The global hearing aids market is expected to reach USD 8,373.9 Million by 2020 from USD 6,183.3 Million in 2015, at a CAGR of 6.3% from 2015 to 2020.
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The report segments this market based on products, type of hearing loss, end-users, and regions. Among the various products, the hearing aids segment is expected to account for the largest share of the market while hearing implants segment is projected to grow at the highest CAGR from 2015 to 2020. The high growth in this segment can be attributed to the increasing technological advancements and regulatory approvals.
On the basis of type of hearing loss, the hearing aids market is segmented into sensorineural and conductive. The sensorineural segment is expected to account for the largest share of the global hearing aids market in 2015. High prevalence of hearing loss and rising aging population are the factors propelling the growth of this market.
End-users, included in the hearing aids market are adult and pediatric. The adult segment is expected to account for the largest share of the global hearing aids market in 2015. High incidence of hearing loss with increasing ageing is driving the growth of this market.
Based on regions, the global hearing aids market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). Europe is expected to account for the largest share of the market during the forecast period. Growth in this regional segment is driven by factors such as high prevalence of hearing loss, increase in aging population, and increasing number of research activities to develop new and advanced hearing aid products in Europe.
Key players in the hearing aids market include Cochlear Limited (Australia), GN Store Nord A/S (Denmark), MED-EL (Austria), SeboTek Hearing Systems, LLC (U.S.), Sivantos Pte. Ltd. (Singapore), Sonova (Switzerland), Starkey Hearing Technologies, Inc. (U.S.), Widex (Denmark), William Demant Holding A/S (Denmark), and Zounds Hearing, Inc. (U.S.).
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