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The increase in the number of chronic illness treatments followed by the rise in the number of geriatric population is enhancing the growth of the Medical Device Market.

Hearing Aids Market is estimated to be $6.88 billion, growing at a CAGR of 7%, during 2019-2024. Growing technological advancements in hearing aids, the high prevalence of hearing loss, and the growing geriatric population are some of the key factors driving the market over the forecast period 2019 to 2025. The report covers the Hearing Aids Market size by type and applications, the Hearing Aids Market share by top 5 companies, and also the market share by start-ups during the forecast period.

Key Takeaways

The behind-the-ear (BTE) products held the largest market share in terms of revenue with 30.13%

Europe dominated the hearing aids market with a revenue market share of 51.91%.

Asia Pacific is expected to grow at the forecast rate over the forecast period.

Growing preference towards wireless technology and e-commerce are two key factors driving the hearing aids market. 

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Hearing Aids Market Segment Analysis - By Product

The global hearing aids market industry by-product has been segmented into two broad categories, hearing aid devices and hearing implants. The hearing aid devices are further segmented into receiver-in-the-ear hearing aids, behind-the-ear hearing aids, canal hearing aids, in-the-ear (ITE) hearing aids, and other hearing aid devices. The hearing implant is further segmented into cochlear implants and one-Anchored Systems. The behind-the-ear (BTE) products held the largest market share in terms of revenue with 30.13%. BTE hearing aids consist of a small curved case that comfortably fits behind the ear.

Hearing Aids Market Segment Analysis - Geography

The hearing aids market size by geography has been segmented into North America, South America, Europe, Asia Pacific, and the Rest of the World. Europe dominated the hearing aids market share with a revenue market share of 51.91%. The growing prevalence of auditory loss and the increase in awareness of technological advancements are some of the major factors driving the demand for hearing devices in the region. North America followed Europe in terms of revenue share, while Asia Pacific is expected to grow at the fastest rate over the forecast period

Hearing Aids Market Drivers

Growing preference towards wireless technology  

The introduction of smart hearing aids and wireless technology is gaining popularity in the global hearing aid market. Key players operating in the market are coming up with wireless hearing aids, which are embedded with electromagnetic compatibility (telecoil), Bluetooth, and frequency modulation (FM) compatibility. Further, companies are introducing smart hearing aids which are also growing in popularity and provide effective treatment for any degree of hearing loss.

The E-commerce

The rise of e-commerce especially in regions like Asia Pacific with a huge consumer base is a key factor driving the market growth. The Internet plays a major part in making a purchase decision. Getting information about hearing aids, particularly for young adults and millennials. Further, e-commerce had made hearing aids cost much lesser and easily available compared to the past when people had to gather information on the availably and functionality of the product matching to their needs. The emergence of e-commerce has made the process very easy with consumers able to search and purchase with the click of a button.