The high prevalence of hearing loss, rising geriatric population, and technological advancements in hearing aids are the factors driving the growth of the market.
Market Size
The global Hearing Aids market size is projected to reach USD 9.78 Billion by 2022 from USD 6.97 Billion in 2017, at a CAGR of 7.0%.
Sonova (Switzerland), William Demant (Denmark), Cochlear (Australia), GN Store Nord (Denmark), Starkey (US), Widex (Denmark), MED-EL (Austria), SeboTek Hearing Systems (US), Audina Hearing Instruments (US), RION (Japan), Horentek (Italy), Microson (Spain), and Arphi Electronics (India) are some key players in this market. These companies are focusing on increasing their presence in the high-growth markets through both organic as well as inorganic growth strategies such as product launches, acquisitions, and expansions.
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“In 2016, Sonova dominated the hearing aids market”
The company has managed to create a unique identity in this market due to its robust product portfolio and large geographic presence. In addition, the company focuses on adopting organic as well as inorganic growth strategies to maintain its leading position in the market. For instance, in February 2017, the company’s Phonak brand introduced Bolero B-PR and Virto B-Titanium hearing aids, whereas its Unitron brand introduced a new Tempus platform—Moxi Fit R in the market. In addition, in 2016, Sonova launched AQ HD S, its first lithium-ion rechargeable hearing system.
“William Demant was the second leading player in the hearing aids market in 2016”
To maintain its leading position in the hearing aids market, the company focuses on adopting organic as well as inorganic growth strategies. The company focuses on continuous product developments to maintain its leading position in the hearing aids market. For instance, in June 2017, Oticon Opn hearing aid that connects and interacts with the Internet via the IFTTT Network was upgraded to a rechargeable hearing solution. In April 2017, the company launched Oticon Opn miniRITE hearing aids that feature a rechargeable upgrade option. Such product launches enable the company to expand its product offerings in the hearing aids market
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