Hearing Aids Market Overview and Introduction

The global hearing aids market is estimated to be over US$ 6.5 Bn in 2017. It is anticipated to grow at a CAGR of 6.6% from 2019 to 2030.

Hearing aids are devices which amplify sound and assist individuals suffering from hearing impairment. Few of the constituents of these devices include, a microphone, for picking up sound, an amplifying circuit for relaying the sound louder and a miniature speaker which delivers the amplified sound to the ear, and finally, a battery to power the electronic components.

The global hearing aids market is driven by increasing incidences and prevalence of hearing loss, focus of market players in introducing new and innovative products and availability of rising geriatric population are some of the major factors driving the market. However, high cost of device is likely to restrain the market to certain extent.

Hearing Aids Market by Product

On the basis of product the market can be segmented into hearing aid devices and hearing implants. The hearing aid devices segment can be segmented into, receiver-in-the-ear hearing aids, canal hearing aids, behind-the-ear hearing aids, In-The-Ear (ITE) Hearing aids and other hearing aid devices. Whereas, the hearing implants segment can be bifurcated into bone-anchored systems and cochlear implants. The hearing aid devices segment is anticipated to account for the highest market share, owing to increasing prevalence of hearing loss and affordability prospect of such devices.

Hearing Aids Market by Type of Hearing Loss

The type of hearing loss segment can be segmented into conductive hearing loss, and sensorineural hearing loss.

Hearing Aids Market by End User

On the basis of end user, the hearing aids market is segmented into pediatrics, and adults. The adults segment is estimated to account for significant share of the hearing aids market. Increasing geriatric population is one of the major factors driving the growth of end-user segment.

Hearing Aids Market by Regions

The global hearing aids can be segmented into North America, Europe, Asia Pacific, and Rest of World (ROW). Europe dominated the market of hearing aids, followed by North America and Asia Pacific. The dominant market share of this region can be attributed to several factors, namely high disposable income, better awareness among the population and high prevalence of hearing related ailments. However, Asia Pacific is expected to witness the highest CAGR, with the growth in this market centered at China, India, and Japan. Factors such as the rising focus of major players in emerging Asian countries, improving healthcare systems, soaring population, adoption of latest technologies, increasing disposable incomes and supportive government regulations are driving the growth of the hearing aids in this region.

Hearing Aids Market Prominent Players

The prominent players in the global hearing aids are Sonova, William Demant Holding A/S, GN Store Nord A/S, Cochlear Ltd., Sivantos Pte. Ltd., Starkey, WIDEX A/S, SeboTek Hearing Systems, LLC., Audina Hearing Instruments, Inc. and Horentek other prominent players.