Hearing Aids Market Size Worth Of $9.78 Billion By 2022 | Top Companies Are Sonova (Switzerland) & William Demant (Denmark)

The global hearing aids market size is expected to reach USD 9.78 billion by 2022 from USD 6.97 billion in 2017, at a CAGR of 7.0%. Major factors responsible for contributing to the growth of this market are the high prevalence of hearing loss, rising geriatric population, and technological advancements in hearing aids. On the other hand, the high cost of hearing aids and the low penetration of these devices are the major factors that are expected to restrain the growth of this market during the forecast period.

Based on product, the market is segmented into hearing aid devices and hearing implants. The hearing implants segment is expected to register the highest CAGR during the forecast period. The high growth of this market segment can be attributed to increase in approval from government agencies for hearing implants.

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Prominent players in the hearing aid devices and hearing implants market include Sonova (Switzerland), William Demant (Denmark), Cochlear (Australia), and GN Store Nord (Denmark).

In 2016, Sonova dominated the hearing aids market. The company has managed to create a unique identity in this market due to its robust product portfolio and large geographic presence. In addition, the company focuses on adopting organic as well as inorganic growth strategies to maintain its leading position in the market. For instance, in February 2017, the company’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 addition, in 2016, Sonova launched AQ HD S, its first lithium-ion rechargeable hearing system.

Among the four regional segments covered in the hearing aids market—North America, Europe, Asia, and the Rest of the World (RoW), Asia is expected to register the highest CAGR during the forecast period. Growth in the Asian market is attributed to factors such as high prevalence of hearing loss, availability of technologically advanced hearing aids, growth in the aging population, and increasing initiatives by companies to expand in these emerging economies.

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To ensure sustainability and growth in this highly competitive market, several established players focus on acquiring small players to strengthen their product offerings and expand their footprints across different geographies.

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