The hearing aids market is set to witness significant growth by 2027 owing to rising occurrences of hearing loss globally. Additionally, technological advancements to accommodate surging consumer demand for enhanced devices are expected to further support market growth over the forecast period.

The most common form of hearing loss, called ???sensorineural hearing loss???, occurs due to old age and other factors, such as loud noises. Another type of hearing loss known as ???conductive hearing loss??? occurs when there is an obstruction in the ear in the form of ear wax, excessive fluid, and so on. Expanding geriatric population that is more susceptible to such hearing disorders, coupled with rising incidences of stress and noise-induced hearing loss, has augmented the demand for hearing aids, thereby facilitating market penetration.

Moreover, industry players are focusing on product development to expand their offerings to fulfill mounting consumer demand for modern devices. Leading global enterprises are increasing their R&D expenditure to improve the functionality of their products, which has played a vital role in business expansion.

Furthermore, industry players have been adopting profitable strategies to capitalize on emerging trends in the sector, which has positively influenced market dynamics. For instance, in June 2021, GN Store Nord, a Danish hearing aids manufacturer, launched Jabra Enhance Pro, its new product in the hearing aid spectrum. This novel product was designed with the help of Jabra’s consumer audio experience and GN’s sophisticated medical grade hearing technology.

In another instance, in September 2020, Starkey, a key hearing aid maker, expanded its Livio Edge AI range with the introduction of novel products. The launch featured the world’s smallest and most effective rechargeable Behind-the-Ear (BTE) device with a speech enrichment technology that could allow patients to hear better, offering a well-integrated hearing healthcare system. Subsequently, introduction of new products equipped with advanced technologies has bolstered market demand.

The hearing aids market has been bifurcated based on product, patient, and region. With respect to product, the market has further been categorized into behind-the-ear (BTE), in-the-canal (ITC), completely-in-the-canal/ invisible-in-canal (CIC/IIC), and in-the-ear (ITE).

The in-the-ear (ITE) sub-segment held a sizeable market share in 2020 and is anticipated to attain a valuation of around USD 1,138 million by 2027, expanding at a notable CAGR through the assessment timeframe. Numerous benefits offered by ITE products and prevalent customer demand for these devices are anticipated to fuel segmental growth over the forthcoming years.

In terms of patient, the hearing aids market has been divided into adult and pediatric. In 2020, the pediatric sub-segment garnered a revenue of about USD 600 million and is projected to expand at a considerable rate over 2021-2027. Increase in hearing impairment concerns among children is likely to driven segmental adoption in the coming years.

From the regional perspective, the Middle East & Africa hearing aids market exceeded a valuation of USD 174 million in 2020 and is set to progress at a robust pace through 2027. Escalating number of people suffering from hearing loss and hearing impairment disorders in various countries across MEA is slated to foster regional market outlook in the future.