Global Hearing Aids Market is expected to grow substantially in the coming years due to rising incidences of hearing loss and growing adoption of technologically enhanced products. Hearing aids are comparatively small devices that fit in the ear and used by partially deaf people. These devices help improve the hearing by making the sound audible for the person. The digital hearing aids differ in technology, features and design.
Hearing aids industry is influenced by increasing number of patients suffering from hearing loss, particularly the geriatric population, rising noise pollution from growing traffic and industries, and technological advancements in the hearing aid devices. Furthermore, increasing popularity of 3D printing in developed regions is also driving the market growth of hearing aids. However, hearing aids market is constrained by poor diagnostic techniques that leads to low adoption of the devices and significant price of hearing aid equipment.
Increasing use of lithium-ion batteries in hearing aid devices is one of the emerging trends in the market. Another trend observed in the market is increasing focus of market players to reduce size of the devices. However, growing levels of noise pollution in Asia Pacific countries is offering lucrative opportunities in hearing aids industry.
Hearing aids market is categorized on the basis of product type, technology, end user, application, and geography. On the basis of product type, the market is divided into ITE hearing aid, CIC hearing aid, ITC hearing aid, BTE hearing aid, and others.BTE (behind-the-ear) hearing aid segment holds significant market share of hearing aids due to increasing popularity and high efficiency.
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Based on technology, the hearing aid market is spit into audio in-put, radio frequency, infrared, Bluetooth, and others. Bluetooth segment is estimated to grow significantly in the coming years due to growing integration of the technology in various devices like headphones. In terms of end users, hearing aids industry is bifurcated into adults and children. Adults segment lead the market owing to the increasing geriatric population in both developing and developed economies.
On the basis of application, hearing aid market is divided into education, commercial, and healthcare. Healthcare segment is expected to hold larger share of the market owing to the increasing incidences of hearing-related issues due to noise pollution and growing use of headphones.
Geographically, hearing aids market is segmented as North America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific leads the market due to potential growth of hearing aid equipment in future. Owing to increasing popularity and growing geriatric population, Europe is also expected to dominate the market.
The prominent players in hearing aids industry include Phonak Hearing Systems, ReSound, Siemens AG, Widex, Starkey Hearing Technologies Inc., SeboTek Hearing Systems, LLC., Oticon, Zounds Hearing, Inc., William Demant Holding A/S, GN Store Nord A/S, Cochlear Limited, Sonova, MED-EL, and Sivantos Pte. Ltd. among others.
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