ID: MRFR/HC/6892-HCR | February 2021 | Region: Global | 111 pages
The Hearing Aids Market is predicted to meet at USD 10.2 Billion by the end of 2025, and further, it has aimed to meet at a CAGR of 7% during the forecast period. A hearing aid is a device that has been developed for people who are unable to hear for specific reasons. The recent technological advancement in the hearing aid device is fueling the customers' demand and increasing the demand of the Hearing Aids Market.
In the Hearing Aids Market, the device segment generates the largest Hearing Aids Market Size for the research period. In 2016, hearing aids were dispensed to nearly 3.65 million in the US region. Moreover, the accessories segment includes the products like hearing aid domes, batteries, and wireless streaming devices essential for developing the hearing aid experience and its maintenance. The wireless technology segment is considered the fastest and the largest segment due to its better efficiency and its easy methods to use. In the US region, 91.6% of the total hearing aids were contributed by the wireless hearing aids for 2018.
The Hearing Aids Market Forecast report has explained that analog hearing aids have dominated over the digital hearing aids, and the analog has predicted to decline the Hearing Aids Market Share for the assessment period due to the drawbacks such as the large size, lack of automatic adjustment, and single listening mode. Moreover, the global key players and manufacturers are adopting promotional methods and technological advancement to enhance the growth of the Hearing Aids Industry. Therefore, the global market growth has been expected to grow higher in the upcoming years.
COVID-19 Impact Analysis
The ongoing COVID-19 pandemic has changed the process of medical care delivery across various countries. Even many important appointments related to patient health have been canceled due to the limited capacities and resources. Therefore, the Hearing Aids Industry has been affected for a certain period of time.
However, the Hearing Aids Market Forecastreport has explained that the global key players and manufacturers played an important role in bringing new offers and promotional ideas to enhance the growth of the Hearing Aids Industry. Further, it is predicted that the global market will generate a higher market value for the forecast period.
The Hearing Aids Market is driving its growth due to several factors such as the launch of new products in the industry, increasing awareness about hearing loss treatment, the growing geriatric population worldwide, and the growing incidence of hearing loss.
According to World Health Organization (WHO) 2017 report, nearly 360 million people worldwide are suffering from hearing loss, and they belong to low and middle-income countries. Further, it is predicted that nearly 466 million people have disabling hearing loss till March 2019, and it will increase to 900 million by the end of the year 2050.
The Hearing Aids Industry Trendshas lucrative opportunities for the market players due to the emerging economies of countries like South Korea, India, Vietnam, Malaysia, Israel, the UAE, and Saudi Arabia
Moreover, the global market has more growth opportunities due to the improvements in healthcare infrastructure, low regulatory barriers, rising healthcare expenditure, and a growing patient population.
The Hearing Aids Market Trends might face market restraints due to the low penetration of hearing aids and product recalls
Moreover, the Hearing Aids Industry growth might face market restraints due to the higher cost of hearing aid devices like bone-anchored systems and cochlear implants. This market restraint might arise in specific regions like Latin America, Asia Pacific, and Africa.
The Global Hearing Aids Industry might face challenges due to the shortage of trained or skilled professionals to perform effectively with theENT procedures in various countries. The presence of a large target patient population can bring more challenges to the Hearing Aids Market. Along with that, the COVID-19 pandemic has also brought more challenges to the global market.
The American Hearing Aids Market is taking up the second-largest position in generating the Hearing Aids Industry Value due to the presence of key market players in the region and the high healthcare expenditure in the region. Moreover, the Asia-Pacific region is expected to be the fastest-growing market due to the growing affected cases of hearing disorders population and growing awareness about hearing aids.
Hence, the continuous growth of the global market in the various region has expected to enhance the Hearing Aids Industry Growth in the upcoming years.
Market segment Overview
The global Hearing Aids Industry has been classified into Implants, Devices, and accessories based on product segment.
Among these, the implant segment is the fastest-growing segment because of i5rts advancement in the technological field.
Based on product type segment, the global Hearing Aids Industry has been classified into wired and wireless.
The wireless segment has dominated the wired segment and is expected to generate a higher Hearing Aids Industry Share for the research period. Here, the declination of the wired segment has been evident.
Based on the technology type segment, the global Hearing Aids Market has been classified into Analog Hearing Aids and Digital Hearing Aids.
Digital hearing aids are considered the fastest and largest growing segment for the forecast period. In The US region, nearly 90% of the total hearing aids were contributed by digital hearing aids.
Based on the type of hearing loss segment, the global Hearing Aids Market has been classified into Conductive, Sensorineural, and others
The sensorineural hearing loss incidence rises according to age. Accordingly, nearly 16/100000 are between 50 to 60, and nearly 5/100000 people are between20 to 30 years. On the other hand, the conductive type of hearing loss occurs when the current issue is in the sound waves transfer between the outer ear to the inner ear part.Moreover, other segments type can be auditory processing disorders and mixed types of hearing loss.
Based on the distribution channel segment, the global Hearing Aids Market has been segmented into E-Commerce, Retail Stores, and others (senior citizen centers and research centers).
The retail stores are expected to generate the largest Hearing Aids Industry Size for the research period because it is considered the primary distribution point. Moreover, the E-commerce segment is predicted to be the second-largest segment for the research period.
The global Hearing Aids Market has been classified into various regions such as America, Asia-Pacific, Middle-East & Africa, and Europe.
Among these, the European market is predicted to generate the largest Hearing Aids Industry Value due to the increasingly sophisticated healthcare infrastructure and the increasing incidence of hearing loss. Moreover, the Middle East & Africa region is considered the smallest hearing aids Industry due to a lack of awareness about the hearing impairment treatment options and limited healthcare infrastructure in the region.
Competitive Landscape Analysis
According to the Hearing Aids Market Outlookreport, the global market has significant growth potential due to the innovative and productive ideas of the global key players such as:
The above-mentioned key players are playing an essential role in the Hearing Aids Industry Growth for future development. Out of all, the Sonova (Switzerland) groupoperates with the brands Unitron,Hansaton, Phonak, and Advanced Bionics.
According to the Hearing Aids Market Analysisreport, the global market has involved primary and secondary research methods to understand the global market conditions. Through this methods, many interviews and data collection process has been conducted. This report has gathered the data related to the market overview, market segments, market dynamics, regional analysis, and competitive landscape analysis.
Along with that, theHearing Aids Industry Analysisreport has also highlighted the recent growth and development of the global market. In addition, the report has also given the focus on the market size, market value, and market share for the forecast period.
By Product Type:
By Technology Type:
By Type of Hearing Loss:
By Distribution Channels:
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Product Type, Type of Hearing Loss, Technology Type, Distribution Channel|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Sonova (Switzerland) – The group operates through its brands Phonak, Advanced Bionics, Unitron, and Hansaton, Cochlear Ltd (Australia), GN Store Nord A/S (Denmark), Sivantos Pte. Ltd (Singapore), Arphi Electronics Private Limited (India), Demant A/S (Denmark), Starkey (US), WIDEX INDIA PRIVATE LIMITED (Denmark), Zounds Hearing (US), SeboTek Hearing Systems, LLC (US), Audina Hearing Instruments, Inc. (US), Microson (Spain)|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Technological advancements for the development of products by hearing aids manufacturers which along with improved hearing experience also have sleek appearance promoting the use of hearing aids.
The hearing aids market is projected to reach a valuation of USD 10.2 BN by 2025.
The hearing aids market is projected to grow at approximately 7% CAGR during forecast period (2019-2025).
Increasing incidences of hearing impairments.
North America holds the largest share in the hearing aids market followed by Europe and Asia Pacific, respectively.
Cochlear Ltd. (Australia), Sonova (Switzerland), GN Store Nord A/S (Denmark), Arphi Electronics Private Limited (India), Sivantos Pte. Ltd. (Singapore), Demant A/S (Denmark), Widex India Private Limited (Denmark), Starkey (US), SeboTek Hearing Systems, LLC (US), Zounds Hearing (US), Microson (Spain), and Audina Hearing Instruments, Inc. (US), are some of the major players operating in the hearing aids market.
This table of content is tentative and subject to change as the research progresses.
Please Note: Financial details of company cannot be provided if the information of the company is not available in public domain and or reliable source.