Hearing Aids Market - Global Outlook and Forecast 2018-2023
This market research report on the hearing aids market offers analysis on market size and forecast, market share, industry trends, growth drivers, and vendor analysis. The market study also includes insights about segmentation by product type (hearing aid devices and hearing implants), end-user (hospitals, clinics/audiology centers, and individuals), and geography (APAC, Europe, Latin America, MEA, and North America).
Hearing Aids Market - Overview
The growing awareness in the population about under-diagnosed medical conditions that can cause hearing impairment is driving the growth of the global hearing aids market. The dynamic changes in lifestyles and the increasing demand for hearing aids will boost the sale of these products in the global market. Introduction of new and innovative products such as digital waterproof hearing aid and implementation of digital technology will propel the growth of the hearing aids market during the forecast period. The introduction of a new product that combines cochlear implant and hearing aid technology to overcome the high-frequency hearing loss in patients will create new opportunities for players in the global hearing aids market. Prominent vendors are investing in advanced technology to launch better products and increase market share in the hearing aids market.
The penetration of internet is helping the development of e-commerce websites that sell hearing aids to end-users. The global hearing aids market is witnessing a surge in demand for these products through online websites. The distribution through online channels will increase the revenue of vendors and reduce the waiting time for patients in hospitals and clinics. The global hearing aids market is expected to cross $9 billion by 2023, growing at a CAGR of around 8% during the forecast period.
Hearing Aids Market - Dynamics
The leading vendors in the global hearing aids market are increasing their promotional and marketing activities to gain a large consumer base and market size. The players in the hearing aids market are focusing on the product development and choosing the correct distribution channel to attract the maximum number of customers and increase their market size. Companies are leveraging the popularity of various online websites to create awareness about the different products that are available in the market and educate end-users about them. For instance, online retailers such as Amazon and eBay offer a comparative analysis of various types and brands of hearing aids. Such marketing strategies will drive the growth in the global hearing aids market during the forecast period.
Hearing Aids Market Segmentation
This market research report includes a detailed segmentation of the market by products type, end-users, and geography.
Segmentation of Global Hearing Aids Market
Hearing Aids Market – By Product Type
Hearing aid devices product segment to occupy a larger market share in the hearing aids market during the forecast period
The hearing aids market by product segment is further divided into hearing aid devices and hearing implants. The hearing aid devices segment dominated the global hearing aids market, accounting for close to 75% of the total market share in 2017. The growing demand for hearing aid devices from countries such as the US, China, and Japan will attribute to the growth of this market segment. With the advancement in technology, digital hearing aids are gaining traction in the global market. The introduction of miniature hearing aid devices and increasing adoption of these devices around the world will propel the growth of this market segment in the global hearing aids market during the forecast period.
Hearing Aids Market – By End-user
Hospitals are the key end-users that influence the market share of the global hearing aids market
Hospitals are the largest end-user segment in the global hearing aids market. The consolidation of small hospitals has led to an increase in the number of specialized services provided by hospitals. These specialized centers primarily attend to the diagnosis and intervention of hearing impairments. The growth of these specialty centers will drive the demand in the global hearing aids market over the next few years. Hospitals and authorized audiology centers prescribe hearing aids such as BTE, IIC, or cochlear implants to their patients. The implementation of affordable healthcare programs across different countries in the world will increase the affordability of hearing aids in different regions across the globe.
Hearing Aids Market – By Geography
North America was the most significant contributor to the global hearing aids market during 2017
The global hearing aids market is divided into five major geographical segments: North America, Europe, APAC, Latin America, and MEA. North America is the largest revenue generator in the global hearing aids market, and is likely to occupying around 41% of the total market share during the forecast period. Factors such as high patient awareness about hearing impairment, reimbursement policies, speech-language therapies, and technology innovation are making North America as one of the fastest growing regions in the global hearing aids market. Vendors are focusing on leveraging advanced technology to enable product enhancement and modification of digital hearing aids in the North American region. Such advancements will increase the adoption of hearing aids in the North American market during the forecast period.
Key Countries Profiled
The key countries profiled in the report are:
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