Analysis - by Type (Prescription Hearing Aids and OTC Hearing Aids), Product Type (Hearing Aid Devices and Hearing Implants), Technology (Conventional Hearing Aids and Digital Hearing Aids), Type Of Hearing Loss (Sensorineural Hearing Loss and Conductive Hearing Loss), Patient Type (Adults and Pediatric), and Distribution Channel (Pharmacies, Retail Stores, and Online)
No. of Pages:
101
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Report Code:
BMIRE00030008
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Category:
Life Sciences
The Europe hearing aids market was valued at US$ 7,833.94 million in 2022 and is expected to reach US$ 11,341.50 million by 2030; it is estimated to register a CAGR of 4.7% from 2022 to 2030.
Growing Strategic Initiatives by the Companies Fuel Europe Hearing Aids Market
Companies operating in the hearing aids market constantly focus on strategic developments such as collaboration, expansion, agreements, partnerships, and product launches. These help them improve their sales, expand their geographic reach, and enhance their capacities to cater to a greater than existing customer base. A few of the noteworthy developments in the hearing aids market by companies are mentioned below:
In October 2022, Sony Electronics introduced its first over-the-counter hearing aids in the market. The company is re-imagining the hearing device space, focusing on innovation, accessibility, and personalization. The unique products were developed in partnership with WS Audiology. The first two products to debut from the partnership included the CRE-C10 and the CRE-E10 self-fitting OTC hearing aids. Sony's goal with these devices is to break down the barriers faced by individuals with signs of mild to moderate hearing loss.
In September 2022, Sony Corporation and WS Audiology Denmark entered into a partnership agreement to develop and supply new products and services in the over-the-counter (OTC) self-fitting hearing aid market. Through the partnership, both companies plan to combine their technological and medical expertise to create solutions to shape the new field.
In August 2021, Starkey introduced Evolv AI-a new hearing aid platform. Evolv AI is developed on Starkey Sound, a ground-breaking technology created by refining Starkey's research and science-based algorithms to power high-fidelity audio modeled after the human auditory system. Starkey also launched the industry's smallest 2.4 GHz completely-in-canal hearing aid as part of the Evolv AI line of hearing aids.
In May 2021, Sonova, acquired Sennheiser Consumer Business. With the takeover of the Sennheiser Consumer business, the company added headphones and soundbars to its hearing care portfolio, which includes hearing aids, cochlear implants, and other hearing solutions. By acquiring Sennheiser's consumer business, Sonova leverages the complementary expertise of both companies to strengthen and expand its business areas in the future.
Thus, strategic initiatives such as the introduction of innovative products, expansion, and acquisitions by the companies to remain competitive in the market drive the hearing aids market growth.
Europe Hearing Aids Market Overview
As per the "World Population Ageing," nearly 28.0% of the total population of Germany was aged 60 or more in 2017, and it is estimated to rise to nearly 37.6% by 2050. The prevalence of hearing disorders increases with age.
Government organizations in Germany are making efforts to improve awareness about hearing aids and implants. The German Cochlear Implant Society (DCIG) and the German Association of the Hard of Hearing (DSB) are uniting forces in the German Hearing Association. In December 2020, these associations joined forces with various state and national associations to expand campaigns and counseling initiatives for the prevention of hearing disorders and mitigation of the effects of poor or untreated hearing loss cases. The DCIG and the DSB have been collaborating for years for their common goal, i.e., to undertake political advocacy for hearing-impaired individuals provided with hearing aids.
Europe Hearing Aids Market Revenue and Forecast to 2030 (US$ Million)
Europe Hearing Aids Market Segmentation
The Europe hearing aids market is segmented based on type, product type, technology, type of hearing loss, patient type, distribution channel, and country. Based on type, the Europe hearing aids market is bifurcated into prescription hearing aids and OTC hearing aids. The prescription hearing aids segment held a larger market share in 2022.
In terms of product type, the Europe hearing aids market is bifurcated into hearing aid devices and hearing implants. The hearing aid devices segment held a larger market share in 2022. Furthermore, the hearing aid devices segment is subsegmented into behind-the-ear (BTE) hearing aid, in-the-ear (ITE) hearing aid, receiver-in-the-ear (RITE) hearing aid, canal hearing aid, and others. Additionally, the hearing implants segment is bifurcated into cochlear implants and bone conduction implants.
By technology, the Europe hearing aids market is bifurcated into conventional hearing aids and digital hearing aids. The conventional hearing aids segment held a larger market share in 2022.
Based on type of hearing loss, the Europe hearing aids market is bifurcated into sensorineural hearing loss and conductive hearing loss. The sensorineural hearing loss segment held a larger market share in 2022.
Based on patient type, the Europe hearing aids market is bifurcated into adults and pediatric. The adults segment held a larger market share in 2022.
Based on distribution channel, the Europe hearing aids market is segmented into pharmacies, retail stores, and online. The pharmacies segment held the largest market share in 2022.
Based on country, the Europe hearing aids market is segmented into Germany, the UK, France, Italy, Spain, and the Rest of Europe. Germany dominated the Europe hearing aids market share in 2022.
Starkey Laboratories Inc., Audina Hearing Instruments Inc, GN Store Nord AS, Cochlear Ltd, WS Audiology AS, Sonova Holding AG, and Sonic Innovations Inc are some of the leading companies operating in the Europe hearing aids market.
Europe Hearing Aids Strategic Insights
Strategic insights for the Europe Hearing Aids provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
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Europe Hearing Aids Report Scope
Report Attribute
Details
Market size in 2022
US$ 7,833.94 Million
Market Size by 2030
US$ 11,341.50 Million
Global CAGR (2022 - 2030)
4.7%
Historical Data
2020-2021
Forecast period
2023-2030
Segments Covered
By Type
Prescription Hearing Aids and OTC Hearing Aids
By Product Type
Hearing Aid Devices and Hearing Implants
By Technology
Conventional Hearing Aids and Digital Hearing Aids
By Type Of Hearing Loss
Sensorineural Hearing Loss and Conductive Hearing Loss
By Patient Type
Adults and Pediatric
Regions and Countries Covered
Europe
UK
Germany
France
Russia
Italy
Rest of Europe
Market leaders and key company profiles
Starkey Laboratories Inc.
Audina Hearing Instruments Inc
GN Store Nord AS
Cochlear Ltd
WS Audiology AS
Sonova Holding AG
Sonic Innovations Inc
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Europe Hearing Aids Regional Insights
The geographic scope of the Europe Hearing Aids refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
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Identical Market Reports with other Region/Countries
The List of Companies - Europe Hearing Aids Market
1. Starkey Laboratories Inc.
2. Audina Hearing Instruments Inc
3. GN Store Nord AS
4. Cochlear Ltd
5. WS Audiology AS
6. Sonova Holding AG
7. Sonic Innovations Inc
Frequently Asked Questions
How big is the Europe Hearing Aids Market?
The Europe Hearing Aids Market is valued at US$ 7,833.94 Million in 2022, it is projected to reach US$ 11,341.50 Million by 2030.
What is the CAGR for Europe Hearing Aids Market by (2022 - 2030)?
As per our report Europe Hearing Aids Market, the market size is valued at US$ 7,833.94 Million in 2022, projecting it to reach US$ 11,341.50 Million by 2030. This translates to a CAGR of approximately 4.7% during the forecast period.
What segments are covered in this report?
The Europe Hearing Aids Market report typically cover these key segments-
Type (Prescription Hearing Aids and OTC Hearing Aids)
Product Type (Hearing Aid Devices and Hearing Implants)
Technology (Conventional Hearing Aids and Digital Hearing Aids)
Type Of Hearing Loss (Sensorineural Hearing Loss and Conductive Hearing Loss)
Patient Type (Adults and Pediatric)
What is the historic period, base year, and forecast period taken for Europe Hearing Aids Market?
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Hearing Aids Market report:
Historic Period : 2020-2021
Base Year : 2022
Forecast Period : 2023-2030
Who are the major players in Europe Hearing Aids Market?
The Europe Hearing Aids Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
Starkey Laboratories Inc.
Audina Hearing Instruments Inc
GN Store Nord AS
Cochlear Ltd
WS Audiology AS
Sonova Holding AG
Sonic Innovations Inc
Who should buy this report?
The Europe Hearing Aids Market report is valuable for diverse stakeholders, including:
Investors: Provides insights for investment decisions pertaining to market growth, companies, or industry insights. Helps assess market attractiveness and potential returns.
Industry Players: Offers competitive intelligence, market sizing, and trend analysis to inform strategic planning, product development, and sales strategies.
Suppliers and Manufacturers: Helps understand market demand for components, materials, and services related to concerned industry.
Researchers and Consultants: Provides data and analysis for academic research, consulting projects, and market studies.
Financial Institutions: Helps assess risks and opportunities associated with financing or investing in the concerned market.
Essentially, anyone involved in or considering involvement in the Europe Hearing Aids Market value chain can benefit from the information contained in a comprehensive market report.
Personal & transactional information is kept safe from unauthorized use.
WHAT'S INCLUDED IN FULL REPORT : Market Dynamics,
Competitive Analysis and Assessment, Define Business Strategies, Market Outlook and
Trends, Market Size and Share Analysis, Growth Driving Factors, Future Commercial
Potential, Identify Regional Growth Engines
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