According to the new
research report "Hearable Devices Market by Product ((Headset (Traditional Headset,
Earbuds), Headphone, and Hearing Aids (Smart, Regular)), Technology (Bluetooth,
Wi-Fi), Application (Consumer, Healthcare), and Geography - Global Forecast to
2023", the
hearable devices market is expected to be worth USD 23.24 Billion by 2023, at a
CAGR of 9.98% between 2017 and 2023. The growth of this market is mainly driven
by the growing demand for smartphones as a source of entertainment; consumer
preference for wearable and portable devices; increasing demand for health
monitoring applications and hearing aids; and high investment in R&D for
hearables by OEMs.
Market for hearing aids held the largest size
The huge market of
hearing aids is accounted because of the increasing number of the
hearing-impaired population across the globe. According to World Health
Organization (Switzerland), more than 5 % of world’s population suffers from
hearing loss. Companies in the market have a strong distribution network to
ensure the customized hearing aid devices. These hearable devices also help
manage particular health conditions and disease states. Also, an increasing
number of advanced clinics and recommendations from audiologist have given
boosted the adoption of hearing aids among the consumers.
Market for digital hearing aids is expected to
grow at the highest rate during the forecast period
Digitally
programmable hearing aids possess all the features of analog aids, but they use
digitized sound processing. They are usually self-adjusting and offer greater
precision for speech recognition and noise reduction. Digital hearing aids
allow the use of the latest wireless connecting technologies such as Bluetooth
and others.
The Americas accounted for the largest share
of the hearable devices market in 2016
The market in the
Americas is likely to be fueled by the increase in sale and distribution of
hearing aids. The growing population of music listeners, increasing digital
music sales, and the popularity of audio and video entertainment segment are
expected to influence the regional market positively over the next decade.
Technological improvements are mainly driving the hearable devices market in
the Americas.
GN Store Nord A/S
(Denmark), Sivantos Pte Ltd. (Singapore), Apple Inc. (US), Samsung Electronics
Co., Ltd. (South Korea), Sennheiser Electronics GmBH, Co. KG (Germany), and
Sony Corporation (Japan) are the major players in the report with ranking
analysis. The report also covers the various start-ups and innovators involved
in this market. Starkey Hearing Technology Inc. (US), Bragi GmBH (Germany),
Doppler Labs Inc. (US), Miracle-Ear, Inc. (US), and Valancell Inc. (US) are few
innovators in the market that offer disruptive products. Also, Earin AB
(Sweeden), Nuheara Ltd. (Australia), Kanoa Inc. (Curacao), and Eargo Inc. (US)
are few emerging companies in the market.
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