San Francisco, California, Oct. 24, 2014 (GLOBE NEWSWIRE) -- The global market for hearing aids is expected to reach USD 5,440.5 million by 2020, growing at an estimated CAGR of 3.2% from 2014 to 2020, according to a new study by Grand View Research, Inc. Growing global base of geriatric population coupled with increasing prevalence of deafness is expected to serve this market as a primary growth driver. In addition, rapidly increasing usage rates of 100% digital hearing aid technology and patient awareness levels are expected to drive market growth during the forecast period.
Behind-the-ear hearing aids dominated the overall market in terms of share in 2013 at over 55.0%. These hearing aids are used for the treatment of profound hearing loss and are a device of preference when it pertains to the treatment of hearing loss in children. Moreover, high prevalence of hearing loss in children is expected to serve this segment as a high impact rendering driver. According to the U.S. National Center of Health Statistics (NCHS) 12 out of every 1,000 American suffering from hearing loss belong to the age group of below 18 years.
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Further key findings from the study suggest:
- Canal hearing aids demand is expected to grow at the highest CAGR of over 4.5% during the forecast period. This segment comprises in-the-canal, invisible-in-canal and completely-in-canal aids. Growing number of R&D initiatives aimed at performance enhancement and the increasing demand for invisible and aesthetically appealing hearing aids as a result of changing patient lifestyle habits are some of the factors accounting for its lucrative CAGR.
- Digital hearing aid technology held the largest share of the technology market in 2013 at over 90.0% in 2013 majorly owing to its relatively higher efficiency and its ability to enable the use of technological advancements such as wireless and Bluetooth technologies.
- Europe accounted for the largest share of the overall hearing aids market in 2013 at over 40.0% in 2013. Presence of large bases of geriatric population in developed Western European countries with patients holding relatively higher purchasing powers is one of the primary factors attributing to its large share.
- Asia Pacific on account of the presence of a constantly improving healthcare infrastructure, high unmet medical needs and increasing patient disposable incomes, is expected to grow at the highest CAGR of over 4.5% from 2014 to 2020.
- Key market players include Sonova Holding AG, William Demant Holding A/S, GN Resound, Widex A/S, and Siemens AG.
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For the purpose of this study, Grand View Research has segmented the hearing aids market on the basis of product, technology and region:
Hearing Aids Product Outlook
• In-The-Ear Aids (ITE)
• Receiver-In-The-Ear Aids (RITE)
• Behind-The-Ear Aids (BTE)
• Canal Hearing Aids: In-The-Canal (ITC), Invisible-In-Canal (IIC), Completely-In-Canal (CIC)
Hearing Aids Technology Outlook
• Digital Hearing Aids
• Analog Hearing Aids
Hearing Aids Regional Outlook
• North America
• Asia Pacific
Browse Press Release of Hearing Aids Market: http://www.grandviewresearch.com/press-release/global-hearing-aids-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For more information, visit http://www.grandviewresearch.com/
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Source:Grand View Research