Market Research Report

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Market Overview

Hearing loss is one of the common medical problems encountered worldwide. However, it has been reported that a high percentage of affected individuals does not use hearing aids. The World Health Organization has estimated that the number of individuals suffering from hearing loss is expected to rise to 900 million by 2050. The increasing aging population is one of the leading factors for the market growth. Middle East and Africa have reported high projection for the hearing loss by 2050 which has been estimated to rise by 3.2% growth rate. The prevalence of hearing loss has been recorded as 8.36% in the Central/East Europe and Central Asia, which is the highest amongst the other regions included in the study. The prevalence is expected to rise in the coming years fuelling the market demand for hearing aid devices, including devices and implants both. The hearing loss can be prevented with public health measures. In children under 15 years of age, 60% of hearing loss is attributable to preventable causes. This figure is higher in low- and middle-income countries (75%) as compared to high-income countries (49%). The manufacturers are concentrated toward the introduction of breakthrough technology for the hearing aid devices in the recent years. Currently, the market is experiencing increased product launches across the world along with business expansion. Artificial intelligence is the latest innovation introduced in the global hearing aids market, focusing mainly on hearing aid devices.

Hearing loss is also known as hearing impairment which is defined as the partial or total inability to hear in a person. This medical condition can occur in one or both ears. Hearing loss can be temporary or permanent, depending on the causative agent of the medical complication. There are different factors such as genetics, aging, exposure to high decibel (dB) of sound, chronic infections, birth complications, trauma, toxins or occupational hazards. Significant number of companies and research institutes from across the globe are working actively to develop various hearing aids with the aim to eliminate the complications associated with the surgical procedures and increase the awareness about the use of hearing aids. Currently, there are two major types of hearing aids available in the market including hearing aid devices and hearing implants, these product types are further sub-segmented based on the type of hearing loss and placement of the hearing aids.

The purpose of the study is to gain a holistic view of the global hearing aids market in terms of various factors influencing it such as recent trends and technological advancements of the market. The scope of this report is centered upon conducting a detailed study of the hearing aid products which have the potential to help the patients with hearing loss and other hearing disabilities. The global hearing aids market is segmented into three types- product type, distribution channel, and region. The global market value was estimated using these three different approaches and was validated with one another. These segments are further segmented into several sub-segments to ease the market estimation.

The global hearing aids market was estimated at $8.37 billion in 2018 and is anticipated to reach $16.34 billion by 2028. Among the different hearing aids available in the market, hearing aid devices contributed to the highest market share of the global hearing aids market in 2018. However, hearing implants market is expected to witness the highest CAGR during the forecast period between 2019 and 2028. The product launches by the key players in the pipeline have attributed to the highest CAGR of the hearing implants market.

Based on distribution channel, pharmacies occupied higher market share as compared to hospitals, audiology, and ENT clinics. Pharmacies projected a high CAGR for the forecast period 2019 and 2028, due to the introduction of over-the-counter products and increased awareness about the use of hearing aid devices.

The global hearing aids market is segmented by the geographical regions into North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World (RoW). The RoW region comprises Middle East and Africa. North America is the leading contributor to the global hearing aids market with a contribution of about 36.09% of the total market share in 2018. The North America market is also expected to grow at a CAGR of 8.96% in the forecast period 2019-2028. The global hearing aids market is majorly dominated by the U.S. and the European players. However, several emerging countries of Asia-Pacific and Latin America displayed high potential to witness robust growth rate during the period. The Australia-based company, Cochlear Limited offering cochlear implants or artificial ear contributed more than 50% of the market value in 2018 to the global hearing implants market.

The key players who have significant contributions to the global hearing aids market are Cochlear Limited, GN Store Nord A/S, MED-EL, Sonova Holding AG, Starkey Hearing Technologies, Widex A/S, William Demant Holding A/S, Microson, and RION Co. Ltd., among others.

Key Questions Answered in this Report:

•    What are the key features of hearing aids which make them suitable for the hearing loss patients worldwide?
•    What are the advantages of hearing aid devices over hearing implants?
•    How did the hearing aids market evolve, and what is its scope in the future?
•    What are the major market drivers, challenges, and opportunities in the global hearing aids market?
•    What are the key development strategies which are implemented by the key players to stand out in this market?
•    Which are the leading companies dominating the global hearing aids market?
•    How many types of hearing aid devices are available in the market, and which are the companies offering hearing aid devices?
•    Based on product type, which hearing aids type is anticipated to witness massive rise in the demand in the forecast period and in which region? 
•    What are the different hearing implants available in the market? Which type of hearing implants is expected to witness high demand in the forecast period? 
•    What are investors’ perceptions about the global hearing aids market? Also, what is the reimbursement scenario of the market?
•    What are the key companies which made substantial investments to aid technological advancements in the market? 
•    What are the regulations pertaining to the global hearing aids market? What are the initiatives implemented by different government bodies to overcome the shortage of hearing aids in the developing economies?
•    What was the market value of the leading segments and sub-segments of the global hearing aids market?
•    How will each segment of the global hearing aids market grow during the forecast period and what will be the revenue generated by each of the segments by the end of 2028?
•    How will the industry evolve during the forecast period 2019-2028?
•    Which region carries the potential for the significant expansion of key companies for different hearing aid product types?

 

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Global Hearing Aids Market

Focus on Products, Distribution Channels, and 11 Countries’ Data - Analysis and Forecast, 2019-2028

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