Hearing aid market value to exceed $ 5 billion by 2020

According to a new study by Grand View Research Inc., the global hearing aid market will grow by 3.2% between 2014 and 2020. This means that in just six years, the hearing aid market could reach $ 5 billion.

According to WhaTech, this may be due to the increased penetration of new smartphones compatible with hearing aids and other 100% digital devices. For now, behind-the-ear hearing aids account for more than 55% of the stock hearing aid industry (based on 2013 records). A surprising percentage of hearing aid wearers are children, as behind-the-ear wearables are the device of choice for those with hearing concerns.

“According to the National Center for Health Statistics (NCHS), 12 out of every 1,000 Americans with hearing loss belong to the age group under 18,” WhaTech commented. In addition to this information, the study also elaborated on Europe’s largest share of the entire hearing aid market. Digital hearing aid technology is one of the fastest growing sectors in the hearing aid industry, with 90% of the technology’s market share in 2013 exceeded 90%.

In China, with the increase of aging, the number of hearing-impaired people is increasing. A sample survey in 2006 showed that we have 27.6 million people with hearing disabilities. Today, the number of hearing-impaired people should be doubled. Just known). In such a large group, less than 10% of people wear hearing aids, which shows that most people do not pay much attention to them and do not understand what benefits hearing aids can bring to their hearing and life.

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