As per our analysis report, the size of the global hearing aid market is projected to reach 10.23 billion by 2027 from USD 7.5 Billion in 2022. As per our recent research report, this market registers a CAGR of 6.4% during the forecast period. The growing incidence of hearing loss majorly drives the hearing aid market growth. In 2019, 466 million people had hearing loss disabilities (where 34 million are children), estimated to reach 900 million by 2050.
Some of the key statistics concerning hearing loss:
The growing incidences of hearing loss, technological developments in hearing aids, and the increasing global aged population are major factors driving the growth of the worldwide hearing aid market.
In addition, the ever-growing trend toward customized implants is also an attribute propelling the need for the hearing aid market. Additionally, preventable medical problems are often the leading cause of hearing loss in developing countries, and infectious diseases such as rubella and syphilis can lead to congenital hearing loss. Besides, pregnancy complications can lead to hearing loss in the infant. Therefore, the increasing frequency of hearing loss and hearing loss problems among the population has led to the sale of numerous hearing aids on the market.
Furthermore, the rising noise pollution around the globe has a significant impact on people's hearing skills. The noise emissions in heavy-duty industries and public carnivals will damage adult hearing capacity, driving higher demand for the hearing aid devices market. Because of the noisy drilling and dismantling jobs, hearing aids is also higher among construction workers.
A few side-effects of Hearing aids may cause several problems such as earwax, moisture problems, feedback problems, and handling problems that can occur if the hearing aid is placed incorrectly. Therefore, manufacturers focus on the size of hearing aids, provide comfort, and provide a cleaning set for device maintenance. However, inadequate testing methods, consumer shortages, and noisy ringing and amplification are the factors that hinder the development of the global hearing aid market. In addition, one of the main drawbacks of the market for current products is the miserable battery life of hearing aids. After the assisting battery runs out, the user is left helpless and silent.
COVID-19 impact on the global hearing aid market:
The development of the COVID-19 pandemic has altered how medical treatment is delivered around the world. Many hospitals and departments have been reprofiled for treating COVID-19 patients due to the increasing demand brought on by the rising rate of COVID-19 hospitalizations. As a result, numerous elective procedures have been canceled or postponed worldwide to resolve or allocate low capacities and resources, such as hospital beds and patient care staff, to COVID-19 patient care.
The reallocation of intensive care resources has had a disproportional impact on the provision of ENT-related surgeries and services. According to the Centers for Disease Control and Centers and Prevention (CDC), the ENT clinics and audiology centers represent a medium to high risk of COVID-19 infection due to their proximately, test setup, and visit time. In addition, the fact that most people who need audiology services (those over 65) are also at the highest risk of COVID-19-related mortality and morbidity emphasizes the significance of rethinking how hearing care is provided.
More people are choosing remote monitoring because of the COVID-19 pandemic. The crisis has ushered in a new era in hearing care, necessitating a complete overhaul of audiology service delivery. For audiology patients, low and no-touch services are now required. Hearing aid markers have also emphasized mobile audiometry and digital hearing care solutions for remote troubleshooting, counseling, fine-tuning, and tracking of hearing aid devices.
Market Size Available
2021 to 2027
2022 to 2027
By Product, Hearing Loss, End-User, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, Asia Pacific, Latin America, Middle East, and Africa
This research report on the global hearing aid market has been segmented and sub-segmented based on the product, hearing loss, end-user, and region.
Hearing Aid Market – By Product:
Based on the product, the in-the-ear segment is estimated to hold the most significant share in the global hearing aid market, owing to the increasing number of people suffering from hearing loss problems.
The canal hearing aids market is predicted to register healthy growth during the forecast period due to the growing awareness among people towards the availability of different devices.
Receiver-in-the-ear and behind-the-ear segments are expected to grow in foreseen years. The rise in R&D activities in developed countries is elevating the growth of these segments.
The Cochlear implants segment is also likely to have a surge growth rate in the coming years with the rise in the world's aging population.
On the other hand, the bone-anchored hearing aid market is expected to grow at a moderate growth rate during the forecast period.
Hearing Aid Market - By Hearing Loss:
The sensorineural hearing loss segment is the most lucrative segment based on hearing loss due to a rise in hearing loss-related diseases. In addition, growing support from both public and private organizations boosts the demand for this market. Furthermore, escalating expenditure on healthcare significantly influences the growth rate of the market.
The conductive segment is predicted to hit the highest CAGR during the forecast period. The adoption of the latest technologies in healthcare positively impacts the growth of the market. In addition, the rise in the number of screening and diagnosing tests in newborn babies is accelerating the growth rate of this market.
Hearing Aid Market – By End User:
The adult category accounted for most of the share in the global hearing aid market in 2020. However, initiative steps by the government in concern towards ordinary people are anticipated to leverage the market's demand. In addition, growing hearing loss defects in newborn babies are considered to elevate the need for the hearing aid market.
Hearing Aid Market – By Region:
The European hearing aid market dominated the global market in 2020 and is forecasted to grow significantly during the forecast period. Furthermore, the market is anticipated to account for a substantial share globally during the forecast period. The market growth in the region is attributed to the rising incidence of hearing disorders and the availability of the Well-established healthcare sector. Moreover, developed economies such as Germany, the UK, Italy, France, and Spain significantly contribute to the European regional market growth. In Europe, the German hearing aid market accounted for the largest share in 2020, and it is likely to witness a significant share during the forecast period. The increasing burden on hearing loss and growing awareness about Hearing Aid devices are driving the market in Germany. The UK hearing aid market is anticipated to accelerate at a promising CAGR from 2021 to 2026. The growing geriatric population and increasing product demand from this section are propelling the market growth. GN Store Nord A/S, Senovo, Demant A/S, and WS Audiology are just a few firms that are likely to contribute to the region's development. In addition, cochlear implants are used by around 12,000 persons in the United Kingdom, according to Hearing Link. As a result, it would also encourage growth.
On the other hand, the North American hearing aid market accounted for a significant share of the global market in 2020 and is likely to continue its growth throughout the forecast period. The increased research and development for advanced hearing devices are expected to promote growth in the region. The U.S. hearing aid market dominated the hearing aid market in North America over the forecast period. The US. Witnessed rapid adoption of technologically advanced hearing Aids, favorable reimbursement policies, and high incidence of hearing problems are contributing to the market growth.
The hearing aid market in the Asia Pacific is projected to grow rapidly during the forecast period. The increasing incidence of hearing disorders and the growing demand for hearing implants drive market growth. In addition, the surging geriatric population is expected to bolster the development of the market in the region. Also, the presence of highly populated countries such as India and China are expanding the regional market growth. The Chinese hearing aid market accounted for a significant share during the forecast period and is likely to continue to witness its expansion throughout the forecast period. Technological advancements in the healthcare sectors, increasing disposable income, and increasing prevalence of Hearing disorders are fuelling the market growth. Similarly, the Indian Hearing aid market is projected to have a moderate share during the forecast period. In addition, improving the healthcare sector and support from the government for creating awareness among the people living in rural areas through campaigns and digital advertisements positively influence the market growth.
The Latin American hearing aid market is expected to rise at a CAGR of 6.8% from 2022 to 2027.
The hearing aid market in the MEA is forecasted to be worth USD 7.4% during the forecast period.
KEY MARKET PARTICIPANTS:
A few of the significant manufacturers operating in the global hearing aid market profiled in this report are GN Store Nord A/S (Denmark), Cochlear Limited (Australia), MED-EL (Austria), SeboTek Hearing Systems, Starkey Hearing Technologies, Inc. (U.S.), Widex (Denmark), William Demant Holding A/S (Denmark), Sivantos Pte. Ltd. (Singapore), Sonova (Switzerland) and Zounds Hearing, Inc. (U.S.).
RECENT MARKET HAPPENINGS:
In March 2020, Widex, a leading hearing aid manufacturer, invented a new device to address the sounds of tiny and artificial hearing aid equipment. This device works effectively by eliminating unnatural sound and exchanging information between the microphone and receiver.
In March 2019, Sonova and Semtech jointly introduced a new radio system that will play a key role in manufacturing new generation hearing aids. In the 2.4Hz band, this system can enable multiple protocols.
In September 2019, Apple announced that WHO will receive surveys from hearing health studies to help WHO raise awareness among people at risk of hearing loss. Over a billion people suffer from hearing loss, and WHO promotes new standards for these people.
In July 2019, the FDA approved a single-sided deafness implant introduced by Med-EI USA. This device is beneficial for people with sensorineural hearing loss in one ear. The launch of this product is to level up the company's position in the market.
In June 2019, the Cochlear Nucleus Profile Plus series received FDA approval. Cochlear Limited came up with a new idea to connect directly to android smartphones through new built-in connectivity features.
In October 2018, Bose, a leading company for headphones and loudspeakers, has now received U.S. FDA for hearing aid. This company has entered this field to provide over-the-counter hearing aids at a reasonable cost.
In May 2018, Sivantos, a leading company in hearing aids, merged with Widex in a USD 8 billion cash transaction. This acquisition is to develop innovative hearing instruments and lead multi-channel sales in the coming days. According to a Reuters report, Widex and Sivantos focus on investing in developing a new product with future technology and software for treating hearing loss.
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.2 Hearing AID Devices
188.8.131.52 Receiver-In-The-Ear (RITE) Hearing AIDS
184.108.40.206 Behind-The-Ear (BTE) Hearing AIDS
220.127.116.11 Canal Hearing AIDS
18.104.22.168 In-The-Ear (ITE) Hearing AIDS
22.214.171.124 Other Hearing AIDS
5.1.3 Hearing Implants
126.96.36.199 Cochlear Implants
188.8.131.52 Bone-Anchored Systems
5.1.4 Y-o-Y Growth Analysis, By Product
5.1.5 Market Attractiveness Analysis, By Product
5.1.6 Market Share Analysis, By Product
5.2 Type of Hearing Loss
5.2.2 Sensorineural Hearing Loss
5.2.3 Conductive Hearing Loss
5.2.4 Y-o-Y Growth Analysis, By Type of Hearing Loss
5.2.5 Market Attractiveness Analysis, By Type of Hearing Loss
5.2.6 Market Share Analysis, By Type of Hearing Loss
5.3 End User
5.3.4 Y-o-Y Growth Analysis, By End User
5.3.5 Market Attractiveness Analysis, By End User
5.3.6 Market Share Analysis, By End User
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
184.108.40.206 By Geographical Area
220.127.116.11 By Product
18.104.22.168 By Type of Hearing Loss
22.214.171.124 By End User
6.1.4 Market Attractiveness Analysis
126.96.36.199 By Geographical Area
188.8.131.52 By Product
184.108.40.206 By Type of Hearing Loss
220.127.116.11 By End User
6.1.5 Market Share Analysis
18.104.22.168 By Geographical Area
22.214.171.124 By Product
126.96.36.199 By Type of Hearing Loss
188.8.131.52 By End User
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Sonova Holding Ag
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 William Demant Holding A/S
8.3 GN Store Nord A/S
8.4 Cochlear Limited
8.5 Sivantos Pte. Ltd.
8.6 Starkey Hearing Technologies, Inc.
8.9 Zounds Hearing, Inc.
8.10 Sebotek Hearing Systems, Llc
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures
The global hearing aid market size is estimated to grow USD 10.23 Billion by 2027.
Based on the end-user, the adult segment is estimated to dominate the hearing aid market from 2022 to 2027.
The European region accounted for the most significant share of the global hearing aid market in 2021.
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