Pune, India, Oct. 25, 2021 (GLOBE NEWSWIRE) -- The global hearing aids market is expected to reach USD 11.02 billion by 2028, exhibiting a CAGR of 7.4% during the forecast period. The 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 report, titled, “Hearing Aids Market, 2021-2028.” The report further states that the market size was USD 6.47 billion in 2020.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 7.4% |
| 2028 Value Projection | USD 11.02 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 6.47 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 134 |
| Segments covered | Product, Patient, Distribution Channel |
| Growth Drivers | Increasing Prevalence of Hearing Loss to Boost Product Demand |
| Incorporation of Digital or Smart Technologies to Drive Growth | |
| Ignorance by Patients to Undergo Hearing Test May Impede Growth |
COVID-19 Pandemic to Affect Growth Backed by Postponement of Surgeries
The COVID-19 pandemic has taken a huge toll on the healthcare sector. Most of the hospitals are falling short of beds for COVID-19 positive patients. Also, multiple elective surgeries are either being canceled or postponed to relocate resources. The Hearing Industries Association (HIA) revealed that during the first half of 2020, the sales of hearing aids in the U.S. are set to decline by 29.7%. Our accurate reports will aid in offering detailed information about the current condition of this industry.
How Did We Develop This Report?
Our analysts have conducted both qualitative and quantitative techniques, as well as a blend of primary and secondary sources to collect information. They have taken data from paid databases, press releases, company journals, and other sources to provide a complete picture of the market for food wrapping papers. To derive information about the competitive landscape, such as collaborations, joint ventures, acquisitions, mergers, partnerships, and acquisitions, they have conducted thorough interviews with prominent figures.
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Higher Noise Exposure to Boost Growth
The rising cases of hearing loss in 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 results 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 2020, North America procured USD 2.48 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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Key Players Focus on Launching Unique Hearing Aids to Fulfill Unmet Needs
The global market houses several manufacturers that are mainly aiming to fulfill the unmet demand from people across the globe. To do so, they are developing novel products equipped with innovative technologies for more comfort. Below are the two latest industry developments:
- August 2020: GN Hearing launched a revolutionary new hearing aid named ReSound ONE. It has an additional microphone that can be placed inside the ear canal, enabling people to rely on these aids, while gaining the comfort of an open-fit device.
- April 2020: Phonak unveiled a new telehealth technology that contains a suit of Phonak eSolutions featuring real-time remote hearing aid fine-tuning, programming, and fitting. It also includes online hearing testing to help patients receive care amid COVID-19.
A list of all the renowned manufacturers operating in the global market:
- 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)
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Table Of Contents :
- 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
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- 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
- Hearing Devices
- Market Analysis, Insights and Forecast – By Patient Type
- Adults
- Pediatrics
- Market Analysis, Insights and Forecast – By Distribution Channel
- OTC (Over the Counter)
- Medical Channel/ Hospitals Pharmacies
- Private Practice/ Retail Pharmacies
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Hearing Aids Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Product
- 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
- Hearing Devices
- Market Analysis – By Patient Type
- Adults
- Pediatrics
- Market Analysis – By Distribution Channel
- OTC (Over the Counter)
- Medical Channel/ Hospitals Pharmacies
-
-
- Private Practice/ Retail Pharmacies
-
- Europe Hearing Aids Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Product
- 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
- Hearing Devices
- Market Analysis – By Patient Type
- Adults
- Pediatrics
- Market Analysis – By Distribution Channel
- OTC (Over the Counter)
- Medical Channel/ Hospitals Pharmacies
-
- Market Analysis – By Country
- U.S.
- Canada
- Market Analysis – By Country
-
-
- Private Practice/ Retail Pharmacies
-
- Asia Pacific Hearing Aids Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Product
- 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
- Hearing Devices
- Market Analysis – By Patient Type
- Adults
- Pediatrics
- Market Analysis – By Distribution Channel
- OTC (Over the Counter)
- Medical Channel/ Hospitals Pharmacies
-
- Market Analysis – By Country/Sub-region
- U.K.
- Germany
- France
- Spain
- Italy
- Scandinavia
- Rest of Europe
- Market Analysis – By Country/Sub-region
-
-
- Private Practice/ Retail Pharmacies
-
-
- Market Analysis – By Country/Sub-region
- Japan
- China
- India
- Australia
- Southeast Asia
- Rest of Asia Pacific
- Market Analysis – By Country/Sub-region
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