DUBLIN, March 13, 2019 /PRNewswire/ -- The "Hearing Aids Market - Growth, Trends, and Forecast (2019-2024)" report has been added to ResearchAndMarkets.com's offering.
The global hearing aids market is expected to register a CAGR of nearly 4.5% during the forecast period, 2019-2024.
The propelling factors for the growth of the global hearing aids market include the rising prevalence of hearing loss, technological advancements in hearing aids, the rise in global geriatric population and growing trend for customized implants.
With the increasing ageing population, there has been a rising prevalence of hearing loss. In the United States, hearing loss is more likely to be caused, owing to genetic defects. In developing countries, preventable medical issues are often the major factors for causing hearing loss, especially infections, such as rubella or syphilis, which can lead to congenital hearing loss. In addition, pregnancy complications also lead to hearing loss in infants. Thus, the increasing incidences of hearing disorders and hearing loss problems among the population have led to the sales of a large number of hearing devices in the market.
Growing noise pollution throughout the world has also a significant impact on the hearing abilities of people. Noise emission in heavy duty industries, as well as public carnivals, is expected to damage the hearing capacity of adults, thereby resulting in the increase in the demand for hearing aids devices.
There are various opportunities, like the incorporation of lithium-ion batteries in hearing aids, which help in propelling this market's growth. Furthermore, technological developments related to the products that combine cochlear implants, and hearing aid technology to overcome the high-frequency hearing loss in patients, are also found creating new opportunities for the players in the global hearing aids market.
Key Market Trends
Behind the Ear (BTE) Expected to Grow the Fastest During the Forecast Period
The behind-the-ear hearing aid device segment held the largest market share, in terms of revenue, owing to better connectivity, high efficiency, and easy usage. It is also considered to be ideal for most of the people with hearing problems. BTE products, because of their wide range of applications and wider target patients, are expected to grow at a high rate over the forecast period.
The canal hearing aids segment is also likely to record a fast CAGR during the forecast time period, due to the growing demand for aesthetic and invisible appealing devices and the rising need for enhanced listening experience.
Asia-Pacific Holds the Fastest Growth and is Expected to Follow the Same Trend Over the Forecast Period
The Asia-Pacific region is expected to experience the fastest growth rate for hearing aid devices over the forecast period. There are factors, such as high noise pollution levels in countries, such as India, China, and Japan that have a major impact on the growth of this market. Other contributing factors are a large patient pool, an upsurge in the ageing population, and increasing healthcare infrastructure due to the involvement of private companies in research funding and services.
The leading manufacturers of the global hearing aids market are focused on market consolidation and expansion of their product portfolio. Due to the increased number of benefits, companies are also found focusing on providing advanced hearing aid devices with lithium-ion batteries.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 Research Methodology
3 Executive Summary
4 Market Dynamics
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Prevalence of Hearing Loss
4.2.2 Technological Advancements in Hearing Aids
4.2.3 Rise in Global Geriatric Population
4.2.4 Increasing Trend for Customized Implants
4.3 Market Restraints
4.3.1 High Cost of Hearing Aids Devices
4.3.2 Social Stigmas
4.3.3 Presence of Product Substitutes
4.4 Porter's Five Forces Analysis
5 Market Segmentation
5.1 By Product Type
5.1.1 Behind the Ear (BTE)
5.1.2 Receiver in the Ear (RITE)
5.1.3 In the Ear (ITE)
5.1.4 Canal Hearing Aids (CHA)
5.1.5 Other Hearing Aid Devices
5.2 By Type of Hearing Loss
5.2.1 Sensorineural Hearing Loss
5.2.2 Conductive Hearing Loss
5.3 By Technology
5.3.1 Conventional Hearing Aids
5.3.2 Digital Hearing Aids
5.4 By Patient Type
5.5 By Distribution Channel
5.5.1 Wholesale Stores (Bigbox Stores)
5.5.2 Pharmacy Stores
5.5.4 Other Distribution Channels
5.6.1 North America
5.6.3 Asia Pacific
5.6.4 Middle East & Africa
5.6.5 South America
6 Competitive Landscape
6.1 Company Profiles
6.1.2 Audina Hearing Instruments Inc.
6.1.3 Cochlear Ltd.
6.1.4 GN Hearing AS
6.1.6 SeboTek Hearing Systems LLC
6.1.7 Siemens Healthcare GmbH
6.1.8 Sonova Holding AG
6.1.10 Widex AS
7 Market Opportunities and Future Trends
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