Global Market Study on Hearing Aids: Digital Aids
Technology Segment Anticipated to Register 3.9%
CAGR between 2016 and 2024
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Report Media Releases
Global Hearing Aids Market Expected to Be Valued at US$
10.91 Bn by 2024; North America Slated to Emerge the
Dominant Regional Market
According to the latest market report published by Persistence Market Research titled “Hearing
Aids Market: Global Industry Analysis and Forecast, 2016–2024,” the global hearing aids
market was valued at US$ 7,800.0 Mn in 2015 and is anticipated to register a CAGR of 3.9%
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from 2016–2024, to reach US$ 10.91 Bn by 2024.
Hearing aids are used for the treatment of profound hearing loss. Disabling hearing loss refers to
hearing loss greater than 40 decibels (dB) in the better hearing ear in adults and a hearing loss
greater than 30 dB in the better hearing ear in children. Hearing loss is one of the six leading
global diseases. Approximately one-third of people over 65 years of age are affected by hearing
loss. The prevalence in this age group is greatest in South Asia, Asia Pacific, and sub-Saharan
Africa. According to the U.S. National Center of Health Statistics (NCHS), 12 out of every 1,000
Americans suffering from hearing loss belong to the age group of below 18 years. An increasing
prevalence of hearing loss among the population is likely to boost the demand for hearing aids
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globally and further fuel the growth of the global hearing aids market. Moreover, rapidly
increasing usage rates of digital hearing aid technology and patient awareness levels are
expected to drive market growth during the forecast period (2016 – 2024).
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The global hearing aids market is mainly driven by factors such as gradual increase in
disposable income, increase in GDP, and increase in global geriatric population. However,
factors such as poor reimbursement policies and lack of infrastructure will hinder the growth of
the global hearing aids market in the coming eight years.
The global hearing aids market is segmented on the basis of Product (Behind-The-Ear (BTE)
Hearing Aids, Receiver-In-The-Ear (RIE) Hearing Aids, In-The-Ear (ITE) Hearing Aids, In-TheCanal (ITC) Hearing Aids, Completely-In-The-Canal (CIC) Hearing Aids; Technology
(Conventional Hearing Aids, Digital Hearing Aids); End User (Audiology Clinics, ENT Clinics,
Online Stores); and Region (North America, Latin America, Europe, Asia Pacific, and Middle
Global Hearing Aids Market 2016-2024
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East & Africa). The Behind-The-Ear (BTE) Hearing Aids segment is estimated to be the highest
contributor to the global hearing aids market in terms of value share by 2016 end, followed by
the Receiver-In-The-Ear (RIE) Hearing Aids segment. These segments are anticipated to
register CAGRs of 3.3% and 3.6% respectively over the forecast period. The Digital Hearing Aids
segment is expected to be the fastest growing and most attractive segment over the forecast
period and is expected to create incremental opportunity of US$ 2,759.8 Mn between 2016 and
2024. The Audiology Clinics segment is anticipated to register a CAGR of 3.9% over the forecast
period.
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On the basis of region, the North America hearing aids market is expected to account for the
highest market value share in the global hearing aids market by 2024 end, followed by the
Europe hearing aids market. The Europe hearing aids market is estimated to account for 28.0%
revenue share by the end of 2016.
The report profiles some of the top companies operating in the global hearing aids market. Key
players featured in the report are Sonova, William Demant Holdings A/S, GN ReSound, Amplifon
S.p.A., Cochlear Ltd., Starkey Hearing Technologies Inc., Widex A/S, and Sivantos Pte. Ltd.
Leading market players are focusing on developing innovative products through robust R&D
initiatives to expand their product portfolio and are adopting advanced technologies to provide
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better solutions to patients. Some companies are also entering into strategic collaborations with
other leading market players to develop innovative products and expand their geographical
presence.
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Global Hearing Aids Market 2016-2024
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Global Hearing Aids Market 2016-2024