Global Hearing Aid Devices & Equipment Market Report, 2020 - Key Players are Starkey, Sonova, Widex, Siemens & GN ReSound - ResearchAndMarkets.com

DUBLIN--()--The "Hearing Aid Devices And Equipment Global Market Report 2020" report has been added to ResearchAndMarkets.com's offering.

The global hearing aid devices and equipment market was valued at about $4 billion in 2018 and is expected to grow to $4.68 billion at a CAGR of 4% through 2022. Major players in the market are Starkey, Sonova, Widex, Siemens and GN ReSound.

Growing prevalence of hearing loss is as a major driver for hearing aid devices & equipment market growth. In the United States, more than 35 million children and adults have some degree of hearing loss. Also, around 900 million people across the globe are expected to suffer from hearing disabilities by 2050 due to the rise in noise pollution levels, genetic factors, ear infections and other complications. High number of people suffering from hearing loss would result in huge demand for hearing aid devices across the globe.

High cost of hearing aid devices is acting as a major restraint in the hearing aid devices and equipment market. Good quality hearing aids come at a high price and are not fully covered by insurance companies. About one-third of Americans above 55 years use hearing aid devices due to various reasons. Hearing aid devices range between $1500 to $3500 per piece, thus making it quite expensive. The average price is $2,300 per unit according to the President's Council for Science & Technology. Thus due to high cost, there has been low penetration of hearing aid devices in the market.

Use of 3D Printing is a trend that is prevalent in the hearing aid devices & equipment market. The 3D printing is a technology that produces 3D objects from 2D model which enables manufacturing of better fitting, more comfortable and customized hearing aid devices. The 3D printing enables the shape of ear shell to be customized according to customer's individual ear canal and degree of hearing loss. For example, Sonova uses advanced 3D printing technology to produce customized hearing aid devices especially suited for each customer's specific requirements. Examples of 3D hearing aid devices include EnvisionTEC's E-Shell 200 Series, E-Shell 300 3D Printer Material series and EnvisionTEC E-Clear series.

As of today, hearing aids fall under restricted devices category, and the sales of these restricted devices must comply with federal and state requirements. The US FDA approach to improve hearing aid accessibility may lead to the availability of these restricted devices as OTC devices. However, according to the FDA Reauthorization Act of 2017 (FDARA), the category of OTC hearing aids needs to be established and no manufacturer can label their devices as OTC until a separate category is established. Thus, the introduction of these innovative and easily accessible OTC hearing aids may impact the growth of hearing aid devices market positively in the forecast period.

Key Topics Covered

1. Executive Summary

2. Hearing Aid Devices And Equipment Market Characteristics

3. Hearing Aid Devices And Equipment Market Size And Growth

3.1. Global Hearing Aid Devices And Equipment Historic Market, 2015 - 2019, $ Billion

3.1.1. Drivers Of The Market

3.1.2. Restraints On The Market

3.2. Global Hearing Aid Devices And Equipment Forecast Market, 2019 - 2022F, 2025F, 2030F, $ Billion

3.2.1. Drivers Of The Market

3.2.2. Restraints On the Market

4. Hearing Aid Devices And Equipment Market Segmentation

4.1. Global Hearing Aid Devices And Equipment Market, Segmentation By Product, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion

  • Receiver-In-The-Ear Hearing Aids
  • Behind-The-Ear Hearing Aids
  • Canal Hearing Aids
  • In-The-Ear (ITE) Hearing Aids
  • Other Hearing Aid Devices

4.2. Global Hearing Aid Devices And Equipment Market, Segmentation By Distribution Channel, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion

  • Audiology & ENT Clinics Pharmacies
  • Online Sales Others

4.3. Global Hearing Aid Devices And Equipment Market, Segmentation By Technology, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion

  • Conventional Hearing Aid
  • Digital Hearing Aid

4.4. Global Hearing Aid Devices And Equipment Market, Segmentation By Patient, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion

  • Adult
  • Pediatrics

4.5. Global Hearing Aid Devices And Equipment Market, Segmentation By Type of Hearing Loss, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion

  • Conductive Hearing Loss
  • Sensorineural Hearing Loss

5. Hearing Aid Devices And Equipment Market Regional & Country Analysis

5.1. Global Hearing Aid Devices And Equipment Market, Split By Region, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion

5.2. Global Hearing Aid Devices And Equipment Market, Split By Country, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion

Companies Profiled

  • Starkey
  • Sonova
  • Widex
  • Siemens
  • GN ReSound

Companies Mentioned (A-Z)

  • Amplifon
  • Audina Hearing Instruments Inc.
  • Beltone
  • Cochlear
  • GN ReSound
  • Hansaton
  • Horentek
  • Interton
  • Med-EI
  • Oticon
  • Rion
  • Siemens
  • Sivantos
  • Sonova
  • Starkey
  • Unitron
  • Widex
  • William Demant
  • WS Audiology
  • Zound Hearing

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Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
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