The hearing aids marketis expected to reach USD 9.78 Billion by 2022 from USD 6.97 Billion in 2017, at a CAGR of 7.0%.
The Research report provides a detailed overview of the major drivers, restraints, challenges, opportunities, current market trends, and strategies impacting the Hearing Aids Market, along with revenue estimates & forecasts and market share analysis
The increasing prevalence of hearing loss, rising geriatric population, and technological advancements in hearing aids are driving the global market.
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Hearing Aids Market segmentation:
- Based on products
- Based on Type of Hearing Loss
- Based on Patient Type
- Based on regions.
The Major Players Opearting in the Hearing Aids Market:
Key players in the Hearing Aids Market include Sonova (Switzerland), William Demant (Denmark), and GN Store Nord (Denmark) with the presence of several small players as well. Some of the players operating in this market include Cochlear (Australia), Starkey (US), Widex (Denmark), MED-EL (Austria), SeboTek Hearing Systems (US), Audina Hearing Instruments (US), RION (Japan), Horentek (Italy), Microson (Spain), and Arphi Electronics (India).
Sonova was the leading player in the global Hearing Aids Market. The company has a strong presence in North America, Europe, Asia, and Latin America.
The company has managed to create a unique identity in this market due to its robust product portfolio and large geographic presence. In addition, the company focuses on adopting organic as well as inorganic growth strategies to maintain its leading position in the market. For instance, in February 2017, the company’s Phonak brand introduced Bolero B-PR and Virto B-Titanium hearing aids, whereas its Unitron brand introduced a new Tempus platform—Moxi Fit R in the market. In addition, in 2016, Sonova launched AQ HD S, its first lithium-ion rechargeable hearing system.
Geographical Detailed Analysis for Hearing Aids Market:
Europe is the largest regional segment in the Hearing Aids Market followed by North America, Asia, and the Rest of the World (Row).
While Europe is expected to dominate the market in 2017, Asia is expected to register the highest CAGR during the forecast period. The high growth in this market is attributed to the high prevalence of hearing loss, availability of technologically advanced hearing aids, growth in the aging population, and increasing initiatives by companies to expand in these emerging economies. While the hearing aids market presents significant growth opportunities, market growth may be hindered due to the high cost of hearing aids and the low penetration of these devices.
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