- Published on 25 August 2014
A new market study by Grand View Research, Inc. has shown that the global market for hearing aids (HAs) is expected to reach USD 5,440.5 million by the year 2020.
Grand View Research, based in San Francisco, California, is a market research and consulting company that provides customized research reports and consulting services. According to their report on HAs, the compound annual growth rate (CAGR), which measures the year-on-year growth rate for the market, is expected to be 3.2% from 2014 to 2020. The main factors that are expected to drive this rise are the increasing size of the ageing population, and a higher prevalence of hearing loss and deafness. Other factors may also contribute to this growth. The report cites rapidly increasing usage rates of 100% digital hearing aids, as well as patient awareness levels that are expected to increase over the forecast period.
The highest growth rate is expected for canal hearing aids (in-the-canal, invisible-in-canal and completely-in-canal aids), with a level of about 4.5% over the period. The high prevalence of hearing loss in children is expected to support the behind-the-ear hearing aids segment. Other findings in the study showed that digital hearing aids technology held the greatest share of the technology market in 2013 (over 90%).
The study found that Europe accounted for the largest share of the hearing device market in 2013 (over 40.0%). However, the Asia Pacific region is expected to have the highest CAGR from 2014 to 2020 (over 4.5%) because the region’s healthcare systems are constantly improving and disposable income is on the rise. The report cites the main market players as being Sonova Holding AG, William Demant Holding A/S, GN Resound, Widex A/S, and Siemens AG.Source: PR.com