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HEARING AIDS MARKET SIZE WILL REACH OVER USD 7 BILLION BY 2024, GROWING AT A CAGR OF AROUND 4% DURING 2018-2024
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This market research report on the global hearing aids market offers analysis on market size and forecast, market share, industry trends, growth drivers, and vendor analysis. The market study also includes insights about segmentation by product type (hearing aid devices and hearing implants), end-user (hospitals, clinics/audiology centers, and individuals), and geography (APAC, Europe, Latin America, MEA, and North America).
Key highlights of hearing aids market report:
- The demand for hearing aid devices in APAC is expected to increase due to the arrival of low-cost hearing aids and the government's approval for providing free of cost cochlear implants in the market.
- Hearing aids manufacturers use 3D printers to manufacture customized ear shells and hearing aids devices which have increased customer satisfaction and product customization in the hearing aids market.
- The adoption of implantable solutions such as wireless bluetooth, invisible hearing aid devices, and other models are growing in the market due to product innovation by hearing aids manufacturers.
- Increasing internet usage, m-commerce, convenience, and e-retailing of various hearing aid products is gaining popularity as it is a time-saving and cost-effective process of purchasing products.
- Growing awareness, increase in the prevalence of hearing loss, changing lifestyle, and increasing demand for hearing aids are driving the market growth across the world.
Hearing Aids Market - Overview
The growing awareness in the population about under-diagnosed medical conditions that can cause hearing impairment is driving the growth of the global hearing aids market. The dynamic changes in lifestyles and the increasing demand for hearing aid devices will boost the sale of these products in the global market. Introduction of new and innovative products such as digital waterproof aid and implementation of digital technology will propel the growth of the hearing aids market during the forecast period. The introduction of a new product that combines cochlear implant and aid technology to overcome the high-frequency hearing loss in patients will create new opportunities for the hearing aids manufacturers in the global market. Prominent vendors are investing in advanced technology to launch better products and increase market share in the global market.
The penetration of internet is helping the development of e-commerce websites that sell hearing devices to end-users. The hearing aids market is witnessing a surge in demand for these products through online websites. The distribution through online channels will increase the revenue of vendors and reduce the waiting time for patients in hospitals and clinics.
The global market is expected to cross $9 billion by 2023, growing at a CAGR of around 8% during the forecast period.
Global Hearing Aids Market Size
Hearing Aids Market Dynamics
The leading vendors in the hearing aids market are increasing their promotional and marketing activities to gain a large consumer base and market share. The players in the hearing aids market are focusing on the product development and choosing the correct distribution channel to attract the maximum number of customers and increase their market size. Companies are leveraging the popularity of various online websites to create awareness about the different products that are available in the market and educate end-users about them. For instance, online retailers such as Amazon and eBay offer a comparative analysis of various types and brands of hearing devices. Such marketing strategies will drive the growth in the global market during the forecast period.
Hearing Aids Market Segmentation
This market research report on hearinag aids includes a detailed segmentation of the market by products type, end-users, and geography.
Segmentation of Global Hearing Aids Market
Hearing Aids Market – By Product Type
Hearing aid devices product segment to occupy a larger market share in the market during the forecast period
The hearing aids market by product segment is further divided into hearing aid devices and hearing implants. The devices segment dominated the market, accounting for close to 75% of the total market share in 2017. The growing demand for hearing aid devices from countries such as the US, China, and Japan will attribute to the growth of this market segment. With the advancement in technology ,the hearing aid devices are gaining traction in the global market. The introduction of miniature hearing devices and increasing adoption of these devices around the world will propel the growth of this market segment in the global market during the forecast period.
Hearing Aids Market – By End-user
Hospitals are the key end-users that influence the market share of the global hearing aids market
Hospitals are the largest end-user segment in the global hearing aids market. The consolidation of small hospitals has led to an increase in the number of specialized services provided by hospitals. These specialized centers primarily attend to the diagnosis and intervention of hearing impairments. The growth of these specialty centers will drive the demand in the global hearing aids market over the next few years. Hospitals and authorized audiology centers prescribe hearing devices such as BTE, IIC, or cochlear implants to their patients. The implementation of affordable healthcare programs across different countries in the world will increase the affordability of hearing devices and implants in different regions across the globe.
Hearing Aids Market – By Geography
North America was the most significant contributor to the global hearing aids market during 2017
The global hearing aids market is divided into five major geographical segments: North America, Europe, APAC, Latin America, and MEA. North America is the largest revenue generator in the global market and is likely to occupy lion share of the total hearing aids market. Factors such as high patient awareness about hearing impairment, reimbursement policies, speech-language therapies, and technology innovation are making North America as one of the fastest growing regions in the global hearing aids market. Vendors are focusing on leveraging advanced technology to enable product enhancement and modification of digital hearing devices in the North American region. Such advancements will increase the adoption of these devices in the North American market during the forecast period.
Key countries profiled in the report are
- US
- Canada
- UK
- Germany
- China
- India
- Japan
- Brazil
Key Vendor Analysis
The global hearing aids market is moderately fragmented with many international players providing hearing products with high functionality and compact designs. With the advancement in technology and product innovation, the competition in the market is intensifying. The increasing demand for digital hearing devices is creating new opportunities for the hearing aid manufacturers to enter this market. The prominent players are also focusing on expanding their businesses to fast-developing regions of APAC and Latin America to increase the hearing aid market share and the consumer base. The introduction of innovative and advanced solutions will drive the growth of the global market during the forecast period.
The major vendors in the global hearing aids market are:
- Cochlear
- William Demant
- Sivantos Group
- Sonova
Other prominent vendors include Microson, Starkey, Widex, Audina Hearing Instruments, NewSound Hearing Aids, and Nurotron Biotechnology.
Key market insights include
- The analysis of hearing aids market provides market size and growth rate for the forecast period 2018–2023.
- It offers comprehensive insights on current industry trends, trend forecast, and growth drivers of hearing aids market.
- The report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
- It offers a complete overview of market segments and regional outlook of global hearing aids market.
- The study also offers a detailed overview of the vendor landscape, competitive analysis, and key market strategies to gain competitive advantage.
SNAPSHOT
Global hearing aids market size is expected to reach $9.25 billion by 2023, growing at a CAGR of 8.00% 2017–2023.
The global hearing aids market is witnessing a surge in demand for digital devices due to their increased adoption in developing countries. BTE is the most commonly used hearing aid devices among all types of devices available in the global market. Miniaturization of these devices will drive the growth of the market share in the global market during the forecast period. The market research report provides in-depth market and segmental analysis of the global hearing aids market by product type, end-user, and geography.
Base Year: 2017
Forecast Year: 2018–2023
The study considers the present scenario of the market and its market dynamics for the period 2018−2023. It covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes the leading five companies and 18 other prominent companies operating in the market.
Major Vendors in the Global Hearing Aids Market
- Cochlear
- Business Overview
- Business Segments
- Cochlear in Global Market
- Product Offerings
- Key Strengths
- Key Strategy
- Key Opportunities
- William Demant
- Sivantos Group
- Sonova
Prominent Players in the Global Hearing Aids Market
- Microson
- Company Overview
- Starkey
- Widex
- Audina Hearing Instruments
- NewSound Hearing Aids
- Nurotron Biotechnology
Market Segmentation by Product Type
- Hearing aid devices
- Hearing implants
Market Segmentation by End-users
- Hospitals
- Clinics/audiology centers
- Individuals
Market Segmentation by Geography
- North America
- US
- Canada
- APAC
- China
- Japan
- India
- EMEA
- UK
- Germany
- Latin America
- Brazil
- MEA
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