Hearing Aids Market Is Predicted To Reach $7.3 Billion By 2025

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. Increasing adoption of hearing aids, growing awareness about technologically advanced products for treatment of auditory loss, and rising prevalence of auditory loss are some of the factors contributing to the market growth over the forecast period.

Behind-the-ear hearing aids was the largest product type segment in 2018 and is expected to grow at a lucrative rate over the forecast period. This is because they are easy to handle and clean and are more preferred by younger population. Moreover, they can fit into various ear molds and don't need device replacement as the child grows. With technological advances, new products such as the Mini BTE have been developed, which are smaller in size and provide more comfort.

The 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.

The retail sales channel segment dominated the market in 2018 and is expected to grow at a lucrative rate over the forecast period. This can be attributed to higher profit margin in retail stores and increasing number of companies investing in company-owned retail stores to gain higher revenue share. In addition, companies such as William Demant Holding A/S, Starkey, and GN Hearing are undertaking expansion strategies to increase the number of company-owned retail stores.

Europe dominated the market in 2018 with a revenue of USD 2.2 billion and is expected to grow at a lucrative rate over the forecast period. This is owing to increase in prevalence of auditory loss, growing awareness about various treatment options, and rising adoption of hearing aids. Asia Pacific is anticipated to exhibit the fastest growth, due to large population base, coupled with increasing geriatric population, easy availability and accessibility of hearing aids.

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.

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Further key findings from the study suggest:

• 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
• The 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
• 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 increasing number of companies investing in company-owned retail stores
• Asia Pacific is anticipated to witness the fastest growth with a CAGR of 7.3% owing to high population base, coupled with increasing geriatric population, and easy availability and accessibility of hearing aids
• Some of the key players 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.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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