Global Hearing Aids Market, by Technology (Conventional Hearing Aid and Digital Hearing Aid), by Product Type (Behind the Ear Hearing Aids, Receiver in the Ear Hearing Aids, In the Ear Hearing Aids, Completely In the Ear Hearing Aids, and In the Canal Hearing Aids), and By Region (North America, Latin America, Europe, Asia Pacific, Middle […]
Hearing Aids Market Projected to Reach $8.94 Billion by 2027
Global Hearing Aids Market, by Technology (Conventional Hearing Aid and Digital Hearing Aid), by Product Type (Behind the Ear Hearing Aids, Receiver in the Ear Hearing Aids, In the Ear Hearing Aids, Completely In the Ear Hearing Aids, and In the Canal Hearing Aids), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027.
The global hearing aids market is estimated to be valued at US$ XX million in XXX and is expected to exhibit a CAGR of XX% over the forecast period (2019-2027), as highlighted in a new report published by Coherent Market Insights.
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Market Overview:
Hearing aids are medical devices intended to enhance hearing by producing sound normally audible to an individual with impaired hearing. There are many types of hearing aids available in the market, such as in the canal hearing aids, in the ear hearing aids, completely in the ear hearing aids, receiver in the ear hearing aids, and behind the ear hearing aids.
Hearing aids are sound amplifying devices that are used to treat hearing impairment. The most common ones are the digital hearing aids and are the easiest to operate and use. Digital hearing aids have a microphone, miniature loudspeaker (receiver), amplifier circuitry, and batteries. Hearing aids capture, amplify, and deliver sound into the ear canal. Thus, there is an increasing demands for hearing aids worldwide.
Key Market Drivers:
Growing prevalence of hearing loss and rising incidence of noise-induced hearing loss across the globe is expected to propel growth of the hearing aids market during the forecast period. Hearing loss is a common problem caused by noise, aging, disease, and heredity. According to the World Health Organization (WHO), around 2.5 billion people worldwide are projected to have some degree of hearing loss and around 700 will require hearing rehabilitation by 2050.
Moreover, increasing adoption of smart/digital hearing aids and technological advancements in hearing aids are expected to augment the growth of the hearing aids market. For instance, in May 2021, Signia announced the launch of its Augmented Xperience hearing aid platform that intelligently and automatically processes sound to better ensure that patients hear more clearly, regardless of the listening environment.
COVID-19 Impact Analysis:
The COVID-19 outbreak has changed the delivery of medical care worldwide. Many elective surgeries were postponed or canceled to redirect or reserve the available resources (such as hospital beds) for COVID-19 patient care. Furthermore, in the United States, the Centers for Disease Control and Prevention (CDC) issued a warning recommending people aged 60 years and more to stay home as they fall in the high-risk category. However, the majority of patients with hearing loss are also over the age of 60. People remain wary of going out with COVID-19 cases still on the rise in many parts of the world. This in turn is expected to hamper the growth of the hearing aids market.
Key Takeaways
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The hearing aids market is expected to exhibit a CAGR of XX % during the forecast period owing to the introduction of technologically advanced hearing aids and increasing adoption of technologically advanced hearing aids. For instance, in August 2018, Starkey Hearing Technologies launched the world’s first hearing aid with integrated sensors and artificial intelligence (AI). Livio AI tracks brain and body health, has a natural user interface with tap control, language translation, and advanced environmental detection.
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Among regions, North America is expected to witness robust growth in the hearing aids market owing to the increasing prevalence of hearing loss and growing geriatric population in the region. For instance, According to the Hearing Loss Association of America, one in five teens experience some degree of hearing loss. Moreover, in May 2021, Bose officially launched SoundControl hearing aid, the first FDA cleared device developed for adults with perceived mild or moderate hearing loss.
Top Key Players Include In Hearing Aids Market: Sonova Holding AG, Sivantos Inc., Cochlear Ltd., SeboTek Hearing Systems LLC, Oticon A/S, Zounds Hearing Inc., MED-EL, Sonic Innovations Inc., GN Store Nord A/S, Widex A/S, Starkey Hearing Technologies, and William Demant Holding A/S.Insights
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The post Hearing Aids Market set to Garner Revenue of estimated to be valued at US$ 8,938.4 million in 2021 at a CAGR of 6.6% from 2021-2027 – Exclusive Report by Coherent Market Insights appeared first on Gatorledger.
