Global Hearing Aids Market Research Report: By Product (Devices, Implants, Accessories), By Product Type (Wired, Wireless), By Type of Hearing Loss (Sensorineural, Conductive, Others), By Technology Type (Digital Hearing Aids, Analog Hearing Aids) and By Distribution Channel (Retail Stores, E-Commerce, Others) – Forecast to 2025
Global Market – Overview
According to MRFR analysis, the global hearing aids market is expected to register a CAGR of ~7% during the forecast period of 2019 to 2025 and was valued at USD 8 billion in 2018.
A hearing aid is an electronic device which amplifies sound so that a person with hearing loss can listen, participate in daily activities, and communicate with others. The three basic parts of a hearing aid are a speaker, an amplifier, and a microphone.
Market Drivers
- Increasing incidence of hearing loss. For instance, it is estimated that as of March 2019, there were around 466 million people with disabling hearing loss worldwide and the number is expected to reach 900 million by 2050
- Launch of new products
- Increasing geriatric population
- Rising awareness about hearing loss treatment
Market Restraints
- Low penetration of hearing aids
- Product recalls
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Regional Analysis
The market has been divided, by region, into Europe, the Americas, Asia-Pacific, and the Middle East & Africa. Europe is expected to be the largest market owing to the rising incidence of hearing loss and sophisticated healthcare infrastructure. The European hearing aids market has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The Americas holds the second largest market share. The hearing aids market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The hearing aids market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. Due to the increasing awareness regarding the use of hearing aids and increasing population affected by hearing disorders, the market in Asia-Pacific is expected to be the fastest-growing. The hearing aids market in the Middle East & Africa has been divided into the Middle East and Africa and is expected to hold the least market share.
Segmentation
The global hearing aids market has been segmented based on product, product type, type of hearing loss, technology type, and distribution channel.
The market, based on product, has been divided into devices, implants, and accessories, out of which implants is the fastest-growing segment. For instance, the Australia-based manufacturer Cochlear Ltd reported a profit of USD 265 to USD 275 million in first quarter of 2019, 8% to 12% more as compared to that in the first quarter of 2018.
The global hearing aids market has been segmented, on the basis of product type, into wired and wireless. Wireless is the fastest-growing segment owing to technological advancements and product launches. For instance, Sonova, in November 2018 launched products based on SWORD (Sonova Wireless One Radio Digital) chip. The new technology allows hearing instruments to connect with electronic devices such as televisions or mobile phones.
The type of hearing loss segments of the market are sensorineural, conductive, and others. The growth of the segment is due to the high prevalence of hearing loss. For instance, in 2018, around 2 to 3 out of 1000, children in the US are born with a hearing loss in one or both ears.
The technology type segment of the market is segmented as digital hearing aids and analog hearing aids. The digital hearing aids segment is expected to be both, the largest shareholder and the fastest-growing segment owing to its advantages over analog counterparts.
The distribution channel segment is classified into retail stores, E-commerce, and others. The E-commerce segment is expected to be the fastest-growing segment owing to ease of access to products for customers.
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Key Players
Some of the key players in the global hearing aids market are Sonova (Switzerland), Cochlear Ltd. (Australia), GN Store Nord A/S (Denmark), Sivantos Pte. Ltd. (Singapore), Arphi Electronics Private Limited (India), Demant A/S (Denmark), Starkey (US), WIDEX INDIA PRIVATE LIMITED (Denmark), Zounds Hearing (US), SeboTek Hearing Systems, LLC (US), Audina Hearing Instruments, Inc. (US), and Microson (Spain).
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