The global hearing aids market size is expected to reach USD 7.3 billion by 2025, expanding at a CAGR of 4.6% over the forecast period, according to a report by Grand View Research, Inc. Growing education and awareness about health, continuous rise in adoption of technologically advanced devices and increasing standards of healthcare infrastructure are some of the major growth factors of the market.
Digital technology dominated the market in 2018 and is expected to retain its position over the forecast period. Digital technology hearing aids are technologically advanced and can be programmed according to the external environment to amplify sound and reduce noise, thus providing an enhanced auditory experience. For instance, Artificial Intelligence is now used in hearing aids, making them learn user’s preferences and make the devices more user friendly.
Some of the key market players in the market are Phonak; Benson Hearing; GN Store Nord A/S; Starkey; MED-EL.; William Demant Holding A/S; Medtronic; WIDEX USA, INC.; and Sivantos Pte. Ltd. These companies focus on technological innovations, new product launches, and regional expansion to gain a competitive edge.
Further key findings from the study suggest:
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On the basis of product type, Behind-the-ear hearing aids was the largest product segment and is expected to grow at a lucrative rate over the forecast period due to ease of handling and technological advances
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On the basis of technology type, digital technology dominated the market in 2018 owing to technological advancements and additional advantages over its analog counterparts, including amplified sound and reduced external noise
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On the basis of sales channel, retail sales channel dominated the hearing aids market in 2018 with a revenue of USD 3.9 billion due to high-profit margins in retail sales and an increasing number of companies investing in company-owned retail stores
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On the basis of region, Asia Pacific is anticipated to witness the fastest growth with a CAGR of 7.3% owing to high population base, coupled with an increasing geriatric population, and easy availability and accessibility of hearing aids
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New product launches along with mergers and acquisitions play an important role in market growth. For instance, in august 2020, Phonak launches Audéo Paradise hearing aid, which supports the company’s overall mission – Well hearing is Wellbeing.
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Technological advancements are helping the growth of several market players, such as, in September 2020, Starkey expanded its award-winning Livio Edge AI’s leading line of hearing aids. This launch included the introduction of the world’s smallest, most powerful rechargeable BTE, a first-of-its-kind speech enhancement feature, and industry-first technology that allowed hearing aid wearers to use their hearing devices to find their smartphones.
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Grand View Research has segmented the global hearing aids market on the basis of product type, technology type, sales channel, and region:
Hearing Aids Product Type Outlook (Revenue, USD Million; Volume, ’000 Units, 2014 – 2025)
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In-the-Ear
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Receiver-in-the-Ear
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Behind-the-Ear
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Canal
Hearing Aids Technology Type Outlook (Revenue, USD Million; Volume, ’000 Units, 2014 – 2025)
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Digital
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Analog
Hearing Aids Sales Channel Outlook (Revenue, USD Million; Volume, ’000 Units, 2014 – 2025)
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Retail Sales
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Government Purchases
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E-commerce
Hearing Aids Regional Outlook (Revenue, USD Million; Volume, ’000 Units, 2014 – 2025)
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North America
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U.S.
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Canada
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Europe
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Germany
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U.K.
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Spain
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France
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Italy
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Russia
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Asia Pacific
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China
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Japan
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India
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South Korea
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Singapore
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Australia
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Latin America
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Brazil
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Mexico
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Argentina
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Middle East & Africa
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South Africa
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Saudi Arabia
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UAE
List of Key Players of Hearing Aids Market
• Phonak
• Benson Hearing;
• GN Store Nord A/S
• Starkey
• MED-EL
• William Demant Holding A/S
• Medtronic
• Widex USA, Inc.
• Sivantos Pte LTD.
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Grand View Research is a market research and consulting company registered in the State of California having its headquarters in San Francisco. The company offers syndicated research reports, customized research reports, and consulting services. With Grand View Research, you get an opportunity to understand market trends, insights, and business statistics from a strategic standpoint. With a deep-seated understanding of many business environments, Grand View Research offers business and market intelligence studies and accomplishes more than 300 multi-country market studies.
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