In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Hearing Aids Market Report
The hearing aids market by revenue is expected to grow at a CAGR of over 4% during the period 2021–2026.
The global hearing aids market is currently observing high innovations in hearing technology. Increased digitalization of devices and improvements and enchantments in device designs to deliver high-quality sound outcomes to patient groups are increasing the penetration of hearing devices. The design is becoming highly innovative and is influencing the existing treatment modalities of audio disorders. The introduction of wireless technology such as Bluetooth, electromagnetic compatibility (telecoil), and frequency modulation (FM) compatibility benefits hearing aid users with better sound quality, improved localization, convenience, and vastly increased connectivity. Sophisticated wireless devices enable users to connect with personal electronic devices and stream signals directly to hearing aids. In addition, smart hearing aids can pair up with other digital devices in many ways such as smartphones, tablets, or any other smart electronic device. Therefore, with the rising hearing loss patient population and the growing focus on improving sound efficiency and comfortability, the demand for innovative and breakthrough products such as wireless/smart devices are increasing among various patient groups.
The following factors are likely to contribute to the growth of the hearing aids market during the forecast period:
- Strategic Mergers & Acquisitions
- Growing Demand for Wireless & Smart Hearing Aids
- Increasing Focus on Hearing Aids Retail Business
- Increasing Availability of Advanced Hearing Aids
The study considers the present scenario of the hearing aids market and its market dynamics for the period 2020?2026. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.
Global Hearing Aids Market Segmentation
The global hearing aids market research report includes a detailed segmentation by product, hearing loss, technology, patient group, technology, distribution, geography. The prevalence of hearing loss across the globe is a major factor contributing to the growth of behind the ear (BTE) segment. These devices offer durability and can easily fit with thin tubing, leaving the ear canal open to natural sounds. Therefore, these models offer a wide range of safety, efficacy, and flexibility to users with mild, moderate, and major hearing loss, which is increasing adoption.
The growth in the sensorineural hearing loss patient population and the availability of a wide range of advanced BTE and ITE hearing aids are increasing the prevalence of hearing aids across the globe. With the growth in the aging population, which is at a high risk of developing sensorineural hearing loss, the segment is expected to grow steadily during the forecast period.
Digital hearing devices hold sway in the global hearing aids market. These devices constitute over 90% of the market share and are expected to dominate during the forecast period. Owing to the increasing demand for invisible, advanced features, and aesthetically appealing devices as well as the rising need for the advanced and enhanced listening experience, major market players are focusing on introducing technologically advanced digital hearing aids. The development and commercialization of new technologically advanced devices with Bluetooth, wireless connectivity, iOS & Android compatibility, artificial intelligence (AI), and remote-controlled functions are increasing the demand for digital hearing devices. Increased diagnosis rates and the awareness of the availability of new treatment options for hearing loss are further fueling the market growth during the forecast period.
Around 15% of the adult population across the world has a degree of hearing loss, with 25% aging 65 years and above. The incidence of hearing loss increases significantly with the growing age, and the adult population is highly susceptible to ailments. Hearing loss in older adults is fast becoming a major public health challenge worldwide. The growing burden of the elderly hearing-impaired population has led to the growing usage of hearing aids in this patient group, thereby contributing to the growth of the market during the forecast period.
The increasing demand for technologically advanced hearing aids is encouraging large retailers to procure innovative products from manufacturers. This is directly contributing to the growth of retailers in recent years. Conventional retail chains, specialty stores, multi-line retailers, and direct online sales channels are covered under retailers. Online retail is becoming another popular medium for buying hearing aids. Conventional independent practices include autonomous audiology clinics, ENT clinics, and large and medium private hospitals that sell hearing aids to patients with a minimal profit margin. These facilities procure these devices either directly from manufacturers or reputed suppliers at discounted rates based on long-term relationships and financial tie-ins. However, in recent years, independent audiology centers face challenges in terms of price negotiations to offer hearing aids at a discounted rate to the large patient population. The increase in the target population with hearing loss and associated risk factors requiring timely diagnosis is encouraging physicians in several independent healthcare settings to sell hearing aids, thereby accelerating the growth of the independent practices segment.
Insights by Geography
Hearing aids are the most widely used products in Europe due to their easier accessibility, reversibility, and lower-cost usage for hearing loss patients than corrective surgical treatments. The high disposable income is one of the major reasons for the high adoption of hearing aids among European households. With the rising prevalence of hearing loss in both the adult and elderly population, the adoption rate of these devices has also increased at a steady rate over the past years. In addition, the region offers established healthcare infrastructure, and people have access to advanced healthcare facilities for treating hearing loss. Further, the introduction of several government assistance programs for hearing aids is positively influencing the growth of the market.
- North America
o South Korea
- Latin America
- Middle East & Africa
o Saudi Arabia
o South Africa
INSIGHTS BY VENDORS
Sonova, WS Audiology, Demant, GN Store Nord, and Starkey are the key players in the market. Advances in Technology, particularly for digital hearing aids, are leading to rapid change in the global hearing aids market. Market players compete in terms of product portfolio, innovations. Vendors, especially global players, are increasingly focusing on pursuing organic and inorganic growth strategies such as product innovations, M&A, and emerging companies to expand their presence, enhance product portfolio, and improve expertise in the market. Such initiatives will complement vendors’ growth strategies, thereby gaining traction among end-users in the market.
- WS Audiology
- GN Store Nord
Other Prominent Vendors
- Arphi Electronics
- Audina Hearing Instruments
- Century Hearing Aids
- IN4 Technology
- InnerScope Hearing Technologies
- Loreca Hearing Aid
- NewSound Hearing Aids
- SeboTek Hearing Systems
- Zounds Hearing
KEY QUESTIONS ANSWERED
1. What is the hearing aids market size and growth forecast?
2. Which segment is likely to contribute to the growth of the hearing aids market growth?
3. Which region is expected to hold the highest market share in the hearing aids market?
4. What are some of the growth opportunities for existing players in the market?
5. Who are the key players in the global hearing aids market?