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What is the total addressable market, globally, for hearing aids, who are the major players, and what is the market share for each major player in this market?
Hello! Thanks for your question about the global hearing aids market size, along with the major players in the market. The short answer is that the size of the global hearing aids market is more than $4.5 billion, and that the market is dominated by six key players. You'll find a deep dive of my research below.
MARKET SIZE
According to market research, the size of the global hearing aids market as of 2015 was $4.5 billion. The market is projected to grow at an annual rate of 4.3% through 2024.
According to the World Health Organization, over 5% of the global population, and over 15% of the adult population, suffers from hearing impairment. Roughly one-third of those over 65 suffer from disabling hearing loss. Other market drivers include increasing deafness from noise pollution, genetics, ear infections, birth complications and other factors. In addition, the market is boosted by increased demand for technologically-advanced and aesthetically-pleasing devices.
To break down the market size, digital hearing aids have the majority share in terms of the technology used, comprising 85% of the market. This technology is expected to continue to dominate the market. In terms of the type of hearing aid, behind-the-ear aids have the largest market share, with 47.1%. However, the canal aids segment is projected to be the fastest growing, with a CAGR of 6.4% through 2024. These aids provide an enhanced listening experience and are aesthetically-pleasing, key market drivers. Geographically, Europe is the region with the largest market share at 38%, followed by North America. However, Asia Pacific is expected to be the fastest growing region with a projected CAGR of 5.4% through 2024.
KEY PLAYERS
The global hearing aids market is dominated by 6 key players, who collectively have a 98% share of this market. They are, with their respective market shares:
CONCLUSION
To wrap up, the global hearing aids market is worth over $4.5 billion, and is comprised of six key players who have a collective share of 98%. I hope this information is helpful to you! Thanks for using Wonder, and let us know if we can help you with anything else.