The Global Hearing Aids Market is expected to reach
USD 5,440.5 million by 2020, growing at an estimated CAGR of 3.2% from 2014 to
2020, according to a new study by Grand View Research, Inc. 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.
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.
View
summary of this report @ http://www.grandviewresearch.com/industry-analysis/hearing-aids-market
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.
Browse All Reports of
this category @ http://www.grandviewresearch.com/industry/medical-devices
For the purpose of this study, Grand
View Research has segmented the hearing aids market on the basis of product,
technology and region:
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)
Hearing
Aids Technology Outlook
• Digital Hearing Aids
• Analog Hearing Aids
Hearing
Aids Regional Outlook
• North America
• Europe
• Asia Pacific
• RoW
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, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
Sherry
James
Corporate
Sales Specialist, U.S.A.
Grand
View Research, Inc.
United
States
Phone: 1-415-349-0058
Toll
Free: 1-888-202-9519
Email: sales@grandviewresearch.com
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