The hearing aids market is expected to reach USD 9.78 Billion by 2022 from USD 6.56 Billion in 2016, at a CAGR of 7.0% from 2017 to 2022.
Hearing Aids Market by Product (Receiver In The Ear, Behind The Ear, In The Ear, In The Canal Hearing Aids, Cochlear Implant, BAHA implant), Types of Hearing Loss (Sensorineural, Conductive Hearing loss) & Patient (Adult, Pediatric) - Forecast to 2022
What drives the market?
- Rising Geriatric Population
- High Prevalence of Hearing Loss
- Technological Advancements in Hearing Aids
This report segments the hearing aids market by product, type of hearing loss, patient type, and region.
Based on product, the market is segmented into hearing aid devices and hearing implants. The hearing aid devices segment is expected to account for the largest share of the global market in 2017.
Based on the patient type, the market is segmented into adult patients and pediatric patients. The adult patients segment is expected to register the highest CAGR during the forecast period. The high prevalence of hearing loss in the adult population with growing age is driving the growth of this segment.
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The objectives of this study are as follows:
- To define, describe, and forecast the global market on the basis of product, type of hearing loss, patient type, and region
- To provide detailed information regarding the major factors influencing growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
- To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the total market
- To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, Asia, and the Rest of the World (RoW)
- To profile key players and comprehensively analyze their product portfolios, market positions, and core competencies
- To track and analyze competitive developments such as acquisitions, new product launches, expansions, regulatory approvals, and agreements in the market
Europe to dominate the 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.
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The hearing aids market is dominated by big players such as 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).