Industry Trend Analysis
The global hearing aids market is projected to reach around $6 billion by 2025. Rise in the number of cases of deafness due to increasing levels of noise pollution along with ear infections, birth complications and genetic disorders are the key drivers for the hearing aids market. As per the study conducted by WHO in 2012, 360 million people worldwide are suffering from hearing loss, out of which 32 million are children. Over 35 million adults and children in the U.S. suffer from some level of hearing impairment as per the FDA estimates. Rise in geriatric population around the world contributes to the growth of this market. Additionally, demand for advanced as well as miniature hearing devices will fuel the market growth over the forecast period. The introduction of digital signal processors has also contributed largely to the growth of hearing aids market.
Product Outlook and Trend Analysis
In 2016, the behind-the-ear hearing aids market held the largest share of the global market in 2016, due to the advantages offered such as ease of use and better connectivity. The canal aids market is expected to exhibit highest growth rate over the forecast period, due to the rising need for invisible and aesthetically appealing devices.
Technology Outlook and Trend Analysis
Digital hearing aids segment accounted for the largest share of the global market in 2016, owing to high efficiency and ability to provide enhanced listening in noisy surroundings. This segment is projected to witness a robust growth during the forecast period.
Regional Outlook and Trend Analysis
In 2016, Europe held the major share of the global hearing aids market, due to increasing prevalence of hearing disorders in the region along with rise in geriatric population. Asia-Pacific is expected to be the fastest growing market during the forecast period, due to developing healthcare infrastructure and increasing awareness among the patients.
Some of the players operating in hearing aids market are Sonova Holding AG, William Demant Holdings A/S, ReSound, Benson Hearing, MED-EL, Micro Tech Systems, Siemens Healthcare GmbH, Medtronic, Starkey Hearing Technologies, and Widex A/S.
With major players such as Sonova Holding AG and William Demant Holdings A/S taking large scale undertakings in the retail sector, significant opportunities lie in the retail sector in coming years. Technological innovations in speech enhancement and digital noise cancellation will further add to the value proposition of the hearing aids. Innovations in IT application enabled devices will play a crucial role in hearing aids market in the near future with many companies innovating Bluetooth and Wi-Fi connectivity devices.
Hearing Aids Market Segmentation:
In-The-Ear Hearing Aids
Behind-The-Ear Hearing Aids
Receiver-In-The-Ear Hearing Aids
Canal Hearing Aids
Analog Hearing Aids
Digital Hearing Aids
Rest of Europe
Rest of Asia-Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
What was the market size in 2016 and forecast from 2017 to 2025?
What will be the industry market growth from 2017 to 2025?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?