Dublin, Oct. 25, 2021 (GLOBE NEWSWIRE) -- The "Global Hearing Aids Market by Product Type [Aids (Receiver, Behind the Ear, In the Canal, In the Ear Aids), Implants (Cochlear, Bone-anchored)], Type of Hearing Loss (Sensorineural, Conductive), Patient Type (Adults, Pediatrics), and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global hearing aids market is projected to reach USD 10.2 billion by 2026 from USD 7.5 billion in 2021, at a CAGR of 6.4% during the forecast period.
Market growth is driven by factors such as the increasing adoption of smart hearing aids due to the rising incidence of noise-induced hearing loss, the growing prevalence of hearing loss, and technological advancements in hearing aids. On the other hand, the high cost of hearing aids and the requirement of high capital investments are the major factors hampering the growth of this market.
The hearing implants segment accounted for the highest growth rate in the hearing aids market, by product, during the forecast period
The hearing aids market is segmented into hearing aid devices and hearing implants based on product. In 2020, the hearing implants segment accounted for the highest growth rate in the hearing aids market. The high incidence of hearing disorders, technological advancements in hearing implants, and growth in the geriatric population are the major factors contributing to the growth of this segment. However, the high cost of these implants and the low awareness about hearing implants in emerging countries are some of the major factors that are hindering the growth of this market segment.
Sensorineural hearing loss segment accounted for the highest CAGR
Based on the type of hearing loss, the hearing aids market is segmented into sensorineural hearing loss and conductive hearing loss. In 2020, the sensorineural hearing loss segment accounted for the highest growth rate. This can be attributed to the high prevalence of sensorineural hearing loss, coupled with the growing geriatric patient pool.
Asia Pacific: The fastest-growing region hearing aids market
The global hearing aids market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific region is projected to register the highest CAGR during the forecast period. Factors such as the increasing prevalence of hearing loss, increasing healthcare spending, growing per capita income, and the presence of several high-growth markets are driving the growth of the hearing aids market in this region. The low labor costs and the favorable regulatory environment in this region are also expected to propel the market growth.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Hearing Aids Market Overview
4.2 Hearing Aids Market Share, by Product, 2021 vs. 2026
4.3 Hearing Aids Market Share, by Type of Hearing Loss, 2021 vs. 2026
4.4 Hearing Aids Market Share, by Patient Type, 2021 vs. 2026
4.5 Hearing Aids Market: Geographic Growth Opportunities
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Prevalence of Hearing Loss
5.2.1.1.1 Growth in the Geriatric Population
5.2.1.2 Technological Advancements in Hearing Aids
5.2.1.3 Increasing Adoption of Smart Hearing Aids due to the Rising Incidence of Noise-Induced Hearing Loss
5.2.2 Restraints
5.2.2.1 High Cost of Hearing Aids
5.2.3 Opportunities
5.2.3.1 Emerging Markets Offer Lucrative Opportunities
5.2.4 Challenges
5.2.4.1 Shortage of Trained Professionals
5.3 Epidemiology Data on Hearing Loss and the Adoption of Hearing Aid Devices
5.4 Impact of COVID-19 on the Hearing Aids Market
5.5 Case Study Analysis
5.5.1 Case Study 1: Finding a New Way to Listen to Customers
5.5.2 Case Study 2: Effective Service Delivery Models and Regulations Can Improve Access to Hearing Aids
5.5.3 Case Study 3: Over-The-Counter Hearing Aid Delivery Can Improve Accessibility and Affordability
5.6 Pessimistic and Optimistic Scenarios
5.6.1 Hearing Aids Market
5.7 Pricing Analysis
5.8 Patent Analysis
5.8.1 Patent Analysis of Cochlear Implants
5.9 Trade Analysis
5.9.1 Trade Analysis for Hearing Aids
5.10 Value Chain Analysis
5.11 Supply Chain Analysis
5.12 Ecosystem Analysis of the Hearing Aids Market
5.12.1 Role in Ecosystem
5.13 Porter's Five Forces Analysis
5.14 Regulatory Landscape
5.15 Technology Analysis
5.16 Trends/Disruptions Impacting the Business of Customers
6 Hearing Aids Market, by Product
6.1 Introduction
6.2 Hearing Aid Devices
6.2.1 Receiver-In-The-Ear Hearing Aids
6.2.1.1 Rite Hearing Aid Devices are Suitable for the Treatment of Mild-To-Severe Hearing Loss
6.2.2 Behind-The-Ear Hearing Aids
6.2.2.1 Low Cost of BTE Devices to Support the Market Growth
6.2.3 Canal Hearing Aids
6.2.3.1 Technological Advancements in Canal Hearing Aids to Propel Market Growth
6.2.4 In-The-Ear Hearing Aids
6.2.4.1 Longer Battery Life of ITE Hearing Devices to Support the Market Growth
6.2.5 Other Hearing Aid Devices
6.3 Hearing Implants
6.3.1 Cochlear Implants
6.3.1.1 Cochlear Implants Segment to Dominate the Hearing Implants Market
6.3.2 Bone-Anchored Systems
6.3.2.1 Baha Implants are Gaining Traction Among Children and Adults with Single-Sided Deafness and Conductive Hearing Loss
7 Hearing Aids Market, by Type of Hearing Loss
7.1 Introduction
7.2 Sensorineural Hearing Loss
7.2.1 Growing Geriatric Patient Pool to Support the Growth of this Market Segment
7.2.1.1 Primary Notes
7.2.1.1.1 Key Industry Insights
7.3 Conductive Hearing Loss
7.3.1 Technological Advancements in Hearing Aids and Increasing Product Approvals to Propel Market Growth
8 Hearing Aids Market, by Patient Type
8.1 Introduction
8.2 Adults
8.2.1 Higher Susceptibility to Hearing Loss Makes Adults a Key Segment of the Overall Patient Pool
8.2.1.1 Primary Notes
8.2.1.1.1 Key Industry Insights
8.3 Pediatrics
8.3.1 Technological Advancements to Drive the Growth of this Market Segment
9 Hearing Aids Market, by Region
10 Competitive Landscape
10.1 Overview
10.2 Key Player Strategies/Right to Win
10.2.1 Overview of Strategies Deployed by Players in the Hearing Aids Market
10.3 Revenue Share Analysis of Top Market Players
10.4 Market Share Analysis
10.5 Company Evaluation Quadrant
10.5.1 List of Evaluated Vendors
10.5.2 Stars
10.5.3 Emerging Leaders
10.5.4 Pervasive Players
10.5.5 Participants
10.6 Competitive Leadership Mapping for Startups/SMEs (2020)
10.6.1 Progressive Companies
10.6.2 Starting Blocks
10.6.3 Responsive Companies
10.6.4 Dynamic Companies
10.7 Competitive Benchmarking
10.7.1 Product and Geographic Footprint Analysis
10.8 Competitive Scenario
10.8.1 Product Launches & Regulatory Approvals
10.8.2 Deals
11 Company Profiles
11.1 Key Players
11.1.1 Sonova Group
11.1.2 Demant A/S
11.1.3 GN Store Nord A/S
11.1.4 Cochlear Ltd.
11.1.5 RION Co. Ltd.
11.1.6 Starkey
11.1.7 WS Audiology A/S
11.1.8 Nurotron Biotechnology Co. Ltd.
11.1.9 MED-EL
11.1.10 Audina Hearing Instruments, Inc.
11.1.11 Elkon Pvt. Ltd.
11.2 Other Players
11.2.1 Eargo, Inc.
11.2.2 Horentek
11.2.3 ZOUNDS Hearing Inc.
11.2.4 Sebotek Hearing Systems, LLC
11.2.5 Arphi Electronics Private Limited
11.2.6 IN4 Technology Corporation
11.2.7 BHM-Tech Produktionsgesellschaft MbH
11.2.8 Nano Hearing Aids
11.2.9 LORECas.R.O.
11.2.10 Earlens Corporation
11.2.11 Austar Hearing Science and Technology (Xiamen) Co. Ltd.
11.2.12 Lively Hearing Corporation
11.2.13 Audifon GmbH & Co. KG
11.2.14 Foshan Vohom Technology Co. Ltd.
12 Appendix
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