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The global hearing aid market is estimated to reach US$7.62 billion in 2023, growing at a CAGR of 6.38% for the period spanning from 2019 to 2023. The factors such as escalating diabetic population, increasing aging population, rising prevalence of hearing loss and growing awareness are expected to drive the market. However, growth of the industry will be challenged by high cost of hearing aids, low average selling price and regulatory issues. A few notable trends include digitalization, rechargeable technology and wireless hearing aids.
The global hearing aid market is broadly segmented into four types which are hearing devices, cochlear implants, bone conduction system and diagnostic instruments. The number of advanced technology product launches helped hearing devices to remain at top position amongst all the segments. In the hearing aid market, hearing devices accounted for the highest share in 2018.
The fastest growing regional market is Asia-Pacific due to high noise pollution levels in Asia-Pacific countries, such as India, China, and Japan that have a major impact on the growth of the market. The U.S. and Europe are highly established premium markets that contribute to significant shares in the global market. Rise in the number of people suffering from hearing loss in the U.S. propelled the need for advanced technology in hearing aids. The UK represents one of the largest markets for hearing aid and is already a well-penetrated market.
Scope of the report:
- The report provides a comprehensive analysis of the global hearing aid market, segmented into hearing devices, cochlear implants, bone conduction system and diagnostic instruments.
- The major regional markets (The U.S., Europe) have been analyzed, along with country coverage of the UK, Germany and France.
- The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
- The competitive landscape of the market, along with the company profiles of leading players (Sonova, William Demant, GN Re Sound, Sivantos Group, Starkey Hearing Technologies & Cochlear Limited) are also presented in detail.
Key Target Audience:
- Hearing Aid Manufacturers
- Raw Material/Component Suppliers
- End Users (Hospitals, Medical Centers & Clinical Institutes)
- Consulting Firms
- Investment Banks
- Government Bodies & Regulating Authorities