According to the report Hearing Aids Market, published by Market Data Forecast, the Global market is projected to reach USD 8.91 billion by 2022, at a CAGR of 6.4% from 2017 to 2022.
Hearing aids enable people with partial or total hearing impairment to overcome this affliction. They usually have components like a microphone, an amplifier and a speaker. A microphone picks up the surrounding sound, an amplifier makes the sound louder and the speaker delivers that sound to the ear.
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Hearing Aids Market: Drivers & Restraints
Savoury reimbursement policies, rising disposable income in emerging economies, augmenting geriatric population, rising cases of hearing impairment are the primary drivers of this market.
Abysmal structure of infrastructure and absence of creative methods are the primary inhibitors of market growth.
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Hearing Aids Market: Segmentation
· Hearing AID Devices
o Receiver-In-The-Ear (RITE) Hearing AIDS
o Behind-The-Ear (BTE) Hearing AIDS
o Canal Hearing AIDS
o In-The-Ear (ITE) Hearing AIDS
o Other Hearing AIDS
· Hearing Implants
o Cochlear Implants
o Bone-Anchored Systems
By Type of hearing loss
· Sensorineural Hearing Loss
· Conductive Hearing Loss
By End User
· North America
o United States
o South Korea
· Latin America
o Rest of Latin America
· Middle East & Africa
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Hearing Aids Market: Overview
In 2016, by end-user the adult’s category is anticipated to register the highest growth rate in the aforementioned forecast period. Increasing cases of hearing loss with growing age is the main reason for this. In hearing aid devices, BTE is estimated to be USD 3 billion while RIE was valued at nearly USD 2 billion.
Europe is the market leader closely followed by North America. Asia Pacific is projected to be the fastest growing market. North America market is projected to be nearly USD 4.7 by the end of the forecast period. It has been estimated to grow at a steady CAGR of 4.5%. Europe has been forecasted to grow at nearly 4% over the forecast period.
Hearing Aids Market: Key Players
GN Store Nord A/S (Denmark), Cochlear Limited (Australia), MED-EL (Austria) are the major players in the company. Other players in the market include SeboTek Hearing Systems, Starkey Hearing Technologies, Inc. (U.S.), Widex (Denmark), William Demant Holding A/S (Denmark), LLC (U.S.), Sivantos Pte. Ltd. (Singapore), Sonova (Switzerland), and Zounds Hearing, Inc. (U.S.).
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