The growth of this market is majorly attributed to the high prevalence of hearing loss, rising geriatric population, and technological advancements in hearing aids.
Market Size
The global Hearing Aids Market is expected to reach USD 9.78 Billion by 2022 from USD 6.56 Billion in 2016, at a CAGR of 7.0% from 2017 to 2022.
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“Hearing aid devices segment to dominate the market in 2017”
Based on product, the hearing aids market is segmented into hearing aid devices and hearing implants. In 2017, the hearing aid devices segment is expected to account for the largest share of the hearing aids market. Growth in this segment is majorly driven by the rising geriatric population, technological advancements in hearing devices, and the development and introduction of new and advanced products.
“The adult patients segment is projected to register the highest CAGR during the forecast period.”
By patient type, the hearing aid market is segmented into adult patients and pediatric patients. The adult patients segment is estimated to register the highest growth rate during the forecast period. The high growth in this segment can primarily be attributed to the high prevalence of hearing loss in this section of the population.
Recent Developments
• In February 2017, the Sonova’s Phonak brand introduced Bolero B-PR and Virto B-Titanium hearing aids, whereas its Unitron brand introduced a new Tempus platform—Moxi Fit R in the market.
• In April 2017, the William Demant launched Oticon Opn miniRITE hearing aids that feature a rechargeable upgrade option.
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