Global Hearing Aids Market Expected to Reach $8,021 Million, by 2025

According to a new report published by Progressive Markets Report, titled, "Hearing Aids Market by Product, Technology, Type of Hearing Loss, and Age Group: Global Opportunity Analysis and Industry Forecast, 2017-2025," the global hearing aids market was valued at $4,997 million in 2017, and is projected to reach $8,021 million by 2025, growing at a CAGR of 6.0% from 2018 to 2025. Among the products segment, behind-the-ear (BTE) hearing aids is anticipated to be the highest revenue contributor during the forecast period.

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A hearing aid is used to make sound audible and improve the ability to hear for people with hearing disability. In most countries, hearing aids are classified as medical devices, and regulated by the respective regulatory authorities. With the advancement in technology, hearing aid is constantly evolving. These modern hearing aids are refined and developed to provide a better reproduction of natural human hearing.

High prevalence of hearing loss and technological advancements in hearing aids drive the growth of the global hearing aids market. In addition, the increase in geriatric population and rise in binaural fitting rate also plays a major role in supplementing the market growth. However, the high cost of hearing aids and low awareness regarding the availability of advanced hearing aids hinder the growth of the market.

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The impact of the drivers is significantly higher than that of the restraints. Increase in penetration rate of hearing aids in the developing countries such as China and India is expected to provide lucrative opportunities for market growth during the forecast period.

In the product segment, behind-the-ear (BTE) hearing aids accounted for almost 50% of the share in 2017. However, the canal hearing aid segment is expected to grow at a fastest CAGR of 7.7% during the forecast period, because of benefits such as small size and development of advanced canal hearing aids.

Based on age group, 65 years & above segment dominated the market accounting for more than 40% share in 2017. The 0-17 years segment is anticipated to grow at the highest CAGR of 6.9% during the forecast period, owing to the rise in the number of newborns suffering from hearing loss.

The study offers a comprehensive analysis of the key manufacturers operating in the global hearing aids market. An overview of each market player is provided in the study to assist market players, new entrants, investors, and stakeholders determine steps to be taken to achieve growth in future.

The report highlights their overview, business performance, key strategic moves & developments, and market share with respect to the market players in the report. Important market players studied in the report include GN Store Nord A/S, Sonova, IntriCon Corporation, American Hearing Aids, Amplifon, Sivantos Pte. Ltd., Cochlear Ltd., MED-EL, Starkey, and William Demant Holding A/S. Information about the players helps assess the competitiveness prevailing in the global hearing aids market.

The company makes use of primary corporate research and secondary inputs from trusted sources to build its own reference base. It maintains consistency in quality as it keeps itself updated with changes in market dynamics and gauging its net effect on global business trends.

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This release was published on openPR.