Hearing Aids Market 2018 Gross Revenue Worldwide US$ 11,747 Mn Forecast By 2026
The global hearing aids market is projected to reach a value of US$ 11,747 Mn in 2026 at a CAGR of over 4% over the forecast period. The report offers in-depth insights, revenue details, and other vital information regarding the global hearing aids market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2026.
Hearing aid is a small electronic device designed to improve hearing by making sound audible to a person with hearing loss. Hearing aid devices can be classified as behind the ear hearing aids, receiver in the ear hearing aids, in the ear hearing aids, completely in the ear hearing aids, and in the canal hearing aids. Hearing aids are used for various types of hearing loss such as sensorineural hearing loss, conductive hearing loss, and single-sided deafness. Basic components use in hearing aids are microphone, battery, amplifier circuitry, and miniature loudspeaker/receiver.
Increasing prevalence of hearing loss in geriatric population, and incidence of genetically caused hearing impairment in children are major factors driving growth of the global hearing aids market. In addition, noise emission in public carnivals, and working at heavy duty industries may affect hearing capacity of an individual, which are other factors expected to fuel growth of the global hearing aids market over the forecast period. Moreover, development in hearing aids devices such as introduction of wireless technology, noise cancellation, small and easy to set in ear are expected to increase demand for hearing aids over the forecast period.
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However, high device cost and limited battery life of hearing aids are major factors hampering growth of the global hearing aids market.
Introduction of wireless charging facility for hearing aids is expected to generate potential opportunity for players in the target market. The global hearing aids market is segmented on the basis of product type, technology, end user, and region.
On the basis of product type segmentation, behind the ear hearing aids segment is expected to contribute major revenue share and witness CAGR of over 4.0%, in terms of revenue over the forecast period, owing to technological advancements in behind the ear hearing aids such as use of nearly invisible slim tubes for transfer of sounds as against use of thicker tubing in traditional BTEs and advanced features such as wireless connectivity to mobile phones via Bluetooth.
Among technology segments, digital hearing aid segment is expected to register highest CAGR of 4.9% owing to its various benefits such as, to process and separate background noise and simultaneously enhance critical speech signals necessary for understanding to individuals.
Among distribution channel segment, audiology clinics segment is expected to contribute major revenue share and witness CAGR of over 4.0%, in terms of revenue over the forecast period, owing to increasing number of audiology clinics especially in developing economies
North America market is expected to dominate the global hearing aids market, and account for largest revenue share of over US$ 2,000 Mn in 2017 as compared to that of markets in other regions. Dominance by North America market is expected to continue over the forecast period, owing to increasing incidence of hearing loss and technological advancements in hearing aid devices used to overcome problem of hearing loss in countries such as the US and Canada. Other factors include presence of leading hearing aid manufacturers in these countries, and increasing consumer base adopting hearing aids in countries in this region.
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Furthermore, favorable government support for product development in countries in North America is fueling growth to the North America hearing aids market to a significant extent, and this trend is expected to continue in near future. Technological advancements in hearing aids, coupled with prominent manufacturers developing new hearing aids are other major factors expected to boost growth of the North America hearing aids market over the forecast period.
Key Players in this report are Sivantos Pte. Ltd., Sonova Holding AG, Cochlear Ltd., SeboTek Hearing Systems, LLC, Zounds Hearing Inc., William Demant Holding A/S, GN Store Nord A/S, MED-EL, Starkey Hearing Technologies, Inc., Widex A/S.