As per our research report, the size of the global hearing aid market is projected to reach 10.23 Billion by 2026 from USD 7.5 Billion in 2021. 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 among these 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 global hearing aid market. The ever-growing trend towards 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 and the increasing frequency of hearing loss and hearing loss problems among the population, which has led to the sale of numerous hearing aids on the market.
Furthermore, the rising noise pollution around the globe has a major impact on people's hearing skills. The noise emissions in heavy-duty industries, and even the 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.
Hearing aids in which the significant challenges cause several problems such as earwax, moisture problems, feedback problems, and handling problems can occur if the hearing aid places incorrectly. Therefore, manufacturers focus on the size of hearing aids, provide comfort, and provide a cleaning set for device maintenance.
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 COVID-19 has negatively impacted the hearing aid market. World Health Organization declared this virus as a pandemic in March 2020. To control the spread of the coronavirus, almost every country has imposed a lockdown and ban on international flights. In addition, insufficient production of hearing implants, hearing aid and hearing diagnostics, and other ENT-related devices have affected the market's growth rate. To reduce the exposure to the virus, patients have reduced their visits to the ENT clinics and meeting the specialists. According to the research studies, the coronavirus may affect the hearing in some patients, leading to market shares.
Market Size Available
2020 to 2026
2021 to 2026
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:
The in-the-ear segment holds the most significant shares in the market, owing to the increasing number of people suffering from hearing loss problems. Canal hearing aids category is positio0ned second in leading dominant shares with 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. Cochlear implants are 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, bone anchored systems are likely to have a slow growth rate during the forecast period.
Hearing Aid Market - By Hearing Loss:
The sensorineural hearing loss segment is ruling the significant shares of the market due to a rise in hearing loss-related diseases. Growing support from both public and private organizations is also boosting up the demand of this market. Furthermore, escalating expenditure on healthcare is significantly influencing the growth rate of the market. The conductive segment is to hit the highest CAGR in the coming years. Adoption of the latest technologies in healthcare is impacting positively on 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 has dominant market shares, whereas the pediatrics segment holds the highest CAGR in the forecast period. Initiative steps by the government in concern towards ordinary people are anticipated to leverage the market's demand. Growing hearing loss defects in newborn babies are considered to elevate the need for the hearing aid market.
Hearing Aid Market – By Region:
Globally, 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. Growing geriatric population and increasing product demand from this section of the population are propelling the market growth. GN Store Nord A/S, Senovo, Demant A/S, and WS Audiology are just a few of the firms that are likely to contribute to the region's growth. 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 had accounted for a significant share in the global market in 2020and 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 are driving the 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 Indian 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 growth 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, support from the government for creating awareness among the people living in rural areas through campaigns and digital advertisements positively influences the market growth.
KEY MARKET PARTICIPANTS:
Some of the significant manufacturers playing a prominent role 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 tiny and artificial hearing aid equipment sounds. This device is to 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 take initiatives to 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 who have 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 into this field to provide over-the-counter hearing aids with effective cost.
In May 2018, Sivantos, a leading company in hearing aids, is merged with Widex with a USD 8 billion cash transaction. This acquisition is to develop innovative hearing instruments and also to 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
184.108.40.206 Receiver-In-The-Ear (RITE) Hearing AIDS
220.127.116.11 Behind-The-Ear (BTE) Hearing AIDS
18.104.22.168 Canal Hearing AIDS
22.214.171.124 In-The-Ear (ITE) Hearing AIDS
126.96.36.199 Other Hearing AIDS
5.1.3 Hearing Implants
188.8.131.52 Cochlear Implants
184.108.40.206 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
220.127.116.11 By Geographical Area
18.104.22.168 By Product
22.214.171.124 By Type of Hearing Loss
126.96.36.199 By End User
6.1.4 Market Attractiveness Analysis
188.8.131.52 By Geographical Area
184.108.40.206 By Product
220.127.116.11 By Type of Hearing Loss
18.104.22.168 By End User
6.1.5 Market Share Analysis
22.214.171.124 By Geographical Area
126.96.36.199 By Product
188.8.131.52 By Type of Hearing Loss
184.108.40.206 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