The Markets

According to the world health organization (WHO)

  • There are 360 million people worldwide who have hearing loss (About 5% of worldwide population), and 10% of those with hearing loss use hearing aids.
  • Hearing loss is most prevalent among adults (91%) while occupational injury and children make up the rest (9%).
  • 33% of adults over 65 have hearing loss while 50% of adults over 75 have hearing loss.
  • In China, there are approximately 70 million people with disabling hearing loss yet only 1% have gotten help so the market potential is vast.

Everyone is working on a hearable – http://www.wareable.com/samsung/best-hearables (Source: Wareable.com)

  • Apple Airpod
  • Samsung PSAP ‘Earcle
  • Google Project Aura hearable
  • Microsoft Clip hearable (Cortana)

Hearables Currently on the Market

  • Hearing Aids
  • Personal Sound Amplifiers (PSAPs)
  • Headphones

Hearing Aids Market

  • In 2012, about 10 million net units of hearing aids were sold worldwide, and sales average growth rate is about 3-6% per year:
    • –About 41% – Europe
    • –About 29% – North America
    • –About 21% – Asia
    • –About 9% – rest of world
  • Each hearing aids with an average unit costing $1500 USD, that accounting for a 15 billion dollar industry.
  • High end hearing aids costing $3000-$6000 US per ear can transpose high frequency sounds but they also process the vowels at the same time causing distortion and the resulting “adjustment period”.
  • Due to the high price of regular hearing aids, a booming industry of “Personal Sound Amplification Devices” (PSAP) has emerged.

PSAP Market (Personal Sound Amplification Products)

  • In 2009, PSAP was defined by the U.S. Food and Drug Administrationas wearable electronic products.
  • Difference between PSAP and Hearing Aids
    • Defined as electronic products, not FDA regulations
    • Design is more flexible and aesthetic appearance
    • Different sales channels and price
  • PSAP has more diversity business models
    • Hypermarket(Costco, Carrefour…etc)
    • Internet store(Amazon…etc)
    • Private Brand Hearing Center
  • In 2012, 1.5 million units of PSAPs were sold in the US averaging $200-$500 per unit, and with an average price of $300. The market is estimate to be 4.5 billion dollars.

Current Market Status