Hearing Aids Market Worth $7 Billion by 2025 - CAGR: 3.9%
Author: Polaris Market Research(i) : Contact: polarismarketresearch.com
Synopsis and Key Points:
Report published by Polaris Market Research reveals the global hearing aids market is anticipated to reach USD 6,992.1 million by 2025.
In 2017, by technology, digital technology segment dominated the market in terms of revenue and hold major share in the market. Regionally, Europe accounted for the major share in the hearing aid market.
Digital hearing aids holds major market share in hearing aids market and is estimated to grow at a faster rate in the forecast period.
The hearing aid market is primarily driven by increasing incidences of hearing loss due caused due to increased noise pollution, rising geriatric population, and need for continuous technological advancement of the devices. Moreover, deafness due to ear infections, and birth complications also influence the growth of hearing aids market during the forecast period.
Behind the ear (BTE) hearing aids constitutes a major market share owning to its benefits like high efficiency, easy use, and better connectivity. However, canal hearing aids are estimated to grow at a higher rate due to the increased preference for invisible aids with better functions and connectivity.
Assistive Hearing and Listening Devices Information: Examines some of the listening devices currently available for the hearing impaired and hard of hearing.
Based on the patient type the hearing aids market is segment as adult patients and pediatric patients.
Adult patient hearing aid market anticipated higher growth during the forecast period. This growth is majorly attribute by increasing number of geriatric populations worldwide and increasing incidences of hearing loss.
Data relating to the current and future hearing aid market.
Digital and Analog Hearing Aids
Technologically, hearing aids market is segmented into digital hearing aids and analog hearing aids.
Digital hearing aids holds major market share in hearing aids market and is estimated to grow at a faster rate in the forecast period. The growth of digital hearing aids is primarily driven by continuous technology advancements and innovations that provide wireless connectivity to all types of smartphones with improved listening experience in noisy environments.
Europe holds a dominating position in the global hearing aids market which is followed by North America and Asia Pacific. The growth in the European hearing aids market is majorly driven by the increasing number of geriatric population, increased prevalence of hearing loss, and availability of technological advanced hearing aids. However, high cost of the devices can impede the growth of hearing aid market in Europe.
The leading companies operating in this industry include Sonova, Gn Store Nord, William Demant Holding A/S, Widex A/S, Sivantos, Starkey, Zounds Hearing, Sebotek Hearing Systems, Benson Hearing, Microteck Systems, Medtronics, and Microscan.
Findings from the study suggest products available in the market are continuously concentrating on the technological advancements. Companies while developing new technology considers the factors such as increasing disposable income and increasing number of geriatric population globally. Europe is presumed to dominate the global hearing aid market over the forecast years and Asia Pacific region shows signs of high growth owing to the booming economies of India, and China.
Polaris Market Research
Polaris Market Research is a global market research and consulting company.
The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises.
Rechargeable Batteries for Hearing Aids: New rechargeable battery technology means hearing aid wearers never need to remove or touch the hearing aid batteries.
(i)Source/Reference: Polaris Market Research. Disabled World makes no warranties or representations in connection therewith. Content may have been edited for style, clarity or length.
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