The growth of this market is majorly attributed to the high prevalence of hearing loss, rising geriatric population, and technological advancements in hearing aids.
What the Market Looks Like?
Predicted to grow at a CAGR of 7.0% during the forecast period, the global Hearing Aids marketis estimated to reach USD 9.78 Billion by the end of 2022.
“Hearing aid devices segment to dominate the market in 2017”
Based on product, the hearing aids market is segmented into hearing aid devices and hearing implants. In 2017, the hearing aid devices segment is expected to account for the largest share of the hearing aids market.
“The adult patients segment is projected to register the highest CAGR during the forecast period.”
By patient type, the hearing aid market is segmented into adult patients and pediatric patients. The adult patients segment is estimated to register the highest growth rate during the forecast period. The high growth in this segment can primarily be attributed to the high prevalence of hearing loss in this section of the population.
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Geographical growth scenario of Hearing Aids Market
In 2017, Europe is expected to dominate the global market primarily due to factors such as the growing aging population and high prevalence of hearing loss in this region. In 2017, North America is expected to account for the second-largest share of this market.
Leading market players
The prominent players in the Hearing Aids market include Sonova (Switzerland), William Demant (Denmark), GN Store Nord (Denmark), 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).
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