USD 5.64 Billion Global Hearing Aids Market During 2021-2028 | Fortune Business Insights

Posted on Aug 11 2022 6:29 AM

"Hearing Aids Market Development Strategy, Key Players, Competitive Landscape, Dynamics, competitive share analysis, CAGR, Size, Industry Share"

The global ”hearing aids market” is set to gain impetus from the increasing adoption of telehealth among audiologists to prevent patient traffic. This information is given by Fortune Business Insights™ in a new report, titled, “Hearing Aids Market Size, Share & COVID-19 Impact Analysis, By Product (Hearing Devices (Behind-the-Ear (BTE), In the Ear (ITE), Receiver in the Canal (RIC), Completely in the Canal (CIC), Others (Invisible in the Canal, etc.) and Hearing Implants (Cochlear Implants and Bone Anchored Implants)), By Patient Type (Adults and Pediatrics) By Distribution Channel (Over the Counter (OTC), Medical Channel/ Hospital Pharmacies, Private Practice/ Retail Pharmacies), and Regional Forecast, 2020-2027.” The report further states that the market size was USD 8.99 billion in 2019 and is projected to reach USD 13.38 billion by 2027, exhibiting a CAGR of 8.2% during the forecast period.

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Raw Material Shortage and Reduced Implantation Procedures during COVID-19 to Impede Market Growth

This market is expected to be negatively affected during the COVID-19 pandemic because of the lack of raw materials. The halt on transport activities during the pandemic led to severe raw material shortages. Furthermore, the restrictions imposed on manufacturing may disrupt the supply chain. Moreover, declining implantation procedures are expected to hinder the adoption of the device. However, rising healthcare and medical expenditures and the adoption of reduced capacities, part-time shifts, and automated machinery may enable manufacturers to balance costs.

Adoption of Artificial Intelligence to Propel Market Progress

Manufacturers utilize advanced technologies to boost hearing aids’ effectiveness and attract consumers. Incorporating rechargeable batteries, the Internet of Things (IoT), and artificial intelligence (AI) are expected to propel industry development. Also, smartphone support may boost convenience and enhance hearing aids’ demand. For example, Signia announced its custom hearing device named “Insio Charge&Go AX” in October 2021. The device is powered by Bluetooth, wireless charging, and android and IOS streaming. Moreover, the rising demand for the product from the healthcare sector is likely to foster market development.  These factors may drive the hearing aids market growth.

Major Hearing Aids Market Key players covered in the report include:

  • Sonovo (Stafa, Switzerland)
  • Demant A/S (Denmark)
  • GN Store Nord A/S (Ballerup, Denmark)
  • WS Audiology (Denmark)
  • Starkey (Minnesota, U.S.)
  • MED-EL (Medical Electronics) (Innsbruck, Austria)
  • Cochlear Ltd (Sydney, Australia)
  • RION Co., Ltd. (Tokyo, Japan)
  • Other prominent players

Higher Noise Exposure to Boost Growth

The rising cases of hearing loss in the industrialized countries are set to accelerate the global hearing aids market growth in the near future. The World Health Organization (WHO) declared that by 2050, the number of people living with disabling hearing loss will reach over 900 million. Apart from that, physiological aging of the ear, genetic susceptibility, higher noise exposure, vascular disorder, and chronic inflammation would also contribute to the surging demand for these aids. However, the social stigma associated with hearing loss and devices often result in patients missing their check-ups. It may hamper growth.

Hearing Devices Segment to Lead Stoked by Rising Usage of Behind-the-ear Devices

Based on product, the hearing devices segment is set to hold the largest hearing aids market share and lead in the coming years. This growth is attributable to the rising usage of behind-the-ear devices as they resemble Bluetooth earphones. Also, invisible-in-the-canal and completely in the canal devices are nowadays experiencing high demand because of their ability to provide more confidence in people.

Increasing Development of Novel Devices to Spur Growth in Europe

In 2019, North America procured USD 3.37 billion in terms of revenue. The increasing adoption of less noticeable devices to surge the aesthetic appeal would aid growth. Europe is projected to witness lucrative growth throughout the forthcoming years on account of the rising research and development activities to create advanced hearing aids. In Asia Pacific, the increasing old age population is expected to drive growth.

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Table of Content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Prevalence of Hearing loss, By Key Country
    • Technological Advancement Sin Hearing Aids Market
    • New Product Launches
    • Key Industry Developments (Mergers, Acquisitions, and Partnerships)
    • Impact of COVID-19 Pandemic
  • Global Hearing Aids Market Analysis, Insights and Forecast, 2017-2028
    • Hearing Devices
      • BTE ( Behind the Ear)
      • ITE (In the Ear)
      • RIC (Receiver in the Canal)
      • CIC (Completely in the Canal)
      • Others (Invisible in the Canal, etc.)
    • Hearing Implants
      • Cochlear Implants
      • Bone Anchored Implants
    • Adults
    • Pediatrics
    • OTC (Over the Counter)
    • Medical Channel/ Hospitals Pharmacies
    • Private Practice/ Retail Pharmacies
    • North America
    • Europe
    • Asia Pacific
    • Rest of the World
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Product
    • Market Analysis, Insights and Forecast – By Patient Type
    • Market Analysis, Insights and Forecast – By Distribution Channel
    • Market Analysis, Insights and Forecast – By Region
  • North America Hearing Aids Market Analysis, Insights and Forecast, 2017-2028
    • Hearing Devices
      • BTE ( Behind the Ear)
      • ITE (In the Ear)
      • RIC (Receiver in the Canal)
      • CIC (Completely in the Canal)
      • Others (Invisible in the Canal, etc.)
    • Hearing Implants
      • Cochlear Implants
      • Bone Anchored Implants
    • Adults
    • Pediatrics
    • OTC (Over the Counter)
    • Medical Channel/ Hospitals Pharmacies
    • Key Findings / Summary
    • Market Analysis – By Product
    • Market Analysis – By Patient Type
    • Market Analysis – By Distribution Channel
  • Private Practice/ Retail Pharmacies
    • Market Analysis – By Country
      • U.S.
      • Canada

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