DUBLIN–(BUSINESS WIRE)–The “Global Hearing Aids Market: Consumer Behavior Analysis by Countries, Buying Pattern Analysis, Demographics, Trends Analysis, Survey Findings and Results, Leading Companies and their Market Strategies” report has been added to ResearchAndMarkets.com’s offering.
The global hearing aids market was valued at USD 8.06 billion in 2019 and it is expected to grow with a CAGR of 6.6% over the forecast period of 2020-2026.
This report is based on a survey conducted to analyze the buying patterns, consumer behavior, and impact of pricing on buying decisions. The report also provides insights into the marketing strategies and steps taken by the companies to retain their market position in the local as well as global market. The study also provides insights into the factors affecting the buying decisions, consumer preferences, and the demographic factors promoting the growth of the products of the global hearing aids market.
Hearing loss is one of the major health issues in the world. The hearing loss problems are more common in countries with low and middle-incomes. A person who is not able to hear and a person with normal hearing are both believed to have hearing loss. Hearing loss greater than 40 dB in the better hearing ear in adults and a hearing loss greater than 30 dB in the better hearing ear in children is considered as disabling hearing loss. Hearing loss is categorized into mild, moderate, severe, or profound depending upon its intensity.
Growing Geriatric Population Augment the Growth of the Global Hearing Aids Market
The population aged over 65 years and above is majorly affected by hearing loss and is the main consumers of sleep aid products. Moreover, the growing adoption of hearing aids devices by the people suffering from hearing loss is augmenting the demand for them. In addition, increasing awareness regarding technological advances in hearing aids devices is further boosting the growth of the global hearing aids market.
The United States, China, and Germany among Top Markets for Hearing Aids
According to the findings in the report, the United States and China along with the countries in Europe are the top markets for hearing aids. Europe and North America together make more than 63% of the total sales of hearing aids in the world. The US is the leading country in terms of sales in the global hearing aids market followed by China and Germany. The higher awareness regarding hearing aids and the growing geriatric population are the major drivers for the sale of hearing aids devices in western countries.
North America Generated Highest Revenue from Hearing Aids
Based on the geographical regions, North America generated the highest revenue in the global hearing aids market. The growing geriatric population suffering from hearing loss is the major driving factor for the North American hearing aids market. The old-age population is majorly affected by hearing loss problems and it is the major consumer group for hearing aids devices.
Moreover, greater awareness regarding hearing aids devices and technological advances in the devices is also supporting the growth of the market in North America. Furthermore, the Asia Pacific region is projected to grow with the fastest rate owing to the growing awareness regarding hearing loss and its treatment. The improving the healthcare sector in the developing nations in the Asia Pacific is offering favorable business opportunities to the major players in the hearing aids market.
- Rise in the geriatric population
- Higher prevalence of hearing loss
- Growing awareness about technologically advanced devices for hearing loss
- Low penetration of hearing aids
- Growing demand for hearing aids from developing economies
- Sonova Holding AG
- GN Store Nord A/S
- Widex A/S
- Starkey Laboratories, Inc.
- Demant A/S
- Sivantos Group
- Cochlear Limited
- MED-EL Elektromedizinische Gerte GmbH
- RION Co., Ltd.
- SeboTek Hearing Systems, LLC
For more information about this report visit https://www.researchandmarkets.com/r/66ylvk
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900