Infinium global research has added a new industry research report on global hearing aids market. A hearing aid is used to improve sound waves that support people with hearing loss. Microphone, amplifier, and speaker are the key component present in the hearing aid. The microphone receives the sound waves and converts it into electronic signal. The amplifier reproduces this signal and sends them to speaker that is place in the device.
Figure 1: Global Hearing Aids Market by Projection
The global hearing aids market was sized over USD 5.15 billion in 2015. The global hearing aids market is projected to grow with a CAGR between 4.5% and 5.0% during 2017-2023. Growing number of patients with hearing loss, technological advancements in hearing aids sector, increased use of binaural fittings are the key factor driving the growth of global hearing aids market. Moreover, lack of awareness and social stigma, high cost of hearing aids, recompense issues and competition from cochlear implants are the key factors restraining the growth of this market. Growing potential offered by emerging countries, innovation in design, and introduction of directional microphones are likely to bring more opportunities to this market.
The report segments the hearing aids market by product and by region. Market segmentation based on product includes behind-the-ear, in-the-ear and receiver-in-ear. Behind-the-ear are specially recommended for children, as they grow they need changes in hearing devices.
Geographic Coverage and Analysis:
The report provides regional analysis covering geographies such as Americas, Europe, Asia-Pacific, and Rest of the World. In this section the key trends and market size for each geography is provided over the period of 2015 – 2023.
Figure 2: Global Hearing Aids Market by Region
Americas was the largest market among the geographies and it is expected to grow at a CAGR of 4.8%. Furthermore, Europe market is expected to grow steadily because of the increased use of hearing aids and the growing geriatric population. Asia Pacific is expected to grow at the highest CAGR rate over the forecast period due increased amount of old people in countries such as Japan and China has a positive impact on the growth of the emerging market in APAC Moreover, Latin America (covered in ROW region) is expected to grow gradually over the forecast period.
The companies covered in the report include Sivantos Pte. Ltd., Starkey Hearing Technologies, Inc., Sonova, Cochlear Limited, GN Store Nord A/S, MED-EL, SeboTek Hearing Systems, LLC, Widex, William Demant Holding A/S, and Zounds Hearing, Inc.
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the demand of hearing aids globally as well as regionally. Moreover, IGR-Growth matrix analysis given in the report brings an insight on the investment areas that existing or new market players can consider.
The report provides insights into the market using analytical tools such as Porter’s five forces analysis and DRO analysis of hearing aids. Moreover, the study highlights current market trends and provides forecast from 2017 to 2023. We also have highlighted future trends in the hearing aids market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight on the market strategies of the leading players.
This report will help manufacturers, suppliers, and distributors of the hearing aids market to understand the present and future trends in this market and formulate their strategies accordingly.