The global hearing aids market is projected to reach USD 9.78 Billion by 2022 from USD 6.97 Billion in 2017, at a CAGR of 7.0%. Factors such as high prevalence of hearing loss, rising geriatric population, and technological advancements in hearing aids are driving the global market.
This report segments the hearing aids market by product, type of hearing loss, patient type, and region. Based on product, the market is segmented into hearing aid devices and hearing implants. The hearing aid devices segment is expected to account for the largest share of the global market in 2017.
Based on the patient type, the market is segmented into adult patients and pediatric patients. The adult patients segment is expected to register the highest CAGR during the forecast period. The high prevalence of hearing loss in the adult population with growing age is driving the growth of this segment.
In 2017, Europe is expected to dominate the market, followed by North America. The high growth of the market is attributed to growing aging population and high prevalence of hearing loss in the region.
While Europe is expected to dominate the market in 2017, Asia is expected to register the highest CAGR during the forecast period. The high growth in this market is attributed to the high prevalence of hearing loss, availability of technologically advanced hearing aids, growth in the aging population, and increasing initiatives by companies to expand in these emerging economies. While the hearing aids market presents significant growth opportunities, market growth may be hindered due to the high cost of hearing aids and the low penetration of these devices.
The hearing aids market is dominated by big players such as Sonova (Switzerland), William Demant (Denmark), and GN Store Nord (Denmark) with the presence of several small players as well.