This market research report on the global hearing aids market offers analysis on market size and forecast, market share, industry trends, growth drivers, and vendor analysis. The market study also includes insights about segmentation by product type (hearing aid devices and hearing implants), end-user (hospitals, clinics/audiology centers, and individuals), and geography (APAC, Europe, Latin America, MEA, and North America).
The growing awareness in the population about under-diagnosed medical conditions that can cause hearing impairment is driving the growth of the global hearing aids market. The dynamic changes in lifestyles and the increasing demand for hearing aid devices will boost the sale of these products in the global market. Introduction of new and innovative products such as digital waterproof aid and implementation of digital technology will propel the growth of the hearing aids market during the forecast period. The introduction of a new product that combines cochlear implant and aid technology to overcome the high-frequency hearing loss in patients will create new opportunities for the hearing aids manufacturers in the global market. Prominent vendors are investing in advanced technology to launch better products and increase market share in the global market.
The penetration of internet is helping the development of e-commerce websites that sell hearing devices to end-users. The hearing aids market is witnessing a surge in demand for these products through online websites. The distribution through online channels will increase the revenue of vendors and reduce the waiting time for patients in hospitals and clinics.
The global market is expected to cross $9 billion by 2023, growing at a CAGR of around 8% during the forecast period.
Global Hearing Aids Market Size
The leading vendors in the hearing aids market are increasing their promotional and marketing activities to gain a large consumer base and market share. The players in the hearing aids market are focusing on the product development and choosing the correct distribution channel to attract the maximum number of customers and increase their market size. Companies are leveraging the popularity of various online websites to create awareness about the different products that are available in the market and educate end-users about them. For instance, online retailers such as Amazon and eBay offer a comparative analysis of various types and brands of hearing devices. Such marketing strategies will drive the growth in the global market during the forecast period.
This market research report on hearinag aids includes a detailed segmentation of the market by products type, end-users, and geography.
Segmentation of Global Hearing Aids Market
Hearing Aids Market – By Product Type
Hearing aid devices product segment to occupy a larger market share in the market during the forecast period
The hearing aids market by product segment is further divided into hearing aid devices and hearing implants. The devices segment dominated the market, accounting for close to 75% of the total market share in 2017. The growing demand for hearing aid devices from countries such as the US, China, and Japan will attribute to the growth of this market segment. With the advancement in technology ,the hearing aid devices are gaining traction in the global market. The introduction of miniature hearing devices and increasing adoption of these devices around the world will propel the growth of this market segment in the global market during the forecast period.
Hearing Aids Market – By End-user
Hospitals are the key end-users that influence the market share of the global hearing aids market
Hospitals are the largest end-user segment in the global hearing aids market. The consolidation of small hospitals has led to an increase in the number of specialized services provided by hospitals. These specialized centers primarily attend to the diagnosis and intervention of hearing impairments. The growth of these specialty centers will drive the demand in the global hearing aids market over the next few years. Hospitals and authorized audiology centers prescribe hearing devices such as BTE, IIC, or cochlear implants to their patients. The implementation of affordable healthcare programs across different countries in the world will increase the affordability of hearing devices and implants in different regions across the globe.
Hearing Aids Market – By Geography
North America was the most significant contributor to the global hearing aids market during 2017
The global hearing aids market is divided into five major geographical segments: North America, Europe, APAC, Latin America, and MEA. North America is the largest revenue generator in the global market and is likely to occupy lion share of the total hearing aids market. Factors such as high patient awareness about hearing impairment, reimbursement policies, speech-language therapies, and technology innovation are making North America as one of the fastest growing regions in the global hearing aids market. Vendors are focusing on leveraging advanced technology to enable product enhancement and modification of digital hearing devices in the North American region. Such advancements will increase the adoption of these devices in the North American market during the forecast period.
Key countries profiled in the report are
Key Vendor Analysis
The global hearing aids market is moderately fragmented with many international players providing hearing products with high functionality and compact designs. With the advancement in technology and product innovation, the competition in the market is intensifying. The increasing demand for digital hearing devices is creating new opportunities for the hearing aid manufacturers to enter this market. The prominent players are also focusing on expanding their businesses to fast-developing regions of APAC and Latin America to increase the hearing aid market share and the consumer base. The introduction of innovative and advanced solutions will drive the growth of the global market during the forecast period.
The major vendors in the global hearing aids market are:
Other prominent vendors include Microson, Starkey, Widex, Audina Hearing Instruments, NewSound Hearing Aids, and Nurotron Biotechnology.
Key market insights include
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