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Hearing Aids Market Is Estimated To Generate Revenues Worth USD 4.5 Billion By 2024: Grand View Research, Inc.

(April 19, 2018)


"Grand View Research, Inc. - Market Research And Consulting."
According to report published by Grand View Research, The global hearing aids market was valued at USD 4.5 billion in 2015 and is projected to grow with a CAGR of 4.3% over the forecast period.

The global hearing aids market was valued at USD 4.5 billion in 2015 and is expected to reach a value of USD 6.5 billion by 2024, according to a new report by Grand View Research, Inc. Key factors driving the market expansion include the dramatic increase in aging population of 65 years & above and the associated loss of hearing and growing demand for new-generation instruments that are technologically enhanced and enriched equipment with better aesthetics.

As per the data published by the WHO (2013), the prevalence of the same disease in adults over age of 65 years is expected to be five times more than that for the individuals below 65 years of age. It also estimates that in the developing nations around 20% of the people with hearing loss require hearing aids and less than 3% of them are expected to be using it. Other factors leading to the hearing-related problems in individuals are chronic ear infections, birth defects, exposure to high decibels of noise, and prolonged listening to loud music through headphones. Around 90% of the global chronic ear infections prevail in the South-West Asia, Western Pacific, and African regions.

Education and increased health-related awareness amongst the population also plays a crucial role in increasing the demand across the world. The WHO assists the low- and middle-income countries to develop programs for prevention and management of hearing loss.

Full research report on hearing aids market analysis: http://www.grandviewresearch.com/industry-analysis/hearing-aids-market

Global Hearing Aids Market

 

Further Key Findings from the Study Suggest:

  • In 2015, the behind-the-ear devices accounted for the largest market share of about 47.1%. The high growth was attributed to the high comfort levels, better connectivity, and high efficiency of the product.

  • The digital aids segment occupied the majority of the share, accounting for about 85% in 2015. The segment continued to dominate with a CAGR of 4.8% during the forecast period. The key factors for growth include enhanced listening experience and high connectivity with smart phones.

  • In 2015, Europe held the majority of the market share of about 38.3%. The major drivers for the growth of this industry are an increase in the hearing disorders & deafness and the growing demand for technologically advanced hearing solutions. The increase in the geriatric population and the growing purchasing power of the patients also contributes to the growth in the region.

  • Asia Pacific is expected to emerge as the fastest growing region with a CAGR of 5.4% during the forecast period. The developing economies possess large pool of patients and exhibit high prevalence of this disease.

  • Some key players in the market are GN ReSound, William Demant Holdings A/S, Sonova Holding AG, Sivantos Pte Ltd. (Siemens), Widex A/S, and Starkey Hearing Technologies; they focus on developing unique technically advanced devices that focus on enhanced listening and miniaturization.

View more reports of this category by Grand View Research at:

https://www.grandviewresearch.com/industry/medical-devices

Grand View Research has segmented the hearing aids market by product, technology and region:

Product Outlook (Market Revenue in USD Million, 2013 - 2024)

  • In-the-ear hearing aid

  • Receiver-in-the-ear hearing aid

  • Behind-the-ear hearing aid

  • Canal hearing aids ITC, CIC and IIC

Technology Outlook (Market Revenue in USD Million, 2013 - 2024)

  • Digital hearing aid

  • Analog hearing aid

Regional Outlook (Market Revenue in USD Million, 2013 - 2024)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

  • Asia Pacific

    • Japan

    • China

  • Latin America

    • Brazil

    • Mexico

  • Middle East and Africa

    • South Africa

Access Full Press Release of this Report: https://www.grandviewresearch.com/press-release/global-hearing-aids-market


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.

For more information: https://www.grandviewresearch.com

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist - U.S.A.
Email: [email protected]
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:28 2nd Street, Suite 3036
City: San Francisco
State: California
Country: United States
Website: www.grandviewresearch.com/industry-analysis/hearing-aids-market



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