- 11 April 2019 21:45
HEARING AIDS MARKET IN NORTH AMERICA IS EXPECTED TO ACCOUNT FOR LARGEST REVENUE SHARE OF OVER US$ 2,000 MN IN 2017
Hearing aid is a small electronic device designed to improve hearing by making sound audible to a person with hearing loss. Hearing aid devices can be classified as behind the ear hearing aids, receiver in the ear hearing aids, in the ear hearing aids, completely in the ear hearing aids, and in the canal hearing aids.
The behind the ear hearing aids segment in the global Hearing Aids Market is estimated to be valued at US$ 2,907.1 Mn in 2017. The audiology clinics segment in the global hearing aids market is estimated to be valued at US$ 3,652.5 Mn in 2017. Revenue from the global hearing aids market in North America is estimated to be valued at US$ 2,916.9 Mn in 2017.
Increasing prevalence of hearing loss in geriatric population, and incidence of genetically caused hearing impairment in children are major factors driving growth of the global hearing aids market. In addition, noise emission in public carnivals, and working at heavy duty industries may affect hearing capacity of an individual, which are other factors expected to fuel growth of the global hearing aids market over the forecast period. Moreover, development in hearing aids devices such as introduction of wireless technology, noise cancellation, small and easy to set in ear are expected to increase demand for hearing aids over the forecast period.
However, high device cost and limited battery life of hearing aids are major factors hampering growth of the global hearing aids market.
North America market is expected to dominate the global hearing aids market, and account for largest revenue share of over US$ 2,000 Mn in 2017 as compared to that of markets in other regions. Dominance by North America market is expected to continue over the forecast period
In 2016, Europe accounted for the second largest revenue share contribution to the global hearing aids market followed by markets in Asia Pacific, Latin America, and Middle east & Africa respectively. Rising number of individuals that experience hearing difficulties and increasing adoption of hearing aids are key factors fueling growth of the Europe hearing aids market currently.
The market in Asia Pacific is expected to witness considerable growth and is expected to register highest CAGR of 5.1% over the forecast period, owing to Increasing prevalence of disabling hearing loss in adults, and increase in disposable income in emerging economies such as India, China, and Japan.
Key Players in this report are Sivantos Pte. Ltd., Sonova Holding AG, Cochlear Ltd., SeboTek Hearing Systems, LLC, Zounds Hearing Inc., William Demant Holding A/S, GN Store Nord A/S, MED-EL, Starkey Hearing Technologies, Inc., Widex A/S.