The Hearing Aid Devices Market to grow at a CAGR of 5.1% during the forecast period 2017–2023 to aggregate $10.1 billion by 2023
Factors such as technological advancements, increasing incidence of hearing loss, increasing online sales of hearing aid devices are expected to drive the market growth during forecast period.
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Global Hearing Aid Devices Market – Drivers, Opportunities, Trends, and Forecasts: 2017–2023” (April 2017).
According to Infoholic Research, advent of e-retailing and permitting to sell hearing aid devices via the same will boost the growth of the market in the coming years. This process will ease the process of purchasing hearing aids, as this should eradicate the waiting time for the customers, who purchase these devices from physical stores. In spite of multiple recent launches a significant unmet need still exists in the global hearing aid devices market, which represents another significant driving factor for the growth of the industry. The market growth is also contributed by the increasing prevalence of hearing loss population growth which in turn increases the need for proper treatments and sales of hearing aids. However, few examples related to the problems with device batteries, such as short life span of certain batteries, is expected to restrain the growth of the market. According to Infoholic Research, the “Global Hearing Aid Devices” market is expected to grow at a CAGR of 5.1% during the forecast period 2017–2023 to touch an aggregate of $10.1 billion by 2023.
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The Global Hearing Aid Devices market is analyzed based on three segments – types, end users, and regions. The regions covered in the report are the Americas, EMEA, and APAC regions. Europe is set to be the leading region and holds more than 35% of the market share in 2016. In the Americas region, the US and Canada are set to be the leading countries. In Asia Pacific, India is one of the most attractive countries for the players and holds huge business opportunities. The APAC region is expected to grow the fastest during the forecast period.
The product types (placement position of the devices) covered in the report are Ear and Canal. In the Ear segment, products are further separated BTE, RITE, and ITE products. In the Canal segment, product types such as IIC, CIC, and ITC devices are covered. The Ear segment dominates the market and is expected to gain more market share by 2023. The report also talks about the hearing implant segment. In this segment, cochlear implant dominates the market with more than 70% of the market share in terms of revenue. The market is expected to grow at a positive year on year growth rate, as the market is already witnessing increasing number of advanced hearing aid product launches.
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“Few major players in the market are accumulatively dominating the Global Hearing Aid Devices market. Companies such as William Demant, GN Resound, Sonova, Widex, and Starkey have captured mammoth share already, making it difficult for the SMBs to survive the competition. Hence, the market is expected to witness significant number of mergers and acquisitions in the future.” – Victor Mukherjee, Assistant Manager (Research – Healthcare) at Infoholic Research
Further, the report also aims to cover the below points:
- Provides an in-depth analysis of the key business opportunities in countries and verticals
- Provides the complete details about the various types of hearing aid devices overview
- Provides the complete details of trending hearing aids
- Provides the complete details about the analysis of top 8 players
- Provides industry outlook including current and future market trends, drivers, restraints and emerging technologies