The Global Hearing Aids Market was valued at US$ 7584.8 million in 2016 and is projected to expand at a CAGR of 4.6% during the forecast period (2017-2025), as highlighted in a new report published by Coherent Market Insights. Technologically advanced devices with additional features, which in turn is projected to support growth of the hearing aids market over the forecast period.
Major players such as Sivantos Inc., Sonova Holding AG are focusing on product development and innovation to expand their sales network in emerging economies. For example, Sivantos Inc. has launched products with features such as Bluetooth connectivity, slick design, binaural listening technology, and customizable size as per user need. Also, in case of in-the-ear type of hearing aids, they provide features such as noise cancellation, vent for optimal ear ventilation.
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There are some restraining factors leading to gap between need and supply of hearing aids. These include lack of awareness in emerging countries about technologically advanced hearing aids, high cost of hearing aids specifically of digital type of hearing aids, lack of healthcare infrastructure in rural areas of emerging economies.
There are various players in the market that are confined to product diversification and customization for the sales growth. Furthermore, the companies are continuously working on the product development and advancement that aligns to the need and requirement of the users.
The manufacturers have opportunity to tap major market share in case of emerging countries through advertisement about product features and by controlling the cost of hearing aids through R&D activity. Increasing population and growing incidence of hearing loss, especially in emerging economies is expected to create a conducive environment for growth of the hearing aids market.
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Key Takeaways of the Market:
• The global hearing aids market is expected to expand at a CAGR of 4.6% during the forecast period (2017-2025). Due to rising incidence of hearing loss problem cases and aging population the demand for hearing aids from around the globe is expected to favor the market of hearing aids over the forecast period.
• The behind the ear hearing aids product segment in the global hearing aids market was estimated to be the largest in 2017 and is expected to retain its dominance in the market throughout the forecast period in terms of value
• In terms of technology segment, the digital type of hearing aids is expected to expand at a significant CAGR of 4.6% during the forecast period, owing to it being more advanced in terms of technology and features
• The global hearing aids market is characterized by market expansion in Asia Pacific, North America, and Europe could generate higher market revenue due to the increase in aging population and rising awareness about the advanced technology
The Players mentioned in our report
Sonova Holding AG, Sivantos Inc., Cochlear Ltd., SeboTek Hearing Systems LLC, Oticon A/S, Zounds Hearing Inc, MED-EL, Sonic Innovations Inc., GN Hearing and William Demant Holding A/S.