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(Health-NewsWire.Net, May 04, 2021 ) The high growth in hearing aids 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.
What the Market Looks Like?
Predicted to grow at a CAGR of 7.0% during the forecast period, the global hearing aids market is estimated to reach USD 3.03 billion by the end of 2023. Europe is expected to account for the largest share of the global hearing aids market, followed by North America. Asia is expected to register the highest CAGR during the forecast period.
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.
By patient type, the hearing aid market is segmented into adult patients and pediatric patients. The adult patients segment is estimated to register the highest growth rate during the forecast period. The high growth in this segment can primarily be attributed to the high prevalence of hearing loss in this section of the population.
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What Drives the Market?
The growth of the global market for hearing aids is primarily influenced by the following factors:
Rising Geriatric Population
High Prevalence of Hearing Loss
Technological Advancements in Hearing Aids
However, 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.
Geographical Scenario of Hearing Aids Market
In 2017, Europe is expected to dominate the global market primarily due to factors such as the growing aging population and high prevalence of hearing loss in this region. In 2017, North America is expected to account for the second-largest share of this market. Rising geriatric population and increasing conferences and symposiums help create awareness on market products and the latest technologies in hearing aids are the major factors supporting the growth of hearing aid devices market in this regional segment.
Market Key Players
The hearing aid devices 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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