Hearing Aids Market is Expected to Reach USD 8,373.9 Million by 2020

Date: 2015-11-05

The 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%. The global hearing aids market is segmented based on products, type of hearing loss, end-users, and regions. The hearing implants segment is expected to register the highest growth rate in the hearing aids market, by products, during the forecast period. The high growth in this segment is attributed to the increasing number of regulatory approvals and new product launches.

The major factors contributing to the growth of the hearing aids market include increasing aging population and high incidences of hearing loss. Furthermore, increasing new product development activities by companies is another major factor driving the growth of this market. 

For instance, in April 2015, Bernafon launched Supremia, a Super Power BTE hearing aid for adults and children with severe and profound hearing loss. High growth potential in emerging markets has opened an array of opportunities for the hearing aids market. However, factors such as low penetration rate of hearing aids is hampering the growth of the market to a certain extent.

 Apart from comprehensive geographic and product analysis and market sizing, the report also provides a competitive landscape that covers the growth strategies adopted by industry players over the last three years. In addition, the company profiles comprise the product portfolios, developments, and strategies adopted by the market players to maintain and increase their shares in the market. The above-mentioned market research data, current market size, and forecast of the future trends will help key market players and new entrants to make the necessary decisions regarding product offerings, geographic focus, change in strategic approach, and levels of output in order to remain successful in the market.

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