimated to have a dominant market share owing to the growing number of hearing loss cases associates with the aging population as compared to the infants in the country.
The Denmark population has been witnessing a constant surge in the number of patients suffering from hearing loss or hearing difficulties over the years. According to Hear-it, nearly one-in-eight Danes over the age of 18 suffered from hearing loss which means 11.9% of the adult population suffers from hearing loss, out of which, only 47.8% use hearing aids, which indicates the market for hearing aids in the country has lucrative growth opportunities as the growing number of patients will subsequently increase the demand for hearing aid in the country, during the forecast period.
The Covid-19 pandemic negatively impacted the Denmark Hearing Aid market as due to the lockdown restrictions imposed by the Government of Denmark the production of hearing aids came to a halt. The companies could not produce products for months at a stretch which caused a gap between the supply and the demand. Also, many patients deferred their visits to the hospitals to get their ears checked to avoid crowded places which further reduced the demand for hearing aids in the market. However, with the lockdown restrictions being eased out in the country, the market is expected to rebound especially since due to the increasing use of masks, people suffering from hearing difficulties who would earlier resort to lip-reading will be unable to do so which will further increase the demand for hearing aids in the country.
The market leaders for the Denmark Hearing Aid Market include ReSound- GN Store Nord, William Demant A/S, and Widex A/S. The key players in the market implement growth strategies such as product launches, mergers, and acquisitions, etc. to gain a competitive advantage over their competitors. For instance, a 3D app from GN Store Nord allows users to communicate with their hearing care professional and receive an adjustment without an office visit.
|Growth Rate||CAGR of 5.36% during the forecast period|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Product Type, Type of Hearing Loss, Age Group, And Technology|
|Companies covered||GN ReSound Norway Oy/Ab, Sonova Norway AS, William Demant Holding|
|Customization scope||Free report customization with purchase|
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Denmark Hearing Aids Market Analysis, By Type
5.2. Behind-the-ear (BTE)
5.3. In-the-ear (ITE)
5.4. In-the-canal (ITC)
5.5. Completely-in-the-Canal (CIC)
5.6. Invisible-in-the-Canal (IIC)
6. Denmark Hearing Aids Market Analysis, by Type of Hearing Loss
7. Denmark Hearing Aids Market Analysis, by Age Group
7.2. Above 65 years
7.3. 18 to 65 years
7.4. Below 18 years
8. Denmark Hearing Aids Market Analysis, by Technology
9. Competitive Intelligence
8.1. Competitive Benchmarking and Analysis
8.2. Recent Investment and Deals
8.3. Strategies of Key Players
10. Company Profiles
10.1. ReSound- GN Store Nord
10.2. William Demant A/S
10.3. Widex A/S
ReSound- GN Store Nord
William Demant A/S
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