Global Hearing Aids Market is expected to reach US $6,992.1 million by 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2025.
As per the report, the digital technology segment led the market in terms of revenue in 2017. Geographically, Europe accumulated a major share in the global hearing aids market.
Some of the significant factors expected to influence the hearing aids market growth include:
- Hearing impairment caused by ear infections, and complications during birth would influence the growth of hearing aids market over the forecast period.
- Products such as behind the ear (BTE) hold a major chunk of the market owing to benefits such as high efficiency, better connectivity, and convenience of use.
- Canal hearing aids are estimated to observe accelerated growth due to the increasing preference for invisible hearing aids with enhanced features and connectivity.
- Adult patient hearing aid segment is projected to grow substantially over the forecast period, attributable to the rising global geriatric population paired with growing occurrences of hearing impairments.
Depending on patient type, the hearing aids market is bifurcated into adult patients and pediatric patients. In terms of technology, the hearing aids market is grouped into digital hearing aids and analog hearing aids. The digital hearing aids segment held maximum market share and is expected to grow at a rapid rate over the estimated duration. Development of digital hearing aids is largely influenced by continuous advancement in technology along with innovations that provide wireless connectivity to all smartphone types with better listening experience in noisy environments.
In terms of regional development, the global hearing aids market is dominated by Europe, which is followed by North America and the Asia Pacific regions. The factors boosting growth in the European market include the burgeoning geriatric population, growing occurrences of hearing loss, and better access to technologically advanced hearing aids.
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Some key findings from the report include:
- Hearing aids developers are constantly focusing on technological advancements.
- Increasing disposable income and the rise in elderly populations globally are the primary focus of manufacturers operating in this business space.
- Europe is expected to procure the highest market share in the global hearing aid market during the forecast years followed by the Asia Pacific, depicting signs of high growth due to the flourishing economies of India, and China.
The competitive landscape of the global hearing aids market is made up of eminent players like Sonova, Gn Store Nord, Widex A/S, William Demant Holding A/S, Sivantos, Zounds Hearing, Starkey, Sebotek, Benson Hearing, Microteck Systems, Hearing Systems, Microscan, and Medtronics. These firms are progressively launching new products in an effort to enhance their position in the business space. Moreover, due to the advanced technologies, manufacturers are innovating and introducing new customized solutions to meet patient demands.
The report also provides a detailed analysis of the hearing aids market drivers, restraints, and opportunities during the estimated timeline. Additionally, a thorough analysis of the market based on technology types, product types, and regional landscape is also contained within the report. Company profiles of market majors have also been highlighted in the report under business overview, product benchmarking, financials, and recent developments.