Global Hearing Aids Market, By Technology (Conventional Hearing Aid, Digital Hearing Aid), Product (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), and Geography - Insights, Size, Share, Opportunity Analysis, and Industry Forecast till 2025

Hearing Aids – Advent of Technologically Advanced and Customizable Hearing Aids to foster the Growth of Hearing Aids Market

Hearing aids are electronic devices that are used to treat hearing impairment by capturing, amplifying and delivering sound into the ear canal. It encompasses microphone, amplifier circuitry, a miniature loudspeaker (receiver) and batteries. Conductive, sensorineural, and mixed hearing loss are the three major types of hearing loss. Sensorineural hearing loss is the most common type and is a permanent type of hearing loss which is caused due to damage to the inner cells or auditory nerve of the ear.

As per the stats released by Royal National Institute for Deaf People (RNID), in 2015, 11 million people suffered from hearing loss in the U.K. and the number is projected to grow to 15.6 million by 2035. Furthermore, as per the Centers for Disease Control and Prevention (CDC) 2014, around 97% of infants were screened for hearing loss and during 2005 to 2014 around 45,000 deaf children were born in the U.S.

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According to the World Health Organization (WHO) in 2012, around 360 million people were suffering from hearing loss, which included 32 million children. Furthermore, as of 2017, around 1.1 billion people around the globe in the age group of 12-35 years are at the risk of hearing loss due to continuous exposure to noise. Around 60% of childhood hearing loss is preventable by immunizing children against the disease which causes hearing loss for example meningitis, rubella, and mumps.

The global hearing aids market was valued at US$ 7584.8 million in 2016 and is projected to witness a robust CAGR of 4.6% during the forecast period (2017 – 2025).

Growing geriatric population base rate and advancement in hearing aids’ technology will favor the market growth of hearing aids over the forecast timeframe

North America is dominating the global hearing aids market with the highest market share followed by Europe and this can be attributed to factors such as high geriatric population and rapid adoption rate of hearing aids devices in this region. At the same time, Asia Pacific is also projected to witness the highest growth rate in the hearing aids market over the forecast period due to the growing population in emerging economies such as China and India.

The key players are adopting strategies to increase their market share and expand the customer base in emerging countries such as China and India. For instance, according to the World Health Organization (WHO), in 2012, the overall production of hearing aids met only 10% demand around the globe and as low as 3% demand in emerging economies.

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High costs of devices, poor accessibility of healthcare services, issues related to devices such as battery problems, post-purchase service, and maintenance problems are the major factor that may hamper the market growth to some extent.

Continuous advancement in technology and new product launch by key players are projected to fuel the growth of hearing aids market

The companies like Sivantos Inc. and William Demant Holding A/S are focusing on product launch and innovation, as a part of this Sivantos Inc. has recently launched their new hearing aids brand Signia, which provide advanced hearing solutions, customizable aids and have the discreet appearance and wireless connectivity to phone and TV features.

Some major players hold the largest market share of the hearing aids market are Sonova Holding AG, Sivantos Inc., Cochlear Ltd., SeboTek Hearing Systems, LLC, Oticon A/S, Zounds Hearing Inc, MED-EL, Sonic Innovations Inc., GN Hearing, and William Demant Holding A/S.

The companies are also trying to establish control over retail chains to robust their product sales and supply the product directly to the end-user. In the year 2015, William Demant Holding A/S acquired Audika, which is the largest hearing aid dispensing chain in France.

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