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Hearing Aids Market by Product Type, Type of Hearing Loss, Patient Type, Region - Global Forecast to 2026

Hearing Aids Market by Product Type, Type of Hearing Loss, Patient Type, Region - Global Forecast to 2026

  • July 2021
  • 230 pages
  • ID: 5196133
  • Format: PDF
  • MarketsandMarkets

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The global hearing aids market is projected to reach USD 10.2 billion by 2026 from USD 7.5billion 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 implantssegment accounted for the highest growth rate in thehearing aidsmarket, 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 thehigh prevalence of sensorineural hearing loss, coupled with the growing geriatric patient pool.

Asia Pacific: The fastest-growing regionhearing 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 marketsare 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.

The primary interviews conducted for this report can be categorized as follows:
• By Company Type: Tier 1 - 40%, Tier 2 - 30%,and Tier 3 -30%
• By Designation: C-level - 27%, D-level - 18%, and Others - 55%
• By Region: North America -51%, Europe - 21%, Asia Pacific - 18%, Latin America – 6%, and the Middle East & Africa – 4%

Lists of Companies Profiled in the Report:
• Sonova Group (Switzerland)
• Demant A/S (Denmark)
• GN Store Nord A/S (Denmark)
• Cochlear Ltd. (Australia)
• RION Co., Ltd. (Japan)
• Starkey (US)
• Nurotron Biotechnology Co., Ltd. (China)
• MED-EL (Austria)
• Audina Hearing Instruments, Inc. (US)
• ElkonPvt. Ltd. (India)
• WS Audiology A/S (Denmark)
• Eargo, Inc. (US)
• Horentek (Italy)
• ZOUNDS Hearing Inc. (US)
• SeboTek Hearing Systems, LLC. (US)
• Arphi Electronics Private Limited (India)
• IN4 Technology Corporation (China)
• BHM-Tech ProduktionsgesellschaftmbH (Austria)
• Nano Hearing Aids (US)
• LORECas.r.o. (Turkey)
• Earlens Corporation (US)
• Austar Hearing Science and Technology (Xiamen) Co., Ltd. (China)
• Lively Hearing Corporation (US)
• audifon GmbH & Co. KG (Germany)
• Foshan Vohom Technology Co., Ltd. (China)

Research Coverage:
This report provides a detailed picture of the global hearing aidsmarket.It aims at estimating the size and future growth potential of the market across different segments, such as product, type of hearing loss, patient type,and region.

The report also includes an in-depth competitive analysis ofthe key market players, along with their company profiles, recent developments, and key market strategies.

Key Benefits of Buying the Report:
The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall hearing aids market and its subsegments.It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market’s pulse and provide them with information on the key market drivers, restraints, opportunities, and challenges.

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