Hearing Aids Market Size Is Projected To Be Around $6 Billion By 2025
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A research study titled, “Hearing Aids Market by Product Type and Technology – Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the hearing aids market is projected to be around $6 billion by 2025.
Hearing impairment is the most frequent sensory deficit in humans, affecting more than 250 million individuals worldwide. It is becoming a severe social and health problem in the elderly population. This is leading to impaired exchange of information due to hearing loss, causing loneliness, dependence, and frustration, as well as communication disorders, thus significantly impacting everyday life of the elderly. As per National Institute on Deafness and Other Communication Disorders (NIDCD), around 37.5 million American adults aged 18 years and above suffer from hearing impairment. Hence, growing geriatric population base is propelling the need for hearing aids, as this age group of people is more prone towards developing hearing disorders. The growth of hearing aids market can also be attributed to technological advancements in the hearing aids such as enhanced listening, better connectivity,and miniaturization with high efficiency of the product.
Behind-the-ear hearing aids segment occupied for almost half of the global market in 2016. These hearing aids are used for the treatment of all types of hearing losses ranging from mild to profound and they are available in different styles ranging from Miniature-BTEs to the larger SuperPower instruments. Additionally, these aids provide multiple directional microphones for better understanding of speech in noisy situations.
Digital hearing aids have quickly substituted analog devices while dominating today’s hearing aids market. This segment accounted for more than three-fourth of the overall market in 2016. These hearing aids facilitate more complex processing of sound during the amplification process for improving their performance in certain situations, for instance, background noise.
Europe held a major share of more than one-third of the overall market in 2016. This is primarily attributed to a number of factors such as the rising incidence of hearing disorders and deafness coupled with the rapidly aging population, increased adoption of technologically advanced hearing solutions, and growing purchasing power of the patients. Asia Pacific is expected to witness lucrative market growth over the forecast period, due to the availability of untapped and unsaturated markets coupled with rising demand for hearing aids. Rapid economic development along with increasing patient awareness levels is a major avenue for the companies in the hearing aids industry.
Some of the major companies operating in the hearing aids market include Sivantos Pte. Ltd., Sonova Holding AG, William Demant Holdings A/S, Starkey, and GN Store Nord A/S.
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Key Findings of the Research Study:
- Behind-the-ear hearing aids segment accounted for almost half of the global market in 2016, due to the high efficiency of the product with high comfort levels and better connectivity.
- Canal hearing aids market is projected to be the fastest-growing segment over the forecast period. This high growth rate is due to increasing number of R&D initiatives towards the improvement of device performance and rising demand for esthetically appealing hearing aids.
- Digital hearing aids segment is projected to dominate the overall market over the forecast period. It accounted for more than three-fourth of the overall market in 2016. This high market share is primarily attributed to factors such as the high connectivity with smart phones.
- Europe held more than one-third share of the global market in 2016. Rising incidence of hearing disorders and deafness and increased adoption of technologically advanced hearing aids are set to drive the market growth in this region.
- Asia-Pacific is projected is poised to grow at the highest CAGR during the forecast period, due to presence of high unmet medical needs, rising disposable income of patients, and the constantly improving healthcare infrastructure.
About Crystal Market Research
Crystal Market Research is a U.S. based market research and business intelligence company. Crystal offers one stop solution for market research, business intelligence, and consulting services to help clients make more informed decisions. It provides both syndicated as well as customized research studies for its customers spread across the globe. The company offers market intelligence reports across a broad range of industries including healthcare, chemicals & materials, technology, automotive, and energy.
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