According to the new market research report "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", published by MarketsandMarkets™, analyzes and studies the major market drivers, restraints/challenges, and opportunities in North America, Europe, Asia-Pacific, and the Rest of the world (RoW).
The hearing aids market is expected to reach USD 9.78 Billion by 2022 from USD 6.97 Billion in 2017, at a CAGR of 7.0%. The growth of this market is majorly attributed to the high prevalence of hearing loss, rising geriatric population, and technological advancements in hearing aids.
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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 patient’s 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.
Based on product, the hearing aids market is segmented into hearing aid devices and hearing implants. In 2017, the hearing aid devices segment is expected to account for the largest share of the hearing aids market. Growth in this segment is majorly driven by the rising geriatric population, technological advancements in hearing devices, and the development and introduction of new and advanced products.
In 2017, Europe is expected to dominate the market, followed by North America. The high growth of the market is attributed to growing aging population and high prevalence of hearing loss in the region.
While Europe is expected to dominate the market in 2017, Asia is expected to register the highest CAGR during the forecast period. The high growth in this market is attributed to the high prevalence of hearing loss, availability of technologically advanced hearing aids, growth in the aging population, and increasing initiatives by companies to expand in these emerging economies. While the hearing aids market presents significant growth opportunities, market growth may be hindered due to the high cost of hearing aids and the low penetration of these devices.
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).
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