The global hearing aids market is projected to grow from $5.83 billion in 2017 to $9.25 billion by 2023. The market is forecasted to grow at an impressive CAGR of 8.00%.
Arizton’s recent market research report on the global hearing aids market segments the market 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 top 3 drivers and trends of the hearing aids market are discussed below:
Rise in 3D Printing Technology
The introduction of 3D printing technology is easing the manufacturing process of hearing aid devices and is helping vendors generate more revenues in the global hearing aids market. The audiologist scans the ear with the help of a 3D scanner, creating an ear impression with the use of lasers which helps in multiple combinations and customization of shells, thereby increasing the ease of manufacturing these devices. 3D printing technology used in the hearing aids market is for the creation of models, patterns, prototypes, and various other production parts using photopolymerization. The use of 3D printing technology will help vendors increase the consumer satisfaction levels and allow them to offer product customization to gain a larger market share in the global hearing aids market.
Increased Adoption of Implantable Solutions in Market
The recent trend of product innovations undertaken by various prominent vendors in the global hearing aids market is fueling the adoption of implantable solutions in the global market. Implantable solutions are invisible and miniature hearing aid devices, which help in bringing social confidence, improving speech, and hearing ability in individuals. The increasing availability of implantable solutions will boost the demand for innovative hearing aids in the global market. The launch of Bluetooth-enabled devices is providing additional benefit to the user as it can listen to music, interact, and improve speech ability. Such technological innovations will propel the growth of the global hearing aids market during the forecast period.
Innovative Technology aiding New Product Launches
The niche market of hearing aids is witnessing an immense transformation due to the advancement of technology. The introduction of new technology will help with the diagnosis and treatment, improving the quality of life, and communication in the patients. The leading vendors in the market are focusing on launching devices that are developed and modified according to the latest technology that is available in the market. For instance, Sonova recently launched Neptune, which is the first swimmable cochlear implant in the world. Such developments will help vendors gain a larger market share in the global hearing aids market over the next few years.
The leading vendors in the hearing aids market are Cochlear, William Demant, Sivantos Group, and Sonova.
The complete overview of the latest market research report on hearing aids market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and provides the market size and forecast for major geographical regions and key countries.
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