PUNE, India, May 19, 2020 /PRNewswire/ -- A recent report by Infinium Global Research "Hearing aids Market (By Product – Behind-the-ear, In-the-ear and Receiver-in-ear; By Technology Type – Digital and Analog): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025"estimates that the market was worth USD 8.06 billion in 2019 and is projected to reach a value of USD 11.73 Billion, growing with a CAGR of 6.6% during the period of 2020 to 2025. The report provides a comprehensive research study based on survey conducted to analyze the buying patterns, consumer behavior and factors affecting buying decisions. The report also provides insights into the marketing strategies and steps taken by the companies to retain their market position in the local and/or global market. The study also provides insights into the factors affecting the buyer decisions, consumer preferences, and the demographic factors promoting the growth of the products of hearing aids market.
Mattress & Pillows are Preferred More than Other Types of Hearing Aids
The report includes a detailed study on the consumer preference towards various products in the market. According to the survey results, majority of the people in the world preferred behind-the-ear (BTE) devices as compared to other types of hearing aids. The major factor driving the preference of BTE devices is its customizable features and better battery life. BTE devices can be modified according to the requirements of the individual. The BTE devices generally come with bigger batteries that can last for longer duration than most of the hearing aids devices. Moreover, a wide variety of BTE devices available in the market make them more preferable than other types of hearing aids.
Key Players in the Global Hearing Aids Market are Focusing on New Product Launch and Mergers & Acquisitions
The global hearing aids market is highly competitive and consolidated in nature. The market is attributed to the presence of large multinational players as well as a few smaller and local players. Companies including Sonova, Phonak, and William Demant hold a large share in the global hearing aids market. These companies have higher brand value and loyal consumers, which supports the consolidation of the market. The major players in the market are focusing on strategies such as introducing new products and outsourcing the production in order to improve the revenues and consolidate their position in the marekt. For instance, in March 2020, UFIRST Co., Ltd launched generic NUGUNA HEARING-AID. The hearing aid detects high-pitched sounds and informs the wearer of the direction of the sounds through vibration. While in February 2019, Oticon launched the new Opn S™ hearing aid to enable people with hearing loss to experience speech understanding at a level on par with people with normal hearing. The product is expected to expand company's premium product portfolio.
Hearing Aids Market to Grow on the Backdrop of Growing Geriatric Population
The increase in the geriatric population suffering from hearing loss is the major driving force for the growth of the global market. The elderly population is majorly affected by hearing issues and they are the primary consumers of hearing aids devices. Roughly one-third of persons above 65 years are affected by disabling hearing loss across the world. Hearing loss among the older population is prevalent among the countries with lower the income, and the literacy rates. The age-related hearing loss is caused due to various reasons including changes in the inner ear, changes in the middle ear, and changes along the nerve pathways from the ear to the brain. The growing prevalence of hearing loss among the older population is boosting the demand for hearing aids.
Moreover, the other factors including rising awareness about the hearing aids and higher adoption of these devices is expected to augment the demand for hearing aids across the world. Furthermore, innovations in hearing aid are expected to augment the growth of the market in the future. Number of players in the market are developing innovative hearing aids with ability to connect with smartphone or computers, which offer consumers with better control over the hearing aids device.
Digital Hearing Aids to Augment the Sales of Hearing Aids
The digital segment among the technology type generated highest revenue in the global hearing aid market in 2019. The domination of the segment attributed to the better hearing and convenience offered by such devices. The digital hearing aids devices are far superior to the analog ones in every term. The analog hearing aids devices are now becoming obsolete and cannot compete with their digital counterparts. Moreover, the digital hearing aids can be modified and connected to smartphones and other devices. These factors altogether are driving the segment in the global Hearing aid market.
North America Generated Highest Revenue in the Global Hearing Aids Market
In terms of geography, the North America region generated the highest revenue in the global hearing aids market in 2018. The domination of the North America region in the global market attributes to large geriatric population suffering from hearing loss and higher awareness regarding hearing aids devices. About one in three persons in the United States aged between 65 and 74 has hearing loss, and that number rises to one in two for the people older than 75. The higher prevalence of such hearing loss leads to a higher demand for their treatment. This, in turn, drives the hearing aids market in North America. Furthermore, the presence of major market players such as Starkey, and Benson Hearing in the region is expected to boost the demand for hearing aids in North America.
This Report Offers Detailed Insights of the Market Including-
1. Comprehensive analysis of the factors promoting the growth in the hearing aid market
2. Survey results for
a. Consumer preferences
b. Buying patterns
c. Spending habits
d. Purchase decision making
e. Preferred distribution channels
f. Choice of alternatives in case of unavailability of the product
g. Consumer feedback
h. Social listening
3. Competitive landscape in the leading country markets in the world
4. Worldwide competitive landscape and market trends in the Hearing aid market
5. Analysis of the worldwide market using analytical tools such as porter five forces, market drivers and opportunity analysis, product position matrix
Research Methodology and Data Collection Methods for The Report
Infinium Global Research published reports are based on extensive primary and secondary research methods. The research begins with extensive exploration through secondary sources followed by primary research. With these research methods we are able to estimate the market size of the Hearing aid market, to identify the factors that promote the growth in this market as well as the factors that hamper the growth in the market.
The secondary research primarily involves extensive exploring through the secondary sources of information available in both public domain and paid sources. At Infinium Global Research, each research study is based on over 500 hours of secondary research accompanied by primary research. The information obtained through the secondary sources is validated through the crosscheck on various data sources. While the primary research involves extensive interviews and analysis of the opinions provided by the primary respondents. The primary research starts with identifying and approaching the primary respondents. The primary respondents generally include key opinion leaders associated with Infinium Global Research, internal and external subject matter experts, and professionals and participants from LinkedIn, Hoovers, Factiva and bloggers.
Mr. Shrikant Athavale Infinium Global Research Office No. 103 and 104, Suratwala Mark Plazzo, Hinjawadi, Pune, Maharashtra, Pin- 411057. USA: +1-888-500-3114 Email:[email protected]