The global hearing aid market reached a value of US$ 6.0 Billion in 2021. Looking forward, the analyst expects the market to reach US$ 8.7 Billion by 2027, exhibiting a CAGR of 6.47% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
A hearing aid is a small battery-powered electronic device that is used to improve hearing and is worn in or behind the ear. It is used to amplify the sounds to listen, communicate and participate in the daily activities by individuals with low hearing abilities. A hearing aid consists of an amplifier, microphone and a speaker that magnifies sound vibrations entering the ear, perceive larger vibrations and convert them into neural signals that are passed into the brain. The devices are available in a wide range of designs and are customized according to the requirements of the user. For instance, the device may have analog or digital technology for amplification of sound or have earpieces or earmolds to direct the flow of soundwaves and enhance the output quality.
Global Hearing Aid Market Trends:
The rising geriatric population across the globe is one of the key factors driving the growth of the market. Old age is often characterized by a gradual hearing loss, which increases the product demand from this section of the population. Furthermore, there has been a significant increase in the incidence of hearing disabilities among the masses. A significant number of cases, especially that of infants, remain untreated, which then results in various psychological and speaking disabilities. Additionally, the introduction of aesthetically appealing designs, coupled with the launch of innovative product variations such as waterproof hearing aids, is also contributing to the market growth. The implementation of digital technology coupled with the introduction of products that integrate cochlear implant and hearing aid technology to overcome the high-frequency hearing loss is expected to further create a positive outlook for the market. Other factors such as rising noise pollution levels, growing cases of birth complications and ear infections, increasing disposable income and enhanced focus on research and development (R&D) by manufacturers are also expected to drive the market growth.
Key Market Segmentation:
the analyst provides an analysis of the key trends in each sub-segment of the global hearing aid market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on product type, hearing loss, patient type, technology type and end-user.
Breakup by Product Type:
Receiver-in-the Ear (RITE)
Canal Hearing Aids (CHA)
The market has been bifurcated on the basis of the type, which includes hearing devices and hearing implants, wherein hearing devices are the most popular product type, which has been further categorized as behind-the-ear (BTE), receiver-in-the ear (RITE), in-the-ear (ITE), canal hearing aids (CHA), and others.
Breakup by Hearing Loss:
Sensorineural Hearing Loss
Conductive Hearing Loss
Based on the hearing loss, the market has been segmented into sensorineural and conductive hearing loss.
Breakup by Patient Type:
On the basis of the patient type, the market has been segregated into adults and pediatrics. Currently, hearing aids are most commonly bought for adult patients.
Breakup by Technology Type:
The report has analyzed the market according to the technology type, which mainly consists of analog and digital.
Breakup by End-User:
ENT Clinics and Audiology Centres
Based on the end user, the market has been categorized as hospitals, ENT clinics and audiology centres, individual, and others.
Breakup by Region:
Middle East and Africa
On the geographical front, the market has been divided into Europe, North America, Asia Pacific, Middle East and Africa, and Latin America. Amongst these, Europe represents the largest market for hearing aids, holding the majority of the total market share.
The report has also analyzed the competitive landscape of the market with some of the key players being Sonova Holding AG, Starkey Laboratories, Inc., MED-EL GmbH, Demant A/S, WS Audiology A/S, Widex A/S, Sivantos Group, GN Store Nord A/S, Cochlear Limited, SeboTek Hearing Systems LLC, ReSound Group (GN Hearing A/S), AGX Hearing (Audigy Group), Audina Hearing Instruments, Inc., Lisound Hearing Aid (Fuzhou) Co., Ltd., Banglijian, GlaxoSmithKline plc, Benson Hearing, etc.
Key Questions Answered in This Report:
How has the global hearing aid market performed so far and how will it perform in the coming years?
What are the key regional markets in the global hearing aid industry?
What has been the impact of COVID-19 on the global hearing aid industry?
What is the breakup of the market based on the product type?
What is the breakup of the market based on the hearing loss?
What is the breakup of the market based on the patient type?
What is the breakup of the market based on the technology type?
What is the breakup of the market based on the end-user?
What are the various stages in the value chain of the global hearing aid industry?
What are the key driving factors and challenges in the global hearing aid industry?
What is the structure of the global hearing aid industry and who are the key players?
What is the degree of competition in the global hearing aid industry?