(PharmaNewsWire.Com, April 25, 2021 ) The high prevalence of hearing loss, availability of technologically advanced hearing aids, growth in the aging population, and increasing initiatives by companies to expand in these emerging economies are driving the growth of hearing aids market.
How much is the Hearing Aids Market worth?
MarketsandMarkets forecasts the Hearing Aids market to grow from USD 9.78 Billion by 2022 from USD 6.97 Billion in 2017, at a CAGR of 7.0%during the forecast period. Rising geriatric population and increasing conferences and symposiums help create awareness on market products and the latest technologies in hearing aids are the major factors supporting the growth of hearing aids market.
The global Hearing Aids market is segmented into four major regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World. In 2017, Europe accounted for the largest share of this market majorly due to the high cost of hearing aids and the low penetration of these devices.
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.
Europe to account for the largest market size during the forecast period.
In 2017, Europe is expected to dominate the market, followed by North America. The high growth of the hearing aids market is attributed to growing aging population and high prevalence of hearing loss in the region.
While Europe is expected to dominate the market in 2017, Asia is expected to register the highest CAGR during the forecast period. The high growth in this market is attributed to the high prevalence of hearing loss, availability of technologically advanced hearing aids, growth in the aging population, and increasing initiatives by companies to expand in these emerging economies. While the hearing aids market presents significant growth opportunities, market growth may be hindered due to the high cost of hearing aids and the low penetration of these devices.
Who are the leading vendors operating in Hearing Aids Market?
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).
Sonova dominated the hearing aids market in 2016. 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.
In February 2017, the Sonova’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 April 2017, the William Demant launched OticonOpnminiRITE hearing aids that feature a rechargeable upgrade option.
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