North America to Dominate the Hearing Aids Market
Arizton’s recent market research report on the global hearing aids market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by product (Behind-the-Ear (BTE), receiver-in-the-ear (RITE), in-the-ear (ITE), in-the-canal hearing aids (ITC), Completely-in-Canal (CIC), invisible-in-the-canal (IIC), patient group (adults and children), distribution (retailers, independent practices, buying groups/networks, and government purchases/public organizations), hearing loss (sensorineural, conductive, and mixed hearing loss), technology (digital and analog), and geography (APAC, Europe, Latin America, MEA, and North America).
The global hearing aids market is expected to grow at a CAGR of over 4% during the period 2018–2024.
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Hearing loss(HL) is the fourth highest cause of disability worldwide, with estimated annual expenditure on hearing care of around $750 billion. The global hearing aids market is driven by long-term socio-economic factors and favorable patient demographics.
The hearing loss market is divided into five major segments –product, distribution, hearing loss, patient group, technology, and geography.
The receiver-in-the-ear (RITE) hearing aid segment is growing at a faster rate in the hearing loss market
The segment accounted for a share of over 30% of the global hearing loss market in 2018. The rising demand for RITE hearing aid is majorly due to the growing elderly population. The adoption for RITE hearing aidsis increasing at a faster rate in the hearing aid market due to their sophisticated design and benefits than conventional BTE hearing aids. These hearing aids offer better connectivity and high efficiency. With the rising demand for advanced technology, coupled with the growth in the hearing-impaired patient population, vendors are focusing on introducing advanced RITE/RIC hearing aids to the global hearing loss market.
Sensorineural hearing loss segment is the major revenue contributor to the hearing loss market
Sensorineural hearing loss is the most common type of hearing disorder and accounted for the market share of over 70% in 2018. The market is growing due to the growing incidence of HL specifically in the pediatric and adult population. Factors such as the increase in the aging population, exposure to loud noise, change in genetic conditions, congenital and birth-related HL are responsible for the increase in sensorineural loss. People suffering sensorineural hearing loss can often face difficulties in understanding the sound/speech even though it is loud enough to hear. ITE and BTE hearing aids are majorly used for the treatment of sensorineural hearing loss.
North America is the largest market for hearing aids
The US is the major revenue contributor for hearing aids worldwide. The rising prevalence of HL, especially in the baby boomer population and the increase in the penetration of advanced and innovative aids are the major factors driving the hearing loss market growth in the region. The rapid shift in preference from wired to wireless software-enabled aids and the growing awareness about technologically advanced aids over the past decades are fueling the growth of hearing loss market in North America. The market is likely to witness high adoption of technologically advanced Canal Hearing Aids (CHA).
Sonova, WS Audiology, Demant, GN Store Nord, and Starkey Hearing Technologies are identified as prominent vendors in the hearing aids market.
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The complete overview of the latest market research report on the global hearing aids market by Arizton is now available.
The report 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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