Hearing aids are electronic devices made
for amplifying sounds, especially speech, for people suffering with hearing
impairments or loss of hearing. The worldwide market for hearing aids has
experienced an increase in demand as a result of rising cases of hearing
disorders. Moreover, the leading companies in this market are trying to develop
more advanced hearing aids with enhanced features like wireless or digital
hearing aids, which have led to more people opting for hearing aids than
before. Therefore, the overall market for hearing aids is expected to witness a
significant growth over the coming years.
Drivers for the Market
The ongoing significant growth of the
global hearing aids market is being majorly influenced by the following
factors:
- · Growing number of hearing loss disorders
- · Rising aging population
- · Advancements in technology
Apart from these, signs of high growth
potential showed by emerging market have opened the gates to good opportunities
for this market. However, higher costs of hearing aids and their low penetration
rate is likely to hamper the growth if this market over the coming years.
Market Predictions
Estimated to grow at a CAGR of 6.3%
between 2015 and 2020, the global hearing aids market which was valued to be USD
6,183.3 Million in 2015 is expected to reach USD 8,373.9 Million by 2020. Geographically,
the market is dominated by Europe, followed by North America and Asia, and
expected to continue dominating over the forecast period as well. However, Asia
is expected to grow at the highest CAGR, with China and India being the key
markets in this region.
On the basis of products, the hearing
aid devices segment held the largest market share in 2015, mainly due to the
growing technology and approvals on regulations. Based on type of hearing loss,
the sensorineural segment is expected to take up the major share of this
market, owing to the increasing cases of hearing loss. Among end-users, the
adult segment accounted for the largest market share in 2015, with the rising
aging population being the major driver of this segment.
Cochlear Limited (Australia), GN Store
Nord A/S (Denmark), MED-EL (Austria), SeboTek Hearing Systems, LLC (U.S.),
Sivantos Pte. Ltd. (Singapore), Sonova (Switzerland), Starkey Hearing
Technologies, Inc. (U.S.), Widex (Denmark), William Demant Holding A/S
(Denmark), and Zounds Hearing, Inc. (U.S.) are the major giants operating in
the global market for hearing aids.
Research Scope
The analysis and forecasts of the global hearing
aids market has been done by breaking it down into following segments and
sub-segments:
· Products:
Hearing Aid Devices (including receiver-in-the-ear, behind-the-ear, in-the-ear,
canal hearing aids, and others), Hearing Implants (including Cochlear implants
and bone anchored systems)
·
Type
of Hearing Loss: Sensorineural, Conductive
·
End-User:
Adult, Pediatric
·
Geography:
North America, Europe, Asia, RoW
Summary
The hearing aids market is majorly driven by the
rising aging population and increasing prevalence of hearing disorders.
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