A hearing aid is an electronic device that amplifies the sound resulting in the production of clear sound for the user. These are largely deployed for people who suffer from hearing loss and impairment. Hearing aids market is gaining popularity owing to the rising technological innovations and increased demand for aesthetic designs of the devices. While the market is considered to be influenced by factors such as technological advancements and pricing pressures, a notable growth is anticipated during the analysis period. The market is primarily driven by advancements such as wireless devices, Bluetooth and the continuous advent of new aesthetic designs. Other key factors driving the market are rising aging population, improved diagnosis and increasing awareness. However, the major restraints to the market are the high cost of these devices and limited reimbursement.
The patient convenience along with audiologist’s acceptance of these devices are the leading challenges in the market. Moreover, redefining the innovation roadmap for hearing aids is the key challenge for device makers. However, emerging economies such as BRICS, with rapid urbanization and improving healthcare access, provide high growth potential and lucrative market opportunities for the device makers. In addition, the introduction of new product formats and multi-brand strategies are likely to offer great opportunities in the future.
Few of the key strategies adopted by leading players in the market are acquisitions and product launches. This is more evident from the recent acquisition of Germany-based, Hansaton Akustik GmbH by Sonova Holding. This acquisition is purely intended to expand the existing product portfolio and develop a multi-brand repute of the acquirer.
To provide a detailed market assessment, the report segments the hearing aids market on the basis of types, technology and geography. Based on type, the market is segmented into in-the-ear aids (ITE), behind-the-ear aids (BTE), receiver-in-the-ear aids (RITE) and canal hearing aids. On the basis of technology, the market is segmented into digital and analog hearing aids. The report covers a geographic breakdown and a detailed analysis of each of the aforesaid segments across North America, Europe, Asia Pacific, and LAMEA.
Comprehensive competitive analysis and profiles of major market players such as Siemens AG, Sonova Holding AG, William Demant Holding A/S, GN Resound, Widex A/S and others are also provided in the report.
- This report provides an extensive analysis of the current and emerging market trends and dynamics in the global hearing aids market.
- The report covers the detailed quantitative analysis of the current market and estimations which would enable the stakeholders to capitalize on prevailing market opportunities.
- Extensive analysis of the market is conducted by closely following key product positioning and monitoring the top contenders within the market framework.
- Competitive intelligence highlights the business practices followed by leading market players across geographies.
- A detailed SWOT analysis enables to study the internal environment of the leading companies for strategy formulation.
- The hearing aids market scenario is comprehensively analyzed in accordance with the key regions.
Hearing Aids Market Report Highlights
Key Market Players
Starkey, Widex A/S, GN Resound, Demant A/S, William Demant Holding A/S, Oticon, RION Co., Ltd., Siemens AG, Sonova Holding AG, Cochlear Ltd.