Hearing Aids Market is Expected to Grow at a CAGR of 3.9% by the End of 2024
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People are looking for more powerful and efficient devices with advanced functions. With increasing number of people using Bluetooth enabled devices, companies are introducing hearing aids that are compatible with Bluetooth. This is helping users to send audio signal directly to the processor in hearing aid. Moreover, a person can easily attend a phone call and stream audio from various applications. Hearing aids with pocket-size remote controls have also gained traction allowing a person to adjust the volume. Advanced hearing aids with noise reduction technology is also being focused on. The two most common problems being faced by people with the hearing problem is hearing speech in noisy environment and hearing in wind.
As per the report by Persistence Market Research (PMR), the global hearing aids market is likely to see a sluggish growth during 2017-2024. The global market for hearing aids is estimated to surpass US$ 10,000 Million revenue by 2024 end.
Behind the Ear Hearing Aids to be Highly Preferred in the Global Hearing Aids Market
On the basis of the product type, Behind-The-Ear (BTE) hearing aids are expected to be the most preferred hearing aids product during 2017-2024. Behind-The-Ear (BTE) hearing aids are estimated to bring in more than US$ 4,000 Million revenue by the end of 2024. Meanwhile, Receiver-In-the-Ear (RIE) Hearing Aids are also anticipated to gain popularity in the coming years.
Based on the technology, compared to the conventional hearing aids, digital hearing aids are likely to witness the highest growth in the global market for hearing aids. Towards the end of 2024, digital hearing aids are projected to exceed US$ 10,000 Million in terms of revenue.
In terms of the end user, audiology clinics are likely to be the largest users of hearing aids between 2017 and 2024. Audiology clinics are estimated to surpass US$ 5,000 Million revenue by 2024 end.
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North America to Dominate the Global Hearing Aids Market through 2024
Region-wise, North America is expected to lead the global market for hearing aids. By 2024 end, North America is estimated to bring in more than US$ 4,000 Million revenue. In the U.S. and Canada, hearing loss is becoming a common problem among children and adolescents. Hence, the increasing number of people are using hearing aids. As per the data collected by Centers for Disease Control and Prevention (CDC) in 2014, revealed that around 97% of newborns were screened for hearing loss in the U.S. Also, more than 90% of children are born deaf to parents with hearing ability, according to the National Institute of Deafness and Other Communication Disorders. Hence, the majority of the companies are launching hearing aids in North America.
Leading Companies in the Global Market for Hearing Aids
Sonova Holding AG, William Demant Holdings, Amplifon S.p.A, Sivantos Pte. Ltd., GN ReSound, Widex, Starkey Hearing Technologies, Inc., and Cochlear Ltd, are some of the prominent players in the global hearing aids market.
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Persistence Market Research (PMR) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance.To support companies in overcoming complex business challenges, we follow a multi-disciplinary approach. At PMR, we unite various data streams from multi-dimensional sources. By deploying real-time data collection, big data, and customer experience analytics, we deliver business intelligence for organizations of all sizes.
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