Global Hearing Aids Market Is Expected To Reach USD 5,440.5 Million By 2020 : Radiant Insights,Inc
RadiantInsights.com has announced the addition of “Global Hearing Aids Market Trends, Growth And Forecast Report Up To 2020 : Radiant Insights, Inc” Market Research Report to their Database.
San Francisco, United States – October 26, 2015 /MarketersMedia/ —
The global market for hearing aids is expected to reach USD 5,440.5 million by 2020, growing at an estimated CAGR of 3.2% from 2014 to 2020. Growing global base of geriatric population coupled with increasing prevalence of deafness is expected to serve this market as a primary growth driver. In addition, rapidly increasing usage rates of 100% digital hearing aid technology and patient awareness levels are expected to drive market growth during the forecast period.
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Behind-the-ear hearing aids dominated the overall market in terms of share in 2013 at over 55.0%. These hearing aids are used for the treatment of profound hearing loss and are a device of preference when it pertains to the treatment of hearing loss in children. Moreover, high prevalence of hearing loss in children is expected to serve this segment as a high impact rendering driver. According to the U.S. National Center of Health Statistics (NCHS) 12 out of every 1,000 American suffering from hearing loss belong to the age group of below 18 years.
Further key findings from the study suggest:
• Canal hearing aids demand is expected to grow at the highest CAGR of over 4.5% during the forecast period. This segment comprises in-the-canal, invisible-in-canal and completely-in-canal aids. Growing number of R&D initiatives aimed at performance enhancement and the increasing demand for invisible and aesthetically appealing hearing aids as a result of changing patient lifestyle habits are some of the factors accounting for its lucrative CAGR.
• Digital hearing aid technology held the largest share of the technology market in 2013 at over 90.0% in 2013 majorly owing to its relatively higher efficiency and its ability to enable the use of technological advancements such as wireless and Bluetooth technologies.
• Europe accounted for the largest share of the overall Hearing Aids Market in 2013 at over 40.0% in 2013. Presence of large bases of geriatric population in developed Western European countries with patients holding relatively higher purchasing powers is one of the primary factors attributing to its large share.
• Asia Pacific on account of the presence of a constantly improving healthcare infrastructure, high unmet medical needs and increasing patient disposable incomes, is expected to grow at the highest CAGR of over 4.5% from 2014 to 2020.
• Key market players include Sonova Holding AG, William Demant Holding A/S, GN Resound, Widex A/S, and Siemens AG.
Hearing Aids Product Outlook
• In-The-Ear Aids (ITE)
• Receiver-In-The-Ear Aids (RITE)
• Behind-The-Ear Aids (BTE)
• Canal Hearing Aids: In-The-Canal (ITC), Invisible-In-Canal (IIC), Completely-In-Canal (CIC)
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Hearing Aids Technology Outlook
• Digital Hearing Aids
• Analog Hearing Aids
Hearing Aids Regional Outlook
• North America
• Europe
• Asia Pacific
• RoW
About Radiant Insights
Radiant Insights is a platform for companies looking to meet their market research and business intelligence requirements. We assist and facilitate organizations and individuals procure market research reports, helping them in the decision making process. We have a comprehensive collection of reports, covering over 40 key industries and a host of micro markets. In addition to over extensive database of reports, our experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions.
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