The Global Hearing Aids Market was valued at US$ 7584.8 million in 2016 and is projected to expand at a CAGR of 4.6% during the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights. Technologically advanced devices with additional features, which in turn is projected to support growth of the hearing aids market over the forecast period.
Major players such as Sivantos Inc., Sonova Holding AG are focusing on product development and innovation to expand their sales network in emerging economies. For example, Sivantos Inc. has launched products with features such as Bluetooth connectivity, slick design, binaural listening technology, and customizable size as per user need. Also, in case of in-the-ear type of hearing aids, they provide features such as noise cancellation, vent for optimal ear ventilation.
There are some restraining factors leading to gap between need and supply of hearing aids. These include lack of awareness in emerging countries about technologically advanced hearing aids, high cost of hearing aids specifically of digital type of hearing aids, lack of healthcare infrastructure in rural areas of emerging economies.
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There are various players in the market that are confined to product diversification and customization for the sales growth. Furthermore, the companies are continuously working on the product development and advancement that aligns to the need and requirement of the users.
The manufacturers have opportunity to tap major market share in case of emerging countries through advertisement about product features and by controlling the cost of hearing aids through R&D activity. Increasing population and growing incidence of hearing loss, especially in emerging economies is expected to create a conducive environment for growth of the hearing aids market.
Key takeaways of the market:
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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