Hearing Aids Market By Product Type (Behind the Ear Hearing Aids, Receiver in the Ear Hearing Aids, Ear Hearing Aids, Completely in the Ear Hearing Aids ) By Technology (Digital Hearing Aid, Conventional Hearing Aid) and Region - Global Forecast to 2026
16 February 2018
- find_in_page Our Research Methodology is based on the following main points:
- Data Collections and Interpretation
- Data Validation
- Final Projections and Conclusion
The global hearing aids market is projected to reach a value of US$ 11,747 Mn in 2026 at a CAGR of over 4% over the forecast period. The report offers in-depth insights, revenue details, and other vital information regarding the global hearing aids market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2026. The report also offers insightful and detailed information regarding the various key players operating in the global hearing aids market, and their financials, apart from strategies, acquisitions & mergers, and market footprint. The global hearing aids market is segmented on the basis of product type, technology, end user, and region.
Hearing aid is a small electronic device designed to improve hearing by making sound audible to a person with hearing loss. Hearing aid devices can be classified as behind the ear hearing aids, receiver in the ear hearing aids, in the ear hearing aids, completely in the ear hearing aids, and in the canal hearing aids. Hearing aids are used for various types of hearing loss such as sensorineural hearing loss, conductive hearing loss, and single-sided deafness. Basic components use in hearing aids are microphone, battery, amplifier circuitry, and miniature loudspeaker/receiver. Selection of hearing aids should can be based on the type and severity of hearing loss, listening needs, and lifestyle. Also, manufacturers are now focusing on to improve sound transmission and to reduce noise interference, feedback, and the occlusion effect in hearing aid devices.
Global Hearing Aids Market Dynamics:
Increasing prevalence of hearing loss in geriatric population, and incidence of genetically caused hearing impairment in children are major factors driving growth of the global hearing aids market. In addition, noise emission in public carnivals, and working at heavy duty industries may affect hearing capacity of an individual, which are other factors expected to fuel growth of the global hearing aids market over the forecast period. Moreover, development in hearing aids devices such as introduction of wireless technology, noise cancellation, small and easy to set in ear are expected to increase demand for hearing aids over the forecast period.
Report Coverage and Deliverables
However, high cost associated with procurement of the product is major factor restraining growth of the global hearing aids market. In addition, lack of awareness about hearing aids and its benefits in developing economies is another factor expected to hamper growth of the global hearing aids market over the forecast period.
Development of cost effective hearing aids and introduction of wireless charging facility for hearing aids, can create opportunity for players in the market.
Market Analysis by Product Type:
On the basis of product type segmentation, behind the ear hearing aids segment is expected to contribute major revenue share and witness CAGR of over 4.0%, in terms of revenue over the forecast period, owing to technological advancements in behind the ear hearing aids such as use of nearly invisible slim tubes for transfer of sounds as against use of thicker tubing in traditional BTEs and advanced features such as wireless connectivity to mobile phones via Bluetooth.
In the canal hearing aids segment in the global hearing aids market is estimated to account for highest CAGR over the forecast period.
Analysis by Technology:
Among technology segments, digital hearing aid segment is expected to register highest CAGR of 4.9% owing to its various benefits such as, to process and separate background noise and simultaneously enhance critical speech signals necessary for understanding to individuals.
The digital hearing aid segment accounted for a revenue contribution of over US$ 6,000.0 Mn in 2016, and is anticipated to a be valued over US$ 9,000.0 Mn in 2026
Analysis by Distribution Channel:
Among distribution channel segment, audiology clinics segment is expected to contribute major revenue share and witness CAGR of over 4.0%, in terms of revenue over the forecast period, owing to increasing number of audiology clinics especially in developing economies
The online stores segment is projected to register highest CAGR of over 4.3%, among the end user segments in the global hearing aids market during the forecast period
Analysis by Region:
North America market is expected to dominate the global hearing aids market, and account for largest revenue share of over US$ 2,000 Mn in 2017 as compared to that of markets in other regions. Dominance by North America market is expected to continue over the forecast period, owing to increasing incidence of hearing loss and technological advancements in hearing aid devices used to overcome problem of hearing loss in countries such as the US and Canada. Other factors include presence of leading hearing aid manufacturers in these countries, and increasing consumer base adopting hearing aids in countries in this region.
Furthermore, favorable government support for product development in countries in North America is fueling growth to the North America hearing aids market to a significant extent, and this trend is expected to continue in near future. Technological advancements in hearing aids, coupled with prominent manufacturers developing new hearing aids are other major factors expected to boost growth of the North America hearing aids market over the forecast period. In 2017 for instance, GN Store Nord A/S announced the launch of ReSound ENZO 3D that offers improved sound quality, efficient fitting, and offers users with severe to profound hearing loss a new hearing care experience.
Revenue contribution from market in the US was estimated to be 7.0 times that that of the revenue contributed from market in Canada in the North America Hearing Aids market.
In 2016, Europe accounted for the second largest revenue share contribution to the global hearing aids market followed by markets in Asia Pacific, Latin America, and Middle east & Africa respectively. Rising number of individuals that experience hearing difficulties and increasing adoption of hearing aids are key factors fueling growth of the Europe hearing aids market currently. Moreover, increasing demand for cost-effective and innovative hearing aids, and increasing government initiative for quality improvement of hearing aid products in countries in the region are other factors expected to contribute growth of the Europe hearing aids market over the forecast period.
The market in France accounted for second-highest revenue share contribution in the Europe hearing aids market, which was 2.2 times the revenue contributed by that of the market in Russia.
The market in Asia Pacific is expected to witness considerable growth and is expected to register highest CAGR of 5.1% over the forecast period, owing to Increasing prevalence of disabling hearing loss in adults, and increase in disposable income in emerging economies such as India, China, and Japan.
Revenue contribution from the market in Japan is estimated to be 1.5 times the revenue contributed from the hearing aids market in India.
Segmentation, by product type:
- Behind the Ear Hearing Aids
- Receiver in the Ear Hearing Aids
- In the Ear Hearing Aids
- Completely in the Ear Hearing Aids
- In the Canal Hearing Aids
Segmentation, by technology:
- Digital Hearing Aid
- Conventional Hearing Aid
Segmentation, by distribution channel:
- Audiology Clinics
- ENT Clinics
- Online Stores
Global hearing aids market segmentation, by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Sivantos Pte. Ltd.
- Sonova Holding AG
- Cochlear Ltd.
- SeboTek Hearing Systems, LLC
- Zounds Hearing Inc.
- William Demant Holding A/S
- GN Store Nord A/S
- Starkey Hearing Technologies, Inc.
- Widex A/S
- 1.0 Chapter 1
- 1.1 Preface
- 1.2 Assumptions
- 1.3 Abbreviations
- 2.1 Report Description
- 2.1.1 Market Definition and Scope
- 2.1.2 Opportunity Map Analysis
- 2.2 Executive Summary
- 2.2.1 Market Snapshot, By Product Type
- 2.2.2 Market Snapshot, By Technology
- 2.2.3 Market Snapshot, By Distribution Channel
- 2.2.4 Market Snapshot, By Region
- 3.0.1 Global Hearing Aids Market Dynamics
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