Hearing Aids Market to cross revenues of over $7 Billion by 2024 – Arizton

Hearing Aids Market to cross revenues of over $7 Billion by 2024 - Arizton

“Hearing Aids Market”

The global hearing aids market is expected to grow at a CAGR of over 4% during the period 2018–2024.

Hearing loss affects millions of people worldwide and is the fourth highest cause of disability worldwide, with an estimated annual expenditure of around $750 billion on hearing care. The growing prevalence of disabling hearing loss (DHL) and the rising awareness about the adverse effects of non-treatment for the same have contributed to the growing consciousness globally on the need for accessible and improving hearing care. As a result, the demand for hearing care is likely to increase significantly in the coming years

Geographical Insights

In 2018, North America was the largest market for hearing aids and accounted for a 40% share of the global hearing aid market. The growing population suffering from hearing losses is the primary factor for its high market share.

APAC is the fastest-growing region compared to other regions and is likely to grow at a CAGR of 4% during the forecast period. The increasing diagnosis rate of hearing loss, high awareness levels regarding the availability of a wide array of hearing aids, and growing prevalence of disabling hearing loss (DHL) are the major factors contributing to the market growth of hearing aids in the region.

Product Insights

In 2018, the Behind-the-Ear (BTE) hearing aids segment accounted for a share of 38% of the global hearing aids market. These are the most commonly used hearing aids compared to other available hearing aids in the market since they are robust, easy-to-use, and appropriate for all types of hearing loss. The global rise in the prevalence of hearing loss is a major factor contributing to the growth of this segment. Key market players such as WS Audiology, Sonova, Demant, GN Store Nord, and Starkey Hearing Technologies are focusing on introducing innovative BTE hearing aids to end-users. For instance, WS Audiology launched the EVOKE series in 2018 and Motion 13 Nx under brand Signia in 2017.

The following factors are likely to contribute to the growth of the hearing aids market during the forecast period:

  • High prevalence of hearing loss in the elderly population
  • Approval/launches of new hearing aid products
  • Increased demand for wireless and smart hearing aids

 Base Year:                  2018

Forecast Year:           2019–2024

The study considers the present scenario of the market dynamics for the period 2018−2024. It covers a detailed overview of several market growth enablers, restraints, and trends. The report covers both the demand and supply aspect of the market. It profiles and examines leading companies and other prominent companies operating in the market.

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Key Vendors

  • Sonova
  • WS Audiology
  • Demant
  • GN Store Nord
  • Starkey Hearing Technologies

Other Prominent Vendors

  • Arphi Electronics
  • Audina Hearing Instruments
  • Century Hearing Aids
  • Eartechnic
  • Eargo
  • ExSilent
  • Horentek
  • IN4 Technology
  • Innerscope Hearing Technology
  • IntriCon
  • Loreca Hearing Aid
  • Microson
  • NewSound Hearing Aids
  • RION
  • SeboTek Hearing Systems
  • Zounds Hearing

 Market Segmentation by Product

  • Behind-the-Ear (BTE)
  • Receiver-in-the-Ear (RITE)
  • In-the-Ear (ITE)
  • In-the-Canal Hearing Aids (ITC)
  • Completely-in-Canal (CIC)
  • Invisible-in-the-Canal (IIC)

Market Segmentation by Patients

  • Adults
  • Children

Market Segmentation by Distribution

  • Retailers
  • Independent Practices
  • Buying Groups/Networks
  • Government Purchases/Public Organizations

Market Segmentation by Hearing Loss

  • Sensorineural Hearing Loss
  • Conductive Hearing Loss
  • Mixed Hearing Loss

Market Segmentation Technology

  • Digital
  • Analog

Market Segmentation Geography

  • APAC
    • China
    • Japan
    • South Korea
    • Australia
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
  • North America
    • US
    • Canada
  • MEA
    • South Africa
    • Saudi Arabia
    • UAE
  • Latin America
    • Brazil
    • Mexico

 

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Source : Hearing Aids Market- Global Outlook And Forecast 2019-2024 by Arizton Advisory & Intelligence

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