MEXICAN MARKET FOR HEARING DEVICES AND BATTERIES · MEXICAN MARKET FOR HEARING DEVICES AND...
Transcript of MEXICAN MARKET FOR HEARING DEVICES AND BATTERIES · MEXICAN MARKET FOR HEARING DEVICES AND...
MEXICAN MARKET FOR HEARING DEVICES AND BATTERIES
iDATA_MXHD15_RPT
Published in December 2014
By
iData Research Inc., 2014
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TABLE OF CONTENTS
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T A B L E O F C O N T E N T S
TABLE OF CONTENTS ............................................................................................................... I
LIST OF FIGURES ...................................................................................................................... V
LIST OF CHARTS..................................................................................................................... VII
EXECUTIVE SUMMARY ............................................................................................................ 1
1.1 MEXICAN MARKET FOR HEARING DEVICES AND BATTERIES ...................................................... 1
1.2 GROWTH TRENDS BY SEGMENT ................................................................................................... 2
1.3 HEARING AIDS BY STYLE ............................................................................................................ 3
1.4 HEARING AIDS BY CIRCUIT ......................................................................................................... 4
1.5 BONE-ANCHORED HEARING AID MARKET .................................................................................. 5
1.6 COCHLEAR IMPLANT MARKET .................................................................................................... 6
1.7 HEARING AID BATTERY MARKET ............................................................................................... 7
1.8 COMPETITIVE ANALYSIS ............................................................................................................. 8
RESEARCH METHODOLOGY.................................................................................................. 9
2.1 RESEARCH SCOPE ........................................................................................................................ 9
2.2 IDATA’S 9-STEP METHODOLOGY ................................................................................................ 9
2.2.1 Step 1: Project Initiation & Team Selection............................................................................ 9
2.2.2 Step 2: Prepare Data Systems and Perform Secondary Research ......................................... 11
2.2.3 Step 3: Preparation for Interviews & Questionnaire Design ................................................. 12
2.2.4 Step 4: Performing Primary Research ................................................................................... 13
2.2.5 Step 5: Research Analysis: Establishing Baseline Estimates ................................................ 15
2.2.6 Step 6: Market Forecast and Analysis ................................................................................... 16
2.2.7 Step 7: Identify Strategic Opportunities ................................................................................ 18
2.2.8 Step 8: Final Review and Market Release ............................................................................ 19
2.2.9 Step 9: Customer Feedback and Market Monitoring ............................................................ 20
TABLE OF CONTENTS
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MEXICAN MARKET FOR HEARING DEVICES AND BATTERIES OVERVIEW ........ 21
3.1 INTRODUCTION .......................................................................................................................... 21
3.1.1 Standard Hearing Aids .......................................................................................................... 21
3.1.2 Hearing Aid Batteries ............................................................................................................ 21
3.1.3 Implantable Hearing Aids ..................................................................................................... 22
3.2 CURRENCY EXCHANGE RATES .................................................................................................. 23
3.3 MARKET OVERVIEW .................................................................................................................. 24
3.4 TREND ANALYSIS BY SEGMENT ................................................................................................. 28
3.5 DRIVERS AND LIMITERS ............................................................................................................ 30
3.5.1 Market Drivers ...................................................................................................................... 30
3.5.2 Market Limiters ..................................................................................................................... 30
3.6 COMPETITIVE ANALYSIS ........................................................................................................... 32
3.7 HOLDING COMPANIES AND BRAND OWNERSHIP ....................................................................... 37
3.8 HERFINDAHL INDEX .................................................................................................................. 38
3.9 MERGERS AND ACQUISITIONS ................................................................................................... 40
HEARING AID MARKET ......................................................................................................... 41
4.1 INTRODUCTION .......................................................................................................................... 41
4.2 HEARING AID ADOPTION ........................................................................................................... 41
4.3 HEARING IMPAIRED POPULATION .............................................................................................. 42
4.4 MARKET OVERVIEW .................................................................................................................. 42
4.5 MARKET ANALYSIS AND FORECAST .......................................................................................... 46
4.5.1 Total Hearing Aid Market ..................................................................................................... 46
4.5.2 Public Hearing Aid Market ................................................................................................... 48
4.5.3 Private Hearing Aid Market .................................................................................................. 50
4.6 DRIVERS AND LIMITERS ............................................................................................................ 52
4.6.1 Market Drivers ...................................................................................................................... 52
4.6.2 Market Limiters ..................................................................................................................... 52
4.7 COMPETITIVE ANALYSIS ........................................................................................................... 53
HEARING AID MARKET BY STYLE ..................................................................................... 57
5.1 INTRODUCTION .......................................................................................................................... 57
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5.1.1 Traditional Behind-the-Ear ................................................................................................... 57
5.1.2 In-the-Ear .............................................................................................................................. 57
5.1.3 In-the-Canal ........................................................................................................................... 58
5.1.4 Completely-in-Canal ............................................................................................................. 58
5.1.5 Receiver-in-Canal .................................................................................................................. 58
5.2 MARKET OVERVIEW .................................................................................................................. 59
5.3 MARKET ANALYSIS AND FORECAST .......................................................................................... 63
5.3.1 Traditional Behind-the-Ear Hearing Aid Market .................................................................. 63
5.3.2 In-the-Ear Hearing Aid Market ............................................................................................. 65
5.3.3 In-the-Canal Hearing Aid Market ......................................................................................... 67
5.3.4 Completely-in-Canal Hearing Aid Market ............................................................................ 69
5.3.5 Receiver-in-Canal Hearing Aid Market ................................................................................ 71
5.4 DRIVERS AND LIMITERS ............................................................................................................ 73
5.4.1 Market Drivers ...................................................................................................................... 73
5.4.2 Market Limiters ..................................................................................................................... 73
HEARING AID MARKET BY CIRCUIT................................................................................. 75
6.1 INTRODUCTION .......................................................................................................................... 75
6.1.1 Non-Programmable Analog .................................................................................................. 75
6.1.2 Basic Digital Signal Processing ............................................................................................ 76
6.1.3 Economy Digital Signal Processing ...................................................................................... 76
6.1.4 Mid-Level Signal Processing ................................................................................................ 76
6.1.5 Premium Digital Signal Processing....................................................................................... 76
6.2 MARKET OVERVIEW .................................................................................................................. 77
6.2.1 Unit Share by Circuit............................................................................................................. 77
6.3 MARKET ANALYSIS AND FORECAST .......................................................................................... 82
6.3.1 Non-Programmable Analog Hearing Aid Market ................................................................. 82
6.3.2 Basic Digital Signal Processing Hearing Aid Market ........................................................... 84
6.3.3 Economy Digital Signal Processing Hearing Aid Market .................................................... 86
6.3.4 Mid-Level Digital Signal Processing Hearing Aid Market ................................................... 88
6.3.5 Premium Digital Signal Processing Hearing Aid Market ..................................................... 90
6.4 DRIVERS AND LIMITERS ............................................................................................................ 92
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6.4.1 Market Drivers ...................................................................................................................... 92
6.4.2 Market Limiters ..................................................................................................................... 92
BONE-ANCHORED HEARING AID MARKET .................................................................... 95
7.1 INTRODUCTION .......................................................................................................................... 95
7.2 MARKET ANALYSIS AND FORECAST .......................................................................................... 96
7.3 DRIVERS AND LIMITERS ............................................................................................................ 98
7.3.1 Market Drivers ...................................................................................................................... 98
7.3.2 Market Limiters ..................................................................................................................... 98
7.4 COMPETITIVE ANALYSIS ......................................................................................................... 100
COCHLEAR IMPLANT MARKET ........................................................................................ 103
8.1 INTRODUCTION ........................................................................................................................ 103
8.2 MARKET ANALYSIS AND FORECAST ........................................................................................ 104
8.3 DRIVERS AND LIMITERS .......................................................................................................... 106
8.3.1 Market Drivers .................................................................................................................... 106
8.3.2 Market Limiters ................................................................................................................... 106
8.4 COMPETITIVE ANALYSIS ......................................................................................................... 108
HEARING AID BATTERY MARKET ................................................................................... 111
9.1 INTRODUCTION ........................................................................................................................ 111
9.2 MARKET ANALYSIS AND FORECAST ........................................................................................ 112
9.2.1 Hearing Aid Battery Unit Sales by Style ............................................................................ 114
9.3 DRIVERS AND LIMITERS .......................................................................................................... 116
9.3.1 Market Drivers .................................................................................................................... 116
9.3.2 Market Limiters ................................................................................................................... 117
9.4 COMPETITIVE ANALYSIS ......................................................................................................... 118
ABBREVIATIONS .................................................................................................................... 120
LIST OF FIGURES
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L I S T O F F I G U R E S
Figure 3-1: Currency Exchange Rate, Mexico, 2014 .................................................................................. 23
Figure 3-2: Hearing Device and Battery Market by Segment, Mexico, 2011 – 2021 (US$M) ................... 25
Figure 3-3: Hearing Device and Battery Market by Segment, Mexico, 2011 – 2021 (MXN M) ............... 25
Figure 3-4: Hearing Device and Battery Market Growth by Segment, Mexico, 2011 – 2021 .................... 28
Figure 3-5: Drivers and Limiters, Hearing Device and Battery Market, Mexico, 2014 .............................. 31
Figure 3-6: Herfindahl Index, Hearing Aid and Battery Device Market, Mexico, 2014 ............................ 38
Figure 4-1: Hearing Aid Market by Segment, Mexico, 2011 – 2021 (US$M) ........................................... 43
Figure 4-2: Hearing Aid Market by Segment, Mexico, 2011 – 2021 (MXN M) ........................................ 43
Figure 4-3: Total Hearing Aid Market, Mexico, 2011 – 2021 (US$ and MXN) ........................................ 46
Figure 4-4: Public Hearing Aid Market, Mexico, 2011 – 2021 (US$ and MXN) ....................................... 48
Figure 4-5: Private Hearing Aid Market, Mexico, 2011 – 2021 (US$ and MXN)...................................... 50
Figure 4-6: Drivers and Limiters, Hearing Aid Market, Mexico, 2014 ...................................................... 52
Figure 4-7: Leading Competitors, Hearing Aid Market, Mexico, 2014 ...................................................... 55
Figure 5-1: Hearing Aid Market by Style, Mexico, 2011 – 2021 (US$M) ................................................. 59
Figure 5-2: Hearing Aid Market by Style, Mexico, 2011 – 2021 (MXN M) .............................................. 60
Figure 5-3: Traditional Behind-the-Ear Hearing Aid Market, Mexico, 2011 – 2021 (US$ and MXN) ...... 63
Figure 5-4: In-the-Ear Hearing Aid Market, Mexico, 2011 – 2021 (US$ and MXN) ................................ 65
Figure 5-5: In-the-Canal Hearing Aid Market, Mexico, 2011 – 2021 (US$ and MXN) ............................. 67
Figure 5-6: Completely-in-Canal Hearing Aid Market, Mexico, 2011 – 2021 (US$ and MXN) ............... 69
Figure 5-7: Receiver-in-Canal Hearing Aid Market, Mexico, 2011 – 2021 (US$ and MXN) .................... 71
Figure 5-8: Drivers and Limiters, Hearing Aid Market by Style, Mexico, 2014 ........................................ 73
Figure 6-1: Hearing Aid Market by Circuit, Mexico, 2011 – 2021 (US$M) .............................................. 78
Figure 6-2: Hearing Aid Market by Circuit, Mexico, 2011 – 2021 (MXN M) ........................................... 79
Figure 6-3: Non-Programmable Analog Hearing Aid Market, Mexico, 2011 – 2021 (US$ and MXN) .... 82
Figure 6-4: Basic Digital Signal Processing Hearing Aid Market, Mexico,
2011 – 2021 (US$ and MXN) .................................................................................................................... 84
Figure 6-5: Economy Digital Signal Processing Hearing Aid Market, Mexico,
2011 – 2021 (US$ and MXN) .................................................................................................................... 86
Figure 6-6: Mid-Level Digital Signal Processing Hearing Aid Market, Mexico,
2011 – 2021 (US$ and MXN) .................................................................................................................... 88
LIST OF FIGURES
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Figure 6-7: Premium Digital Signal Processing Hearing Aid Market, Mexico,
2011 – 2021 (US$ and MXN) .................................................................................................................... 90
Figure 6-8: Drivers and Limiters, Hearing Aid Market by Circuit, Mexico, 2014 ..................................... 93
Figure 7-1: Bone-Anchored Hearing Aid Market, Mexico, 2011 – 2021 (US$ and MXN) ....................... 96
Figure 7-2: Drivers and Limiters, Bone-Anchored Hearing Aid Market, Mexico, 2014 ............................ 99
Figure 7-3: Leading Competitors, Bone-Anchored Hearing Aid Market, Mexico, 2014 ......................... 100
Figure 8-1: Cochlear Implant Market, Mexico, 2011 – 2021 (US$ and MXN) ........................................ 104
Figure 8-2: Drivers and Limiters, Cochlear Implant Market, Mexico, 2014 ............................................ 107
Figure 8-3: Leading Competitors, Cochlear Implant Market, Mexico, 2014 ............................................ 108
Figure 9-1: Hearing Aid Battery Market, Mexico, 2011 – 2021 (US$ and MXN) ................................... 112
Figure 9-2: Hearing Aid Battery Unit Sales Breakdown by Style, Mexico, 2014 .................................... 114
Figure 9-3: Drivers and Limiters, Hearing Aid Battery Market, Mexico, 2014 ........................................ 117
Figure 9-4: Leading Competitors, Hearing Aid Battery Market, Mexico, 2014 ....................................... 119
LIST OF CHARTS
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L I S T O F C H A R T S
Chart 1-1: Hearing Device and Battery Market, Mexico, 2011 – 2021 ........................................................ 1
Chart 1-2: Growth Trends by Segment, Hearing Device and Battery Market, Mexico, 2011 – 2021 .......... 2
Chart 1-3: Units Sold by Style, Hearing Aid Market, Mexico, 2014 ............................................................ 3
Chart 1-4: Hearing Aid Market by Circuit, Mexico, 2014 ............................................................................ 4
Chart 1-5: Growth Rate Comparison of Select Metrics, Bone-Anchored Hearing Aid Market, Mexico,
2014 – 2021 ................................................................................................................................................. 5
Chart 1-6: Growth Rate Comparison of Select Metrics, Cochlear Implant Market vs. Hearing Aid Market,
Mexico, 2011 – 2021 ................................................................................................................................... 6
Chart 1-7: Unit Sales by Size, Hearing Aid Battery Market, Mexico, 2014 ................................................. 7
Chart 1-8: Leading Competitors, Hearing Device and Battery Market, Mexico, 2014................................. 8
Chart 3-1: Hearing Device and Battery Market by Segment, Mexico, 2011 – 2021 .................................. 26
Chart 3-2: Hearing Device and Battery Market Breakdown, 2014 ............................................................. 27
Chart 3-3: Hearing Device and Battery Market Breakdown, 2021 ............................................................. 27
Chart 3-4: Hearing Device and Battery Market Growth by Segment, Mexico, 2011 – 2021 ..................... 29
Chart 3-5: Leading Competitors, Hearing Device and Battery Market, Mexico, 2014............................... 35
Chart 3-6: Leading Competitors, Hearing Device and Battery Market, Mexico, 2014............................... 36
Chart 3-7: Herfindahl Index, Hearing Device and Battery Market, Mexico, 2014 ..................................... 39
Chart 4-1: Hearing Aid Market by Segment, Mexico, 2011 – 2021 ........................................................... 44
Chart 4-2: Hearing Aid Market Breakdown, Mexico, 2014 ........................................................................ 45
Chart 4-3: Hearing Aid Market Breakdown, Mexico, 2021 ........................................................................ 45
Chart 4-4: Total Hearing Aid Market, Mexico, 2011 – 2021 ...................................................................... 47
Chart 4-5: Public Hearing Aid Market, Mexico, 2011 – 2021 .................................................................... 49
Chart 4-6: Private Hearing Aid Market, Mexico, 2011 – 2021 ................................................................... 51
Chart 4-7: Leading Competitors, Hearing Aid Market, Mexico, 2014 ....................................................... 55
Chart 5-1: Hearing Aid Market by Style, Mexico, 2011 – 2021 ................................................................. 61
Chart 5-2: Hearing Aid Market Breakdown by Style, Mexico, 2014 .......................................................... 62
Chart 5-3: Hearing Aid Market Breakdown by Style, Mexico, 2021 .......................................................... 62
Chart 5-4: Traditional Behind-the-Ear Hearing Aid Market, Mexico, 2011 – 2021 ................................... 64
Chart 5-5: In-the-Ear Hearing Aid Market, Mexico, 2011 – 2021 .............................................................. 66
Chart 5-6: In-the-Canal Hearing Aid Market, Mexico, 2011 – 2021 .......................................................... 68
LIST OF CHARTS
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Chart 5-7: Completely-in-Canal Hearing Aid Market, Mexico, 2011 – 2021............................................. 70
Chart 5-8: Receiver-in-Canal Hearing Aid Market, Mexico, 2011 – 2021 ................................................. 72
Chart 6-1: Total Hearing Aid Market by Circuit, Mexico, 2011 – 2021 ..................................................... 80
Chart 6-2: Hearing Aid Market Breakdown by Circuit, Mexico, 2014 ....................................................... 81
Chart 6-3: Hearing Aid Market Breakdown by Circuit, Mexico, 2021 ....................................................... 81
Chart 6-4: Non-Programmable Analog Hearing Aid Market, Mexico, 2011 – 2021 .................................. 83
Chart 6-5: Basic Digital Signal Processing Hearing Aid Market, Mexico, 2011 – 2021 ............................ 85
Chart 6-6: Economy Digital Signal Processing Hearing Aid Market, Mexico, 2011 – 2021 ..................... 87
Chart 6-7: Mid-Level Digital Signal Processing Hearing Aid Market, Mexico, 2011 – 2021 .................... 89
Chart 6-8: Premium Digital Signal Processing Hearing Aid Market, Mexico, 2011 – 2021 ...................... 91
Chart 7-1: Bone-Anchored Hearing Aid Market, Mexico, 2011 – 2021 ..................................................... 97
Chart 7-2: Leading Competitors, Bone-Anchored Hearing Aid Market, Mexico, 2014 ........................... 101
Chart 8-1: Cochlear Implant Market, Mexico, 2011 – 2021 ..................................................................... 105
Chart 8-2: Leading Competitors, Cochlear Implant Market, Mexico, 2014 ............................................. 109
Chart 9-1: Hearing Aid Battery Market, Mexico, 2011 – 2021 ................................................................ 113
Chart 9-2: Hearing Aid Battery Unit Sales Breakdown by Style, Mexico, 2014 ...................................... 115
Chart 9-3: Leading Competitors, Hearing Aid Battery Market, Mexico, 2014 ......................................... 119
MEXICAN MARKET FOR HEARING DEVICES AND BATTERIES OVERVIEW
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3
M E X I C A N M A R K E T F O R H E A R I N G D E V I C E S A N D BAT T E R I E S
OV E RV I E W
3.1 Introduction
In 2014, approximately X people in Mexico suffered from hearing loss. However, only a minor portion of
this population made use of hearing aids as a treatment that year. This market remains at only a fraction of
its potential size as increasing device penetration remained challenging. The hearing aid market comprises
both standard and implantable hearing aids.
3.1.1 Standard Hearing Aids
Standard hearing aids are devices designed to treat mild to profound hearing loss. The device consists of
an amplification circuit, which can be digital or analog, a receiver and a transducer, through which
amplified sound is delivered to the ear drum. All of these components are placed within a plastic shell that
fits into or around the ear, depending upon the style of hearing aid. Hearing aid styles will suit consumer
preferences in terms of visibility when fitted in the ear and sound characterization. They are also offered
with circuits that vary in quality, features and price.
3.1.2 Hearing Aid Batteries
A majority of batteries sold on the market are of the zinc-air type, which must be manually replaced by the
user, caretaker or audiologist every X days on average (depending on the frequency of use). These
batteries have a high energy density, achieved by using oxygen in the air as the cathode portion of the cell.
Rechargeable batteries and portable chargers are commercially available, but represent an insignificant
portion of the total national volume of units shipped. The predominant battery sizes used in Mexico are of
sizes #X, #X, #X, and #X.
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3.1.3 Implantable Hearing Aids
Implantable hearing aids are devices designed with a surgically implanted component. They are often
employed when standard hearing aids are not a suitable treatment option. Implantable hearing aids include
cochlear implants and bone-anchored hearing aids.
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3.3 Market Overview
Accounting for over X inhabitants and an increasing number of people over the age of 65, Mexico has a
significant market potential for hearing devices. Hearing loss is strongly associated with age; as a result,
the hearing-impaired population is expected to grow in the near future. Moreover, the aging population,
combined with technological improvements in hearing aid circuitry and the increasing defrayal by the
government, will further drive the market.
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3.5 Drivers and Limiters
3.5.1 Market Drivers
Aging Population
Hearing loss is strongly associated with age, with at least moderate hearing loss becoming common above
65 years of age. As the over-65 population grows, there will be a larger hearing impaired population,
which is expected to lead to greater demand for hearing aids as treatment options. This will drive growth
in the hearing aid market, in addition to growth in other associated markets such as hearing aid batteries.
3.5.2 Market Limiters
Aesthetic Concerns
Many patients have lifestyle and aesthetic concerns with wearing hearing aids. Some avoid hearing aids
completely in order to conform to perceived social or aesthetic pressures. Despite the many new hearing
aid styles and discreet designs, some still regard hearing aids as a symbol of advanced old age and
incapability. These attitudes and concerns limit overall hearing aid market growth.
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3.6 Competitive Analysis
Starkey
Starkey, a privately held and American-owned company, held a X% share of the overall hearing aid
market, and led the total hearing device and battery market.
Established in 1967, Starkey has 21 facilities in more than 18 countries throughout North America, South
America, Central America, Europe, Asia, and Australia. Starkey’s product line in this market features the
Halo™ and 3 Series™.
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MEXICAN MARKET FOR HEARING DEVICES AND BATTERIES OVERVIEW
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3.7 Holding Companies and Brand Ownership
Several holding companies operate within the hearing device market. Each company owns several
individual brands in several market segments. Each brand is often regarded as a separate entity, but it is
important to note which brands are owned by the same parent companies when analyzing competition in
this market.
William Demant Holding Group
William Demant Holding Group comprises several companies (hearing device, diagnostic instruments and
personal communication) that are involved in developing, manufacturing and selling products. The
companies collaborate and share resources and technologies, creating a synergistic union between the
partnerships.
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3.9 Mergers and Acquisitions
EQT Acquires Siemens Audiology Solutions
In November 2014, EQT entered into an agreement to acquire Siemens Audiology Solutions from
Siemens AG together with Santo Holding, the investment vehicle of the German Strüngmann family, as
minority co-investor. Siemens Audiology is a leading global manufacturer of hearing aids acknowledged
for its innovative and high-quality products. Research and development has always been a core area for
the company having been fostered by Siemens strong technology heritage. The company’s management
team will continue to drive future development and growth.