Hearing Aids Market : Trends, Growth and Future Analysis

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Hearing Aids Market : Trends, Growth and Future Analysis

October 29
23:00 2021
Hearing Aids Market : Trends, Growth and Future Analysis
The hearing aids market is segmented into sensorineural hearing loss and conductive hearing loss based on type of hearing loss. In 2020, the sensorineural hearing loss segment accounted for the largest share. Factors such as the high prevalence of sensorineural hearing loss, coupled with the growing geriatric patient pool and an increase in the number of product approvals are driving the growth of this segment.

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%. Hearing aids market growth is driven by the technological advancements in hearing aids, the growing prevalence of hearing loss, and the increasing adoption of smart hearing aids due to the rising incidence of noise-induced hearing loss. 

In particular, the provision of ENT-related surgeries and services has been disproportionally affected due to the reallocation of intensive care resources. According to the Centers for Disease Control and Prevention (CDC), ENT clinics and audiology centers pose a medium-to-high risk for COVID-19 infection, considering the proximity, test set-up, and length of appointments. The fact that a majority of people who require audiology services (aged over 65 years) are also the ones at the highest risk of COVID-19 related mortality and morbidity, underscores the importance of reassessing how hearing care is delivered. 

The crisis has ushered in a new era in the hearing healthcare space that requires a radical rethinking of service delivery in audiology. Low- and no-touch services are now necessary for audiology patients (who are typically at the highest risk for COVID-19 morbidity and mortality due to their advanced age). Also, hearing aid manufacturers have started focusing on including mobile audiometry and digital hearing care solutions for remote hearing aid device troubleshooting, counseling, fine-tuning, and tracking.

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The hearing aid devices segment accounted for the largest share of the hearing aids market, by product segment, in 2020

Based on the product, the hearing aids market is segmented into hearing aid devices and hearing implants. The hearing aid devices segment accounted for the largest share of the hearing aids market in 2020. Factors such as the increasing number of product approvals, rising geriatric population, and increasing technological advancements in hearing aid devices are boosting the market growth of this segment.

Sensorineural hearing loss segment to register the highest growth rate during the forecast period

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. Factors such as the increase in the number of product approvals and the high prevalence of sensorineural hearing loss, coupled with the growing geriatric patient pool are contributing to the growth of this segment. 

Globally, the rising incidence of hearing loss has made it extremely important to monitor and examine hearing functions. In children, untreated hearing loss negatively impacts language development, learning, and social engagement. Similarly, older adults with hearing loss often have difficulty following day-to-day conversations. For people entering their retirement years, untreated hearing loss has been linked to several physical and psychological issues, ranging from cognitive decline and depression to an increased risk of trips and falls. 

Healthcare providers, especially in developing countries such as Brazil and Mexico, have low financial resources to invest in sophisticated technologies. Moreover, the staff must be extensively trained for the efficient handling and maintenance of cochlear implants and bone-anchored systems. Extensive R&D activities are required to develop technologically advanced hearing aids. This results in a significant increase in the cost of manufacturing and the end price for customers. This makes associated surgical interventional procedures and diagnostic tests correspondingly expensive for patients. 

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The adult patients segment accounted for the largest share of the hearing aids market, by patient type segment, in 2020

Based on patient type, the hearing aids market is segmented into adults and pediatrics. In 2020, the adult patients segment accounted for the largest share of the hearing aids market. The growing incidence of hearing loss among the adult population is driving the growth of this segment.

Europe is the largest regional market for hearing aids market

The global hearing aids market is segmented into five major regions-North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, Europe accounted for the largest share of the hearing aids market. The large share of this region can be attributed to the rising geriatric population, the increasing incidence of hearing disorders, the rapid adoption of technologically advanced hearing aids, and the well-established healthcare industry.

The major players operating in this market are 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), Elkon Pvt. 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 Produktionsgesellschaft mbH (Austria), Nano Hearing Aids (US), LORECa s.r.o. (Turkey), Earlens Corporation (US), Austar Hearing Science and Technology (Xiamen) Co., Ltd. (China), Lively Hearing Corporation (US), audifon GmbH & Co. KG (Germany), and Foshan Vohom Technology Co., Ltd. (China).

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