Global hearing-aid devices market stood at USD15.86 billion in value terms in 2020 and is forecast to grow at CAGR of 5.49% to reach USD21.61 billion by 2026. Growing geriatric population coupled with an increasing incidence of hearing loss are expected to drive the market growth over the next few years. Additionally, improving healthcare infrastructure, increasing overall healthcare expenditure across different countries around the globe are some of the factors supporting the growth of hearing-aid devices. Moreover, growing trend for customized implants is also a major factor that is driving the hearing-aid devices market. However, low penetration rate of hearing devices hinders growth of this market.
Global hearing-aid devices market is categorized by type, type of hearing loss, product type, technology type, patient type, distribution channel, and regional distribution. Based on distribution channel, the market is bifurcated into online and offline channels. Offline channel dominated the market in 2020 with a share of around 82.29% and is expected to maintain its dominance during the forecast period also. This can be ascribed to the fact that while selling through offline channels such as hospital pharmacies, OTC, among others several benefits and value added services are being provided. These include favorable health reimbursement for hearing implantation surgeries, and the increasing penetration of these implants in all sectors of health industry. Also, selling hearing-aid devices through online channels is banned in few countries. By technology type, the digital devices segment has dominated the market with a share of 79.16% in 2020. This is due to the fact that the analog devices are on the verge of getting obsolete with a slower growth rate and less usage as compared to their digital counterparts.
Due to the onset of COVID-19 and imposition of complete lockdown to mitigate the coronavirus, there has been shutdown of many manufacturing units and disruption in the supply chain resulting in interrupted production and lesser supply of the implants all around the globe. Also, the economy has been adversely affected in many countries resulting in the hinderance to the growth of the hearing-aid devices device market. However, after relief from lockdown market is again going to pick up pace to grow significantly.
Some of the leading players in the market are Sonova Holding AG, Demant A/S, GN Store Nord A/S, Cochlear Limited, WS Audiology A/S and others. The companies are focussing on extensive research and developments activities to stay competitive in the market. Other competitive strategies include formation of alliances and partnerships.
Years considered for this report:
Historical Years: 2016 – 2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022 – 2026
Objective of the Study:
- To analyze and forecast the market size of global hearing-aid devices market from 2016 to 2019.
- To estimate and forecast the market size of global hearing-aid devices market from 2020 to 2026 and growth rate until 2026.
- To classify and forecast global hearing-aid devices market based on by type, type of hearing loss, product type, technology type, patient type, distribution channel, and regional distribution.
- To identify dominant region or segment in the global hearing-aid devices market.
- To identify drivers and challenges for global hearing-aid devices market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global hearing-aid devices market.
- To identify and analyze the profile of leading players operating in global hearing-aid devices market.
- To identify key sustainable strategies adopted by market players in global hearing-aid devices market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers, suppliers, and service providers across the country. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufactures which could not be identified due to the limitations of secondary research.
TechSci Research analyzed the manufactures, distribution channels and presence of all major players across the country. TechSci Research calculated the market size of global hearing-aid devices market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analysing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Hearing-Aid Devices manufacturers, end users, providers, and other stakeholders
- Distributers and suppliers of hearing-aid devices products and services and other stakeholders
- Organizations, forums, and alliances related to hearing-aid devices
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, global hearing-aid devices market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Global Hearing-Aid Devices Market, By Type:
o Hearing-Aid Devices
o Hearing Implants
- Global Hearing-Aid Devices Market, By Type of Hearing Loss:
- Global Hearing-Aid Devices Market, By Product Type:
- Global Hearing-Aid Devices Market, By Technology Type:
- Global Hearing-Aid Devices Market, By Patient Type:
- Global Hearing-Aid Devices Market, By Distribution Channel:
- Global Hearing-Aid Devices Market, By Region:
o North America
? United States
? United Kingdom
o Asia Pacific
? South Korea
o South America
o Middle East & Africa
? South Africa
? Saudi Arabia
Company Profiles: Detailed analysis of the major companies present in global Hearing-Aid Devices market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five).