Hearing Aids Market: Unfavorable Reimbursement Scenario
Summary
- 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% from 2017 to 2022.
The study estimates the hearing aids market size for 2017 and projects its demand till 2022. This research study involved the extensive use of secondary sources; directories; databases such as Hoovers, Bloomberg Business, Factiva, and OneSource; white papers; annual reports; company house documents; and SEC filings of companies. Secondary research was mainly used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the global market. It was also used to obtain key information about the market classification and segmentation according to the industry trends, regional markets, and developments related to market and technology perspectives.
Major Market Growth Drivers:
Factors such as high prevalence of hearing loss, rising geriatric population, and technological advancements in hearing aids are driving the global market.
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Revenue Growth Analysis:
[186 Pages Report] 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% from 2017 to 2022.
Browse and in-depth TOC on "Hearing Aids Market"
146 – Tables
41 – Figures
186 – Pages
Hearing aid devices segment to dominate the Hearing Aid Devices Market in 2017
Based on product, the hearing loss 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.
The adult patients segment is projected to register the highest CAGR during the forecast period.
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.
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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 aids market in this regional segment.
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Key Market Players:
The key players operating in the global Hearing Aids Market are 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 (OTCPK:ITALY), Microson (Spain), and Arphi Electronics (India).
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