(PharmaNewsWire.Com, March 19, 2020 ) The report "Hearing Aids Market by Product (Receiver In The Ear, Behind The Ear, In The Ear, In The Canal Hearing Aids, Cochlear Implant, BAHA implant), Types of Hearing Loss (Sensorineural, Conductive Hearing loss) & Patient (Adult, Pediatric) - Forecast to 2022", The hearing aids market is expected to reach USD 9.78 Billion by 2022 from USD 6.97 Billion in 2017, at a CAGR of 7.0%.
Hearing aid devices segment to dominate the market in 2017 Based on product, the hearing aids market is segmented into hearing aid devices and hearing implants. In 2017, the hearing aid devices segment is expected to account for the largest share of the hearing aids market. Growth in this segment is majorly driven by the rising geriatric population, technological advancements in hearing devices, and the development and introduction of new and advanced products.
The adult patients segment is projected to register the highest CAGR during the forecast period. By patient type, the hearing aid market is segmented into adult patients and pediatric patients. The adult patients segment is estimated to register the highest growth rate during the forecast period. The high growth in this segment can primarily be attributed to the high prevalence of hearing loss in this section of the population.
Key Players Sonova (Switzerland), William Demant (Denmark), GN Store Nord (Denmark), Cochlear (Australia), Starkey (US), Widex (Denmark), MED-EL (Austria), SeboTek Hearing Systems (US), Audina Hearing Instruments (US), RION (Japan), Horentek (Italy), Microson (Spain), and Arphi Electronics (India).
In 2016, Sonova dominated the hearing aids market. The company has managed to create a unique identity in this market due to its robust product portfolio and large geographic presence. In addition, the company focuses on adopting organic as well as inorganic growth strategies to maintain its leading position in the market. For instance, in February 2017, the company’s Phonak brand introduced Bolero B-PR and Virto B-Titanium hearing aids, whereas its Unitron brand introduced a new Tempus platform—Moxi Fit R in the market. In addition, in 2016, Sonova launched AQ HD S, its first lithium-ion rechargeable hearing system.
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