July 29, 2020
As per the study titled ‘Global Hearing Aid Market: World Market Review and Analysis By Technology Product Type, Type of Hearing Loss, End-User, Sales Channel (2019 Edition): Opportunities and Forecast (2014-2024) -- By Product Type, By Hearing Loss, By Distribution Channel, By End User ’, available with Market Study Report LLC, global hearing aid market is projected to register a year-over-year growth rate of 6.15% during 2019-2024.
Increased pervasiveness of hearing loss across the globe, rising geriatric population, and growing awareness regarding advanced technologies are among the major factors impelling the growth of global hearing aid market.
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Based on product type, global hearing aid market is categorized as in the ear, behind the ear, receiver in the ear, in the canal, completely in the canal, and others. As per the report, receiver in the ear segment is witnessing a strong growth, owing to various product benefits including production of natural sound without any echo or noise, automatic optimization according to the external environment, and availability in wireless as well as telecoil options.
As per the type of hearing loss, the market is classified into sensorineural and conductive. While the technology available are analog and digital. Various distribution channels providing hearing aid devices include hospital pharmacy, e-commerce, wholesale, retailers, and independent sellers. Notable end-users are adult and pediatric.
As per the regional analysis, global hearing aid market is split into North America (United States, Canada), Europe (United Kingdom, Germany), Asia Pacific (India, China, Japan), and Rest of the World. Europe market held the majority share, by value in 2018. Expanding elderly population, higher intake of ototoxic medications, and strong presence of players are contributing to Europe market expansion.
Major players in global hearing aid market are RION Co. Ltd., Med-EL, Amplifon SpA, Cochlear Limited, Widex A/S, Demant A/S, Starkey Hearing Technologies, G.N. Store Nord A/S, Sivantos Pte Ltd., and Sonova Holding AG.