- Hearing aids are electronic devices used by people suffering from hearing disorders or disabilities. According to Grand View Research, Inc., the hearing aids market is likely to exceed USD 500 million by 2020. The market would rise at a CAGR of 3.1% during 2014 to 2020.
For Market Research Report on “Hearing Aids Market” Visit -http://www.grandviewresearch.com/industry-analysis/hearing-aids-market
Due to growing geriatric population, the market has undergone rapid expansion in the last few years. Additionally, escalating hearing losses have augmented the demand for hearing aids. The development of more efficient products (over hearing devices), and tapering prices are the prime restrainers of the hearing aids market.
The global market is segmented on account of three categories. These include products, technologies, and geographies. Products include in-the-ear, behind-the-ear, receiver-in-the-ear, and canal hearing. In 2013, holding over 55% share, behind-the-ear dominated the hearing aids market.
The segment of canal hearing aids is expected to grow at the highest CAGR. This is owing to accelerating research and development approaches towards better performance. Additionally, rising demand for aesthetically appealing devices will help canal hearing aids generate more income.
The technologies in the hearing aids market comprise digital, and analog. In 2013, digital technology contributed over 90% share. This was due to its high efficiency, and other favorable features. Grand View Research also states that, with regard to geographical regions, in 2013, Europe contributed more than 40% share.
This was due to the rapidly growing geriatric population in the nations of Western Europe. High purchasing power is yet another driving factor of the European market. The Asian Pacific hearing aids market would notice fastest growth in the upcoming years. The region owes this to hearing issues in the elderly, huge unmet medical demands, and rising geriatric population.
Growing disposable income of patients, and mounting healthcare costs will also fuel the region. The leading players in the hearing aids market include Siemens AG, Sonova Holding AG, GN Resound, William Demant Holding A/S, and Widex A/s. Most of the participants are executing several strategies for market promotion.
Some of these strategies are joint ventures, mergers and acquisitions, partnerships, and product developments. They help players remain at the forefront and get a better grip on the market.
Information Source: Grand View Research
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