Market Overview:
The global mini RIC hearing aid market is expected to register a CAGR of 5.8% during the forecast period, 2018-2030. The market growth can be attributed to the increasing prevalence of hearing loss, rising awareness about the benefits of using mini RIC hearing aids and technological advancements in mini RIC hearing aids. Based on type, the global mini RIC market is segmented into digital and analog Mini RICs. The digital segment is expected to register a higher CAGR during the forecast period as compared to analog Mini Ric segments owing to its superior features such as noise cancellation and directional microphones that offer enhanced sound quality. In terms of application, adults accounted for majority share in 2017 and this trend is anticipated continue throughout the forecast period. However, pediatric applications are projected exhibit highest CAGR over 2018-2030 due growing awareness about early diagnosis & treatment options for children with hearing loss .
Product Definition:
A mini RIC hearing aid is a small, discreet device that fits inside the ear and amplifies sound. It is important for people with mild to moderate hearing loss.
Digital:
The digital hearing aid market is expected to grow at a significant rate over the forecast period. The major drivers for this market are increasing prevalence of hearing impairment and technological advancements in the field of digital hearing aids. According to an independent study conducted by B&T Corporation, approximately 2% - 3% of people aged between 40-70 years suffer from some level of deafness.
Analog:
Analog hearing aids are the traditional type of devices used by people with severe to profound deafness. These devices work on the principle of increasing or decreasing the volume of sound using different sized gels in a controlled manner. The major advantage offered by these products is that they can amplify sounds even in very low-level frequencies, which cannot be received through the ear canal directly. Analog systems consist of a microphone, an amplifier, one or more speakers and an external control device (headset).
Application Insights:
The adults segment held the largest share of over 70.0% in 2017. The growing aging population is expected to be a key factor driving the demand for RIC devices globally, especially in countries such as China and India, where the geriatric population is significantly high. For instance, according to data published by United Nations (UN), it has been estimated that there are approximately 762 million people aged 60 or above across the globe, which includes about 39% of total global population and this number is expected to increase at a significant rate during next two decades with projected rise in birth rates among older women.
In addition, increasing awareness regarding hearing loss due to improper ear care practices coupled with rising disposable income levels among middle-class groups will boost product demand globally over the forecast period.
Regional Analysis:
Europe mini rIC hearing aid market dominated the global industry in 2017. The presence of well-developed healthcare infrastructure, favorable reimbursement policies, and high awareness levels pertaining to audiology devices are some factors attributing to its large share. In addition, increasing prevalence of deafness among geriatric population is expected to fuel the regional growth over the forecast period.
Asia Pacific region is anticipated to witness lucrative growth during the forecast period owing to improving economic conditions and growing health awareness amongst people. Moreover, government initiatives for providing free aids are also expected drive this regional market at a significant CAGR over the forecast period.
Growth Factors:
- Increasing geriatric population: The global geriatric population is expected to grow at a CAGR of 6.5% from 2016 to 2020, and this will drive the demand for mini RIC hearing aids.
- Rising prevalence of hearing loss: The prevalence of hearing loss is increasing due to various factors such as aging, exposure to loud noise, and use of ototoxic drugs. This will lead to an increase in the demand for mini RIC hearing aids.
- Growing awareness about the benefits of mini RIC hearing aids: There is a growing awareness among people about the benefits of using mini RIC hearing aids over traditional Hearing Aids (HA). This is likely to boost the demand for these devices in the coming years.
- Technological advancements: Mini RIC technology has been evolving rapidly in recent years with new features being added regularly. This will spur growth in this market during the forecast period. 5) Increased affordability: Mini RICs are becoming more affordable with each passing year, which is likely to result in an increase in their adoption rates globally
Scope Of The Report
Report Attributes
Report Details
Report Title
Mini RIC Hearing Aid Market Research Report
By Type
Digital, Analog
By Application
Aldults, Pediatrics
By Companies
Starkey, Triton Hearing, ReSound, Widex, Signia, SeboTek, Microson, Benson
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
150
Number of Tables & Figures
105
Customization Available
Yes, the report can be customized as per your need.
Global Mini RIC Hearing Aid Market Report Segments:
The global Mini RIC Hearing Aid market is segmented on the basis of:
Types
Digital, Analog
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Aldults, Pediatrics
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Starkey
- Triton Hearing
- ReSound
- Widex
- Signia
- SeboTek
- Microson
- Benson
Highlights of The Mini RIC Hearing Aid Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Digital
- Analog
- By Application:
- Aldults
- Pediatrics
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Mini RIC Hearing Aid Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
The Mini RIC Hearing Aid is a small, lightweight device that helps people with hearing loss hear better. It uses digital technology to amplify sound and help people understand speech more clearly. The Mini RIC Hearing Aid is easy to use and can be worn in either ear.
Some of the major players in the mini ric hearing aid market are Starkey, Triton Hearing, ReSound, Widex, Signia, SeboTek, Microson, Benson.
The mini ric hearing aid market is expected to grow at a compound annual growth rate of 5.8%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Mini RIC Hearing Aid Market Overview 4.1 Introduction 4.1.1 Market Taxonomy 4.1.2 Market Definition 4.1.3 Macro-Economic Factors Impacting the Market Growth 4.2 Mini RIC Hearing Aid Market Dynamics 4.2.1 Market Drivers 4.2.2 Market Restraints 4.2.3 Market Opportunity 4.3 Mini RIC Hearing Aid Market - Supply Chain Analysis 4.3.1 List of Key Suppliers 4.3.2 List of Key Distributors 4.3.3 List of Key Consumers 4.4 Key Forces Shaping the Mini RIC Hearing Aid Market 4.4.1 Bargaining Power of Suppliers 4.4.2 Bargaining Power of Buyers 4.4.3 Threat of Substitution 4.4.4 Threat of New Entrants 4.4.5 Competitive Rivalry 4.5 Global Mini RIC Hearing Aid Market Size & Forecast, 2020-2028 4.5.1 Mini RIC Hearing Aid Market Size and Y-o-Y Growth 4.5.2 Mini RIC Hearing Aid Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Digital
5.2.2 Analog
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Aldults
6.2.2 Pediatrics
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Mini RIC Hearing Aid Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Mini RIC Hearing Aid Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Digital
9.6.2 Analog
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Aldults
9.10.2 Pediatrics
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Digital
10.6.2 Analog
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Aldults
10.10.2 Pediatrics
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Digital
11.6.2 Analog
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Aldults
11.10.2 Pediatrics
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Digital
12.6.2 Analog
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Aldults
12.10.2 Pediatrics
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Digital
13.6.2 Analog
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Aldults
13.10.2 Pediatrics
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Mini RIC Hearing Aid Market: Competitive Dashboard
14.2 Global Mini RIC Hearing Aid Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Starkey
14.3.2 Triton Hearing
14.3.3 ReSound
14.3.4 Widex
14.3.5 Signia
14.3.6 SeboTek
14.3.7 Microson
14.3.8 Benson