Global Hearing Aids Market, by Technology (Conventional Hearing Aid and Digital Hearing Aid), by Product Type (Behind the Ear Hearing Aids, Receiver in the Ear Hearing Aids, In the Ear Hearing Aids, Completely In the Ear Hearing Aids, and In the Canal Hearing Aids), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
is estimated to be valued at US$ 8,938.4 million in 2019, and is expected to exhibit a CAGR of 6.6%
over the forecast period (2019-2027), as highlighted in a new report published by .
Technologically advanced devices with additional features such as wireless technology or multi-listening program are expected to drive growth of the hearing aids market over the forecast period. Major players such as Sivantos Inc. and Sonova Holding AG are focusing on development of innovative product to expand their product portfolio in emerging economies such as Singapore, China and India. For instance, in August 2018, Sivantos Inc. launched Signia in-the-ear hearing aids with features such as Bluetooth connectivity, slick design, binaural listening technology, and customizable size as per the user’s requirement.
Various organizations are focusing on developing new personalized solutions of hearing aids for the customers, which can be customized and are user friendly, which is expected to drive growth of the hearing aids market over the forecast period. For instance, in August 2019, GN Hearing launched a ReSound LiNX Quattro a custom-crafted hearing aids in the U.S. The product with ReSound LiNX Quattro technology offers brilliant sound quality and great speech intelligibility even in noisy situations. The GN Hearing manufactures four different type of devices such as completely-in-canal (CIC), in-the-canal (ITC), in-the-ear (ITE) models, and a mic-in-helix (MIH) hearing aid that are available in five different skin-tones.
Various manufacturers in the hearing aids market are focusing on strategic mergers and acquisitions, in order to strengthen its market presence. For instance, in May 2018, Sivantos Pte. Ltd. and the Widex A/S announced that they have merged the two companies to become a global leader in hearing aids market. The merger was valued at US$ 1.9 billion for both the companies. The merger is expected to accelerate sales growth, strengthening market penetration and enhancing efficiencies to enable additional investments into R&D and supply chain.
Browse 24 Market Data Tables and 24 Figures spread through 150 Pages and in-depth TOC on "Hearing Aids Market, by Technology (Conventional Hearing Aid and Digital Hearing Aid), by Product Type (Behind the Ear Hearing Aids, Receiver in the Ear Hearing Aids, In the Ear Hearing Aids, Completely In the Ear Hearing Aids, and In the Canal Hearing Aids), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global Forecast to 2027"
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Various players operating in the hearing aids market are focused on product customization, in order to increase their sales growth. Moreover, companies are continuously working on product development and advancements to cater to the need and requirement of the users. For instance, in September 2019, Sivantos Inc. brand Signia launched Signia Xperience that introduces the world’s first combination of acoustic sensors with a built-in motion sensor. Signia Xperience hearing aids scan and understand the user’s with YourSound technology, which enables users to easily understand speech from any direction in any situation. The three key features of YourSound technology include acoustic-motion sensors, dynamic soundscape processing and Own Voice Processing (OVP).
Key Takeaways of the Hearing Aids Market:
- The global hearing aids market is expected to exhibit a CAGR of 6.6% during the forecast period (2019–2027), owing to increasing research & development and demand for advanced hearing aids by the customers.
- Among technology, the digital hearing aid segment is expected to hold major revenue share in 2027. Various companies are focusing on launching new products in emerging economies, which is expected to drive growth of the digital hearing aid segment over the forecast period. For instance, in November 2014, Widex India launched new ultra-small Dream CIC hearing aids in India. The company donated the hearing aids to underprivileged children with hearing impairment in Mumbai, India, during its launch in the India market.
- Major players operating in the global hearing aids market include Sonova Holding AG, Sivantos Inc., Cochlear Ltd., SeboTek Hearing Systems LLC, Oticon A/S, Zounds Hearing Inc., MED-EL, Sonic Innovations Inc., GN Store Nord A/S, Widex A/S, Starkey Hearing Technologies, and William Demant Holding A/S.