Hearing Aids Market: Rapidly Evolving Industry…… COVID-19….


The global hearing aids market size is expected to reach USD 7.3 billion by 2025, expanding at a CAGR of 4.6% over the forecast period, according to a report by Grand View Research, Inc. Increasing adoption of hearing aids, growing awareness about technologically advanced products for treatment of auditory loss, and rising prevalence of auditory loss are some of the factors contributing to the market growth over the forecast period.
With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.
Behind-the-ear hearing aids was the largest product type segment in 2018 and is expected to grow at a lucrative rate over the forecast period. This is because they are easy to handle and clean and are more preferred by younger population. Moreover, they can fit into various ear molds and don't need device replacement as the child grows. With technological advances, new products such as the Mini BTE have been developed, which are smaller in size and provide more comfort.
The digital technology dominated the market in 2018 and is expected to retain its position over the forecast period. Digital technology hearing aids are technologically advanced and can be programmed according to the external environment to amplify sound and reduce noise, thus providing an enhanced auditory experience.
The retail sales channel segment dominated the market in 2018 and is expected to grow at a lucrative rate over the forecast period. This can be attributed to higher profit margin in retail stores and increasing number of companies investing in company-owned retail stores to gain higher revenue share. In addition, companies such as William Demant Holding A/S, Starkey, and GN Hearing are undertaking expansion strategies to increase the number of company-owned retail stores.\
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Europe dominated the market in 2018 with a revenue of USD 2.2 billion and is expected to grow at a lucrative rate over the forecast period. This is owing to increase in prevalence of auditory loss, growing awareness about various treatment options, and rising adoption of hearing aids. Asia Pacific is anticipated to exhibit the fastest growth, due to large population base, coupled with increasing geriatric population, easy availability and accessibility of hearing aids.
Some of the key market players in the market are Phonak; Benson Hearing; GN Store Nord A/S; Starkey; MED-EL.; William Demant Holding A/S; Medtronic; WIDEX USA, INC.; and Sivantos Pte. Ltd. These companies focus on technological innovations, new product launches, and regional expansion to gain a competitive edge.
Further key findings from the study suggest:
·         Behind-the-ear hearing aids was the largest product segment and is expected to grow at a lucrative rate over the forecast period due to ease of handling and technological advances
·         The digital technology dominated the market in 2018 owing to technological advancements and additional advantages over its analog counterparts, including amplified sound and reduced external noise
·         Retail sales channel dominated the hearing aids market in 2018 with a revenue of USD 3.9 billion due to high profit margins in retail sales and increasing number of companies investing in company-owned retail stores
·         Asia Pacific is anticipated to witness the fastest growth with a CAGR of 7.3% owing to high population base, coupled with increasing geriatric population, and easy availability and accessibility of hearing aids
·         Some of the key players are Phonak; Benson Hearing; GN Store Nord A/S; Starkey; MED-EL.; William Demant Holding A/S; Medtronic; WIDEX USA, INC.; and Sivantos Pte. Ltd.
The global hearing aids market size was valued at USD 5.3 billion in 2018 and is projected to grow at a lucrative rate over the forecast period. This can be attributed to key factors such as increasing adoption of these devices, growing awareness about technologically advanced devices for the treatment of deafness, and increasing prevalence of hearing loss due to growing geriatric population.
Hearing service offices and general healthcare service associations of local governments in both developed and developing economies are emphasizing on early screening of deafness and provision of hearing aids to people. As the healthcare sector in emerging economies is moving towards privatization, healthcare infrastructure in these countries is undergoing rapid development. Education and increased awareness about health among people are also playing an important role in increasing the demand for these devices and its diagnostic services.
Behind-the-ear (BTE) products dominated the market in 2018. Canal devices are anticipated to emerge as the fastest growing products with a CAGR of 8.7% in terms of revenue and are expected to remain the same over the forecast period.
BTE hearing aids consist of a small curved case that comfortably fits behind the ear. Modification of these products is possible by connecting them to external sound sources, such as infrared listening systems and auditory training equipment. Various BTE models are Bluetooth compatible and they enable better wireless connectivity, thus driving the market.
These devices also provide a higher sound amplification owing to a strong amplifier and a large battery. Furthermore, behind-the-ear (BTE) devices are easy to handle and clean and are more preferred by younger population as they can fit into various ear molds. Moreover, they don’t need device replacement as the child grows. With technological advances, new products such as the Mini BTE are developed, which are smaller in size and provide more comfort. These factors are responsible for the growth of these BTE products in the hearing aids market.
Canal devices are discreet devices, which is one of the critical success factors for their rapid growth. Wearing hearing aids comes with a stigma therefore, young adults prefer canal devices over other devices. Additionally, these devices are technology advanced and significantly cancels external voices and reduces tinnitus. The above-mentioned factors are responsible for the growth of canal devices in the coming years.    
Browse Press Release of this report:                                                                  
https://www.grandviewresearch.com/press-release/global-hearing-aids-market
Grand View Research has segmented the global hearing aids market on the basis of product type, technology type, sales channel, and region:
Hearing Aids Product Type Outlook (Revenue, USD Million; Volume, ’000 Units, 2014 - 2025)
·         In-the-Ear
·         Receiver-in-the-Ear
·         Behind-the-Ear
·         Canal
Hearing Aids Technology Type Outlook (Revenue, USD Million; Volume, ’000 Units, 2014 - 2025)
·         Digital
·         Analog
Hearing Aids Sales Channel Outlook (Revenue, USD Million; Volume, ’000 Units, 2014 - 2025)
·         Retail Sales
·         Government Purchases
·         E-commerce
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


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