Hearing Aids Market | Ongoing Trends and Recent Developments | Major Key Players like Sonova (Switzerland), William Demant (Denmark), GN Store Nord (Denmark)

The growth of Hearing Aids Market is majorly attributed to the high prevalence of hearing loss, rising geriatric population, and technological advancements in hearing aids.

What the Market Looks Like?

The hearing aids market is expected to reach USD 9.78 Billion by 2022 from USD 6.56 Billion in 2016, at a CAGR of 7.0%. In 2017, Europe is expected to dominate the market, followed by North America. The high growth of the market is attributed to growing aging population and high prevalence of hearing loss in the region.

Based on product, the market is segmented into hearing aid devices and hearing implants. In 2017, the hearing aid devices segment is expected to account for the largest share of the hearing aids market. Growth in this segment is majorly driven by the rising geriatric population, technological advancements in hearing devices, and the development and introduction of new and advanced products.

By patient type, the hearing aid market is segmented into adult patients and pediatric patients. The adult patient’s segment is estimated to register the highest growth rate during the forecast period. The high growth in this segment can primarily be attributed to the high prevalence of hearing loss in this section of the population.

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What Drives the Market?

The growth of the global market for Hearing Aids is primarily influenced by the following factors:

• Rising Geriatric Population
• High Prevalence of Hearing Loss
• Technological Advancements in Hearing Aids

Geographical growth scenario of Hearing Aids Market:

In 2017, Europe is expected to dominate the global market primarily due to factors such as the growing aging population and high prevalence of hearing loss in this region. In 2017, North America is expected to account for the second-largest share of this market. Rising geriatric population and increasing conferences and symposiums help create awareness on market products and the latest technologies in hearing aids are the major factors supporting the growth of hearing aids market in this regional segment.

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Leading Hearing Aids Market Key players and strategies adopted:

The major players in this market include Sonova (Switzerland), William Demant (Denmark), and GN Store Nord (Denmark) with the presence of several small players as well. Some of the players operating in this market include Cochlear (Australia), Starkey (US), Widex (Denmark), MED-EL (Austria), SeboTek Hearing Systems (US), Audina Hearing Instruments (US), RION (Japan), Horentek (Italy), Microson (Spain), and Arphi Electronics (India).

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This release was published on openPR.