Hearing loss is one of the common medical problems encountered worldwide. However, it has been reported that a high percentage of affected individuals does not use hearing aids. The World Health Organization has estimated that the number of individuals suffering from hearing loss is expected to rise to 900 million by 2050. The increasing aging population is one of the leading factors for the market growth. Middle East and Africa have reported high projection for the hearing loss by 2050 which has been estimated to rise by 3.2% growth rate.
The global hearing aids market was estimated at $8.37 billion in 2018 and is anticipated to reach $16.34 billion by 2028. Among the different hearing aids available in the market, hearing aid devices contributed to the highest market share of the global hearing aids market in 2018. However, hearing implants market is expected to witness the highest CAGR during the forecast period between 2019 and 2028. The product launches by the key players in the pipeline have attributed to the highest CAGR of the hearing implants market.
The global hearing aids market is segmented by the geographical regions into North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World (RoW). The RoW region comprises Middle East and Africa. North America is the leading contributor to the global hearing aids market with a contribution of about 36.09% of the total market share in 2018. The North America market is also expected to grow at a CAGR of 8.96% in the forecast period 2019-2028. The global hearing aids market is majorly dominated by the U.S. and the European players. However, several emerging countries of Asia-Pacific and Latin America displayed high potential to witness robust growth rate during the period. The Australia-based company, Cochlear Limited offering cochlear implants or artificial ear contributed more than 50% of the market value in 2018 to the global hearing implants market.
- Increasing Prevalence of Hearing Loss
- Growing Incidence of Occupational Hazards
- Rising Demand for Compact Hearing Aids
- Rise in Self-Reported Cases of Hearing Loss
Market Restraints and Challenges
- Complications Associated with Surgical Procedures
- Unauthorized Sales of Hearing Aid Devices
- Non-Uniform Reimbursement Scenario
- Increasing Demand for Custom-made Hearing Aids
- Product Launches
- Brand Consolidation
The key players who have significant contributions to the global hearing aids market are Cochlear Limited, GN Store Nord A/S, MED-EL, Sonova Holding AG, Starkey Hearing Technologies, Widex A/S, William Demant Holding A/S, Microson, and RION Co. Ltd., among others.
The market analysis of global hearing aids includes an in-depth examination of the key ecosystem players, and the key strategies and developments taking place in this market. Additionally, it includes market dynamics (market drivers, opportunities, and challenges), and industry analysis. Currently, there are two major types of hearing aids available in the market — hearing aid devices and hearing implants. These product types are further sub-segmented based on the type of hearing loss and placement of the hearing aids. Based on distribution channel, the hearing aids market can further be sub-segmented into three broad categories – hospitals, audiology and ENT clinics, and pharmacies. Geographically, the market can be segmented into five distinct regions including North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World.
Key Questions Answered in this Report:
• What are the key features of hearing aids which make them suitable for the hearing loss patients worldwide?
• What are the advantages of hearing aid devices over hearing implants?
• How did the hearing aids market evolve, and what is its scope in the future?
• What are the major market drivers, challenges, and opportunities in the global hearing aids market?
• What are the key development strategies which are implemented by the key players to stand out in this market?
• Which are the leading companies dominating the global hearing aids market?
• How many types of hearing aid devices are available in the market, and which are the companies offering hearing aid devices?
• Based on product type, which hearing aids type is anticipated to witness massive rise in the demand in the forecast period and in which region?
• What are the different hearing implants available in the market? Which type of hearing implants is expected to witness high demand in the forecast period?
• What are investors’ perceptions about the global hearing aids market? Also, what is the reimbursement scenario of the market?
• What are the key companies which made substantial investments to aid technological advancements in the market?
• What are the regulations pertaining to the global hearing aids market? What are the initiatives implemented by different government bodies to overcome the shortage of hearing aids in the developing economies?
• What was the market value of the leading segments and sub-segments of the global hearing aids market?
• How will each segment of the global hearing aids market grow during the forecast period and what will be the revenue generated by each of the segments by the end of 2028?
• How will the industry evolve during the forecast period 2019-2028?
• Which region carries the potential for the significant expansion of key companies for different hearing aid product types?
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The report offers the reader with an opportunity to unlock comprehensive insights with respect to the market and helps in forming well-informed strategic decisions. The research uncovers some of the substantial parameters that must be taken into consideration before entering the market.