Hearing Aid Market Highlights
The hearing aid market has been witnessing a constant rise, mainly due to the prevailing hearing impairments across the globe. Increasing cases of complications arising during the birth that increases the chances of hearing loss, alongside the growing numbers of hearing screening and diagnostic centers worldwide, drive the growth of the market significantly. Moreover, the emergence of advanced hearing aids that are machine learning and artificial intelligence-enabled accelerates the sales in the market on the global platform.
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According to Market Research Future (MRFR), the global hearing aid market is expected to touch a valuation of USD 10.2 Billion by 2025, registering 7% CAGR throughout the forecast period (2019 – 2025). The availability of technologically advanced devices and rising per capita healthcare expenses, foster the growth of the hearing aid market predominantly. Additionally, well-spread awareness among people about the hearing impairment and the availability of devices aiding in hearing loss promote the growth of the market.
Furthermore, hearing aids reviews such as sleek appearance and improved hearing experience are increasing market sales. Conversely, factors such as the low penetration of hearing aids and product recall, alongside the prohibitive costs of these aids, impede the growth of the market. Nevertheless, increasing geriatric population and government initiatives, undertaken to create awareness on the hearing loss and available treatments would support the market growth throughout the assessment period.
Global Hearing Aid Market – Segments
The analysis has been segmented into six major dynamics.
By Product : Devices, Implants, Accessories, and others.
By Product Type : Wired and Wireless.
By Type of Hearing Loss: Sensorineural, Conductive, and others.
By Technology Type : Digital Hearing Aids, Analog Hearing Aids, and others.
By Distribution Channel: Retail Stores, E-Commerce, and others.
By Regions : Europe, Americas, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
Based on product type, the global hearing aids market is segmented into wired and wireless. The Wireless segment holds the largest market share owing to the rising popularity of wireless devices. Besides, increasing technological advancements and product launches drive the revenue growth of the segment.
Global Hearing Aid Market – Regional Analysis
Europe dominates the global hearing aid market, heading with the prevalence of hearing loss/impairment. Furthermore, rising cases of trauma/accidents, surgeries, and medicine-borne reactions are creating a huge market demand in the region, resulting in temporary or permanent hearing loss. Besides, the resurging economy in the region is driving the hearing aid market in Europe. Additional factors, such as the availability of technologically advanced devices and the proliferation of quality healthcare, alongside increasing healthcare costs, contribute to the regional market growth excellently. The European hearing aid market is estimated to grow at a phenomenal CAGR during the assessment period.
North America stands second in the global hearing aid market. The market is majorly driven by high healthcare expenditures and the presence of major market players. The US hearing aid market leads the regional market accounting for the significant share due to the availability of the latest technologies and constant research & development activities by market players. Also, the early uptake of advanced technologies is a major driving force behind the growth of the regional market.
The Asia Pacific region has emerged as a promising market for hearing aids over recent years. Factors such as technological advances and increasing numbers of product launches, mainly in Japan, drive a massive share of the market. However, India and China backed by the vast population, and the availability of low-cost hearing aids predominantly leads the regional market growth.
Besides, the rapidly growing healthcare sector in the region, alongside a large unmet needs, provides a massive impetus to the market growth in the region. Additionally, increasing awareness about the hearing aids and growing population affected by hearing disorders contribute to the regional market growth significantly. The APAC hearing aid market is expected to perceive the fastest growth by 2025, growing at a modest CAGR during the review period.
Global Hearing Aid Market – Competitive Analysis
The hearing aid market appears to be highly competitive due to the presence of several well-established players. To gain a larger competitive share of the market, these players incorporate strategic initiatives such as mergers & acquisitions, collaborations, partnerships, expansion, and product/technology launch. Well established players try to offer a comprehensive portfolio of products, as well as the quality assurance tested third-party instruments. Hearing aid manufacturers develop a range of FDA-licensed products, which they can sell directly to the testing laboratories, hospitals, and independent patients. These players also try to develop additional applications for their existing techniques or methodologies.
Major Players:
Players leading the global hearing aid market include
Sonova (Switzerland)
Cochlear Ltd (Australia)
GN Store Nord A/S (Denmark)
Sivantos Pte. Ltd (Singapore)
Arphi Electronics Private Limited (India)
Demant A/S (Denmark)
Starkey (US)
Widex India Private Limited (Denmark)
Zounds Hearing (US)
SeboTek Hearing Systems
Audina Hearing Instruments
Microson (Spain)
Others…
Table Of Contents
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.1 Definition
2.2 Scope Of The Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
Chapter 3. Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.1 Drivers
4.2 Restrains
4.3 Opportunities
4.4 Challenges
Chapter 5. Market Factor Analysis
5.1 Porters Five Forces Analysis
Continue!!!
LIST OF TABLES
Table 1 Global Hearing Aids Synopsis, 2019–2025
Table 2 Global Hearing Aids Market Estimates & Forecast, 2019–2025, (USD Million)
Table 3 Global Hearing Aids Market, By Region, 2019–2025 (USD Million)
Table 4 Global Hearing Aids Market, By Product, 2019–2025 (USD Million)
Table 5 Global Hearing Aids Market, By Product Type, 2019–2025 (USD Million)
Table 6 Global Hearing Aids Market, By Type Of Hearing Loss, 2019–2025 (USD Million)
Table 7 Global Hearing Aids Market, By Technology Type, 2019–2025 (USD Million)
Table 8 Global Hearing Aids Market, By Distribution Channel, 2019–2025 (USD Million)
Table 9 Americas: Hearing Aids Market, By Product, 2019–2025 (USD Million)
Table 10 Americas: Hearing Aids Market, By Product Type, 2019–2025 (USD Million)
Continue…!!
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Industry/Innovation/Related News:
September 05, 2019 —– HearAtLast Holdings, Inc. (the US), a holding company involved in the development of hearing aid & services, announced the acquisition of a 100% stake in a Canadian leader of audio products company – Crystal Clear Audio, Inc. With the addition of Crystal Clear’s business model and initiatives, the company plans to take valuable intellectual property to the next level.
HearAtLast Holdings is currently looking for restructuring and expanding its business model, revenue, and asset base. Crystal Clear Audio develops tailored-made audio products such as headphones with customized audio, bringing clear & dynamic sound, based on the auditory research, which has led to the patented NC Audio Technology.
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