Hearing Aids Market: Rising Geriatric Population
Summary
- The hearing aids market is expected to reach USD 9.78 Billion by 2022 from USD 6.97 Billion in 2017, at a CAGR of 7.0%.
The report "Hearing Aids Market by Product (Receiver In The Ear, Behind The Ear, In The Ear, In The Canal Hearing Aids, Cochlear Implant, BAHA implant), Types of Hearing Loss (Sensorineural, Conductive Hearing loss) & Patient (Adult, Pediatric) - Forecast to 2022", The hearing aids market is expected to reach USD 9.78 Billion by 2022 from USD 6.97 Billion in 2017, at a CAGR of 7.0%.
The growth of this market is majorly attributed to the high prevalence of hearing loss, rising geriatric population, and technological advancements in hearing aids.
Hearing aid devices segment to dominate the market in 2017
Based on product, the hearing aids 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.
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By patient type, the hearing aid market is segmented into adult patients and pediatric patients.
The adult patients 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. Europe to dominate the hearing aids market In 2017, Europe is expected to dominate the global hearing aid devices 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 aid market in this regional segment.
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Key Players
Sonova (Switzerland), William Demant (Denmark), GN Store Nord (Denmark), Cochlear (Australia), Starkey (US), Widex (Denmark), MED-EL (Austria), SeboTek Hearing Systems (US), Audina Hearing Instruments (US), RION (Japan), Horentek (OTCPK:ITALY), Microson (Spain), and Arphi Electronics (India).
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