The Global Hearing Aids Market size is estimated to be USD 7.98 billion in 2019 and is predicted to reach USD 16.62 billion by 2030 with a CAGR of 6.9% from 2020-2030. Hearing aid is a small electronic device that is recommended for a person with lack of hearing ability. A hearing aid has three basic parts namely; microphone, amplifier, and speaker. Hearing aids are mainly useful in improving the hearing and speech ability of people who have hearing loss caused due to damage to the small sensory cells in the inner ear, called hair cells. These devices magnifies sound vibrations entering the ear.
Researchers are considering numerous ways to apply new signal processing strategies to the design of hearing aids. In addition to this, researchers are also examining the use of computer-aided technology to design and manufacture better hearing aids. With introduction of noise cancellation technology, wind reduction techniques, and moisture resistance, smart hearing aids are developed compared to the conventional devices. Furthermore, hearing aid technology advances have also made it possible to include Bluetooth, so that is can be connected to electronic devices such as computer, TV, or even a smartphone. Moreover, many new dispensing methods are being considered to make these devices available to the customer. Emergence of online pharmacies have opened new avenues in the global hearing aids industry.
Market Dynamics and Trends:
Increasing prevalence of hearing loss and technological advancements are the primary factors driving the hearing aids market. Based on WHO data, it is estimated that by 2050, over 900 million people are expected to suffer from hearing loss particularly due to increased noise pollution levels, genetic factors, ear infections, birth complications, and other factors. This results in increasing demand for hearing aids across the globe. Moreover, growing aging population are some other factors contributing to the growth of hearing aids market. Approximately one-third of people over 65 years are affected by disabling hearing loss. According to the National Health Institutes, globally 8.5% of people aged over 65 years in 2015, this number is expected to reach around 17% by 2050. However, presence of surgical middle-ear implants, and varied cost of hearing aids are some factors that are likely to affect the growth of hearing aids market.
Companies operating in the hearing aids market are mainly focusing on research and development and product launches as their primary growth strategy. For instance, in August 2018 Starkey Hearing Technologies launched Livio AI Hearing Aid with integrated sensors and artificial intelligence. These product launches enable the companies to improve their product technologies and enhance the existing product line. Moreover, players such as ZPower, Philips, and GN Hearing also commence strategic partnerships and collaborations to strengthen their business.
Market Segmentations and Scope of the Study:
Global hearing aids market share is analysed on the basis of product, application, technology, and geography. By product, the market is segmented into in-the-ear hearing aids, receiver-in-the-ear hearing aid, behind-the-ear hearing aids, canal hearing aids, and others. On the basis of application, the market is segmented into sensorineural hearing loss, and conductive hearing loss. The technology segment covers the market for digital and analog devices. By patient type the market is segmented into adult and pediatric. The regional analysis of the hearing aids market comprises of North America, Europe, Asia Pacific, and Rest of the World.
Comprehensive competitive analysis and profiles of major market players such as Sonova, William Demant, GN Store Nord, Cochlear, Starkey, Widex, MED-EL, SeboTek Hearing Systems, Audina Hearing Instruments, and RION is also provided in this hearing aids market report.
- The study provides an in-depth analysis of the hearing aids market with current and future trends to elucidate the imminent investment pockets in the market.
- Current and future hearing aids market trends are outlined to determine the overall attractiveness and to single out profitable trends to gain a stronger foothold.
- The hearing aids market report provides information regarding key drivers, restraints and opportunities with impact analysis.
- Quantitative analysis of the current market and estimations through 2018-2030 are provided to showcase the financial caliber of the market.
- Porters Five Forces model and SWOT analysis of the industry illustrates the potency of the buyers & suppliers participating in the hearing aids market.
- Value chain analysis in the hearing aids market report provides a clear understanding of the roles of stakeholders involved in the value chain.
KEY MARKET SEGMENTS:
- Global Hearing Aids Market– By Component
- In-The-Ear Hearing Aids,
- Receiver-In-The-Ear (RITE) Hearing Aid,
- Behind-The-Ear (BTE) Hearing Aids,
- Canal Hearing Aids
- Global Hearing Aids Market – By Application
- Sensorineural Hearing Loss
- Conductive Hearing Loss
- Global Hearing Aids Market – By Technology
- Global Hearing Aids Market – By Patient Type
- Global Hearing Aids Market – By Geography
- North America
- Rest of Europe
- Rest of APAC
- Latin America
- Middle East
- North America