Increasing Prevalence of Hearing Disorders Fuels the Growth of Global Hearing Aids Market
As per Market Research Future (MRFR) analysis, The Hearing Aids Market is predicted to meet at USD 15.32 Billion by 2030 at 8% CAGR during the forecast period (2022-2030).
The hearing aid is a battery-powered electronic device intended to enhance hearing capacity. The global market for hearing aids is estimated to expand at a lucrative rate over the forecast period. This can be ascribed to critical factors such as increasing the use of these devices, raising awareness of technologically advanced devices for the treatment of deafness, and growing prevalence of hearing loss due to the rising geriatric population.
Key players
Some of the major participants in the global Hearing Aids Market Players are
Sonova (Switzerland), Cochlear LTD (Australia), GN Store Nord A/S (Denmark), Sivantos PTE. LTD (Singapore), Arphi Electronic PVT (India), Demant AS (Denmark), Starkey Technologies (US), Micrson (Spain).
Segmentation
The global Hearing Aids Market Insights has been segmented into product, product type, type of hearing loss, technology type, distribution channel, and region.
- Based on the product, the global market for hearing aids has been segmented into devices, Implants, and accessories. Among these, the device segment holds the largest market share.
- Based on product type, the global market for hearing aids has been segmented into wireless and wired. The wireless segment contributes the most significant market share and also the fastest-growing segment.
- Based on the type of hearing loss, the global market for hearing aids has been segmented into sensorineural, conductive, and others.
- Based on the type of technology, the global market for hearing aids has been segmented into digital hearing, aids, analog hearing aids. The digital hearing segment accounts for the largest market share and is the fastest-growing segment.
- Based on the distributional channel, the global market for hearing aids has been segmented into retail stores, e-commerce, and others.
Market Dynamics
The growing geriatric population around the globe is one of the major factors driving the market growth. There has been a substantial rise in the prevalence of hearing disorders among the population. In addition, the introduction of aesthetically appealing designs, combined with the launch of innovative product variations, like waterproof hearing aids, also contributes to the growth of the industry. The adoption of emerging technologies, combined with the launch of products that incorporate cochlear implant and hearing aid technology to address high-frequency hearing loss, is expected to establish a positive consumer outlook further.
Other factors such as, increasing cases of birth complications and ear infections, rising noise pollution levels, increasing disposable income, and increased focus on research and development (R&D) by manufacturers are also expected to boost the market growth.
Region-wise, the global Hearing Aids Market Outlook has been segmented into Europe, the Americas, the Asia Pacific, and the Middle East & Africa.
Europe led the market in 2018 with a revenue of USD 2.2 billion and is projected to rise at a lucrative pace over the forecast period. Increased prevalence of hearing loss and increased awareness of technological advances are key factors driving demand for these devices in Europe. In addition, the growth of the market for audiology devices in this region depends on each European nation's policies for reimbursement. According to the European Federation of Hard of Hearing People, about 51 million people in the European Union had deafness in 2015. There are 11 million people in the U.K. who experience hearing loss. Due to the increase in the aging population in Europe, hearing impairment is expected to increase, which in turn is anticipated to drive the market in Europe.
The Asia Pacific market is expected to see the fastest growth in the forecast period due to a large population base, an increase in the prevalence of the geriatric population and a development in the distribution network of global market players. Market leaders are continuously developing advanced products that enhance the benefits of these devices to target consumers and drive the acceptance of these devices in the region. Other market-driven factors in the Asia Pacific include rising disposable income and healthcare expenditure of the general population, combined with government initiatives.
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