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(Medical-NewsWire.com, May 23, 2020 ) 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 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%.
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.
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.
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This report categorizes the global market into the following segments and subsegments:
Hearing Aids Market, by Product
+ Hearing Aid Devices
+ Receiver-In-The-Ear (RITE) Hearing Aids
+ Behind-The-Ear (BTE) Hearing Aids
+ Canal Hearing Aids
+ In-The-Ear (ITE) Hearing Aids
+ Other Hearing Aid Devices
+ Hearing Implants
+ Cochlear Implants
+ Bone-anchored Systems
Hearing Aids Market, by Type of Hearing Loss
+ Sensorineural Hearing Loss
+ Conductive Hearing Loss
Hearing Aids Market, by Patient Type
Hearing Aids Market, by Region
+ North America
4} Rest of Asia
+ Rest of the World (RoW)
2} Other Rest of the World
The hearing aids market is dominated by big players such as Sonova (Switzerland), William Demant (Denmark), and GN Store Nord (Denmark) with the presence of several small players as well. Some of the players operating in this market include 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).
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Mr. Aashish Mehra