Hearing Aids Market to Reach USD 14.45 Billion at 7.2% CAGR by 2026: Rising Prevalence of Hearing Impairment to Aid in Expansion, says Fortune Business Insights™

iCrowd Newswire
15 Sep 2020, 03:14 GMT+10

Key Companies Covered in the Hearing Aids Market Research Report Are Cochlear Ltd., MED-EL, Widex A/S/, Sivantos Pte. Ltd, Starkey, GN Stire Nord A/S, Demand A/S, Sonova and other key market players.

The global hearing aids market is projected to witness notable growth and reach USD 14.45 billion by the end of 2026 on account of the increasing issues of hearing impairment especially among the geriatric population. A hearing aid is a tiny electronic device that helps people to hear sounds at a higher intensity than normal. A recent report by Fortune Business Insights titled, "Hearing Aids Market Size, Share & Industry Analysis, By Product (Hearing Devices, Hearing Implants), By Patient Type (Adult, Pediatric), By Distribution Channel (OTC (Over the Counter), Medical Channel/ Hospital Pharmacies, Private Practice/ Retail Pharmacies) and Regional Forecast, 2019-2026," the value of this market was USD 8.39 billion in the year 2018. The forecast period is set between 2019 to 2026 and the market is expected to exhibit a CAGR of 7.2%.

What are the objectives of the report?

The report offers an elaborate overview of the hearing aids market and the major industry developments prevalent in this market. It also throws light on the growth drivers, restraints, challenges, and upcoming opportunities. The report further discusses the table of segmentation in details and lists the names of the leading segments with estimated figures. The names of key players and their strategies are also discussed in the report. For more information, log on to the company website.

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Drivers & Restraints-

Advent of Rechargeable Hearing Aids and other Technologies to Add Impetus

The increasing population of age-old people and their vulnerability to poor vision and hearing impairment stands as a key factor promoting the global hearing aids market growth. Additionally, the increasing prevalence of hearing loss and technological advancements in hearing aids such as rechargeable features, smartphone connectivity, own voice processing, and others are also aiding the expansion of this market.

On the contrary, there is a lack of awareness about the benefits of wearing hearing aids especially in under developed and developing nations and this may challenge the market in the coming years. Nevertheless, the health benefit programs supported by the government of various nations are expected to create lucrative growth opportunities to the market in the long run.

Segment

Hearing Devices Segment Earned Dominance Attributed to Various Advantages

With respect to segmentation by type, the hearing devices segment emerged dominant in 2018. Hearing devices are most suitable for people with mild to moderate hearing loss and are cost efficient as compared to hearing implants. Besides this, they can also be removed in case of any complications. The factors mentioned above are responsible for the growth of this segment.

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Regional Analysis-

North America Dominated Market with Highest Number of Aging Population

On the basis of geographical segmentation, the global hearing aids market is categorized into Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. Each of these regions are further classified on the basis of nations. Among these, North America generated a revenue of USD 3.19 billion in the year 2018 and emerged dominant. This is attributed to the increasing population of aged people, rising awareness about the benefits of hearing aids. On the other side, the market in Asia Pacific is likely to rise at a high CAGR in the coming years on account of the developing healthcare infrastructure, rising adoption of hearing aids and the rising awareness about product innovation.

Competitive Landscape-

The global market for hearing aids is dominated by a few players such as Sivantos, GN Hearing, Sonova, and Demant attributed to their strong portfolio. Besides this, companies are engaging in expanding their geographical presence to earn a significant position in the market competition. Additionally, the entry of few other companies are propelling an intense competition in the market during the forecast period.

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Prominent Industry Developments of the Market for Hearing Aids Include:

April 2018 - The world's first machine learning heading aid was launched by Widex called the Widex Evoke. This new system can adjust the intensity of sound via a smartphone application.

August 2018 - The launch of Artificial Intelligence equipped hearing aids was announced by Starkey in the United Kingdom market.

Some of the Key Players of the Hearing Aids Market include:

Cochlear Ltd.

MED-EL

Widex A/S/

Sivantos Pte. Ltd

Starkey

GN Stire Nord A/S

Demand A/S

Sonova

Others

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Hearing Aids Market Segmentations:

By Product

Hearing Devices

o BTE (Behind the Ear)

o ITE (In the Ear)

o RIC (Receiver in the Canal)

o CIC (Completely in the Canal)

o Others (Invisible in the Canal, etc.)

Hearing Implants

o Cochlear Implants

o Bone Anchored Implants

By Patient Type

Adult

Pediatric

By Distribution Channel

OTC (Over the Counter)

Medical Channel/ Hospital Pharmacies

Private Practice/ Retail Pharmacies

By Geography

North America (U.S. and Canada)

Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)

Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)

Rest of the World

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