Technological advancements such as 3D printing technology and development of silver zinc rechargeable batteries are acting as key growth drivers for global hearing aids market.
According to TechSci Research report, “Global Hearing Aids Market By Product Type (In the Ear Hearing Aids, In the Canal, Completely in the Canal, Behind the Ear and Receiver in the Canal), By End User (Hospital, Clinics & Individuals), By Region, Forecast & Opportunities, 2025”, the market is expected to grow at a substantial rate during the forecast period. Key factors propelling the growth of global hearing aids market are rising number of patients with hearing problems due to excessive noise pollution and other lifestyle related issues, coupled with technological advancements in hearing aid devices. The launch of hearing aids with software to help user program as per the need is a breakthrough development and is anticipated to drive the market growth through 2025. Furthermore, technological advancements such as the use of lithium-ion batteries which can increase the lifeline of hearing aid devices is expected to fuel the market growth over the next few years.
Additionally, hearing aid companies are approaching audiology clinics and ENT clinics to demonstrate their products as more people are taking opinion from hearing aid professional before buying the hearing aid devices. This marketing and promotion strategy can further positively influence the market growth over the next few years. Also, the availability of hearing aid devices which offers comfort and comes along with cleaning kit to maintain the device is anticipated to foster the market growth in coming years. However, hearing aids in some cases can lead to a number of problems including ear wax and moisture problems. This is likely to hamper the growth of hearing aids. Besides, wrong size of the hearing aids and feedback problem is also acting as a major challenge slowing down the market growth.
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The global hearing aids market is segmented based on product type, end user, company, and region. Based on product type, the market can be categorized into in the ear hearing aids, in the canal, completely in the canal, behind the ear and receiver in the canal. Among them, behind-the-ear (BTE) segment is expected to dominate the global hearing aids market as they can fit easily behind the ear and are not visible. Moreover, many BTE models are Bluetooth compatible which is creating their high demand in global hearing aids market.
Based on end user, global hearing aids market can be segmented into hospital, clinics and individuals. Among them, the individual end users are expected to evolve as largest users of hearing aids during the forecast period on account of increasing aging population and availability of technologically advanced hearing aids which are easy to use.
Major players operating in the global hearing aids market are ReSound, Widex, Oticon, Siemens AG, Starkey Hearing Technologies Inc., Phonak Hearing Systems, Zounds SeboTek Hearing Systems, LLC, Sivantos Pte. Ltd., GN Store Nord A/S and Cochlear Limited Hearing, Inc. Leading companies are undergoing growth strategies such as new product launches, mergers & acquisitions and collaborations.
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“Asia Pacific is expected to witness significant growth in the global hearing aids market during the forecast period. This can be ascribed to the improving healthcare infrastructure coupled with rising geriatric population in the region. Additionally, Manufacturing outsourcing is emerging as a key trend in global hearing aids market with China and South Korea among the key destinations for outsourcing. This can further influence the market growth in the region over the next few years. said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Hearing Aids Market By Product Type (In the Ear Hearing Aids, In the Canal, Completely in the Canal, Behind the Ear and Receiver in the Canal), By End User (Hospital, Clinics & Individuals), By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of hearing aids market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global hearing aids market.
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