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.
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.
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.
Full Research Report On Hearing Aids Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/hearing-aids-market
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.
Request a Sample Copy of the Report @
https://www.grandviewresearch.com/industry-analysis/hearing-aids-market/request/rs1
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.
For more info visit @ https://www.grandviewresearch.com
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