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Global Hearing Aids Market - Industry Trends and Forecast to 2029

  • Healthcare
  • Upcoming Report
  • Apr 2022
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Hearing Aids Market - Industry Trends and Forecast to 2029

Market Size in USD Billion

CAGR - 6.9% Diagram

Diagram Forecast Period 2021–2029
Diagram Market Size (Base Year) USD 7.50 Billion
Diagram Market Size (Forecast Year) USD 12.79 Billion
Diagram CAGR 6.9%

Global Hearing Aids Market, By Product (Hearing Aid Devices, Hearing Implants), Device type (Digital Hearing Aids, Analog Hearing Aids), Type of Hearing Loss (Sensorineural Hearing Loss, Conductive Hearing Loss), Technology (Conventional Hearing Aids, Digital Hearing Aids),  Patient Type (Adults, Pediatrics), Distribution Channel (Large Retail Chains, Manufacturer Owned Retail Chains, Public, Others)-Industry Trends and Forecast to 2029.

Hearing Aids Market

Global Hearing Aids Market Analysis and Size

According to the World Health Organization (WHO), the number of people living with debilitating hearing loss will exceed 900 million by 2050. Aside from that, physiological ear ageing, genetic susceptibility, increased noise exposure, vascular disease, and chronic inflammation would all contribute to the rising need for these devices. Government-funded initiatives are also boosting the market for hearing aid support goods. The majority of countries with higher penetration rates have government-funded programmes, or at the very least, subsidies or full or partial reimbursements for hearing aids and accessories.

  • Hearing aid devices held the greatest share of the hearing aids market in 2020, due to the increased technological advances in hearing aid devices and an increase in the number of product approvals. Data Bridge Market Research analyses that the hearing aids market is expected to grow at a CAGR of 6.9% during the forecast period of 2022 to 2029, at a USD 7.5 billion in 2021 and is further estimated to reach USD 12.79 billion by 2029.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2019 - 2014)

Quantitative Units

USD 47.75 billion by 2029

Segments Covered

Product (Hearing Aid Devices, Hearing Implants), Device type (Digital Hearing Aids, Analog Hearing Aids), Type of Hearing Loss (Sensorineural Hearing Loss, Conductive Hearing Loss), Technology (Conventional Hearing Aids, Digital Hearing Aids),  Patient Type (Adults, Pediatrics), Distribution Channel (Large Retail Chains, Manufacturer Owned Retail Chains, Public, Others)

Countries Covered

U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

Market Players Covered

Abbott (US), WIDEX A/S (Denmark), GN Store Nord A/S (Denmark), Sonova (Switzerland), Sivantos (Denmark), Microson (Spain), Horentek (Italy), RION CO. Ltd (Japan), Demant A/S (Denmark), Amplifon (Italy), Starkey. (US), MED-EL Medical Electronics (Austria), Cochlear Ltd. (Australia), SeboTek Hearing Systems, LLC. (US), Audina Hearing Instruments, Inc. (US), Arphi Electronics Private Limited (India), Sound One India (India), Amplicon (UK), MED-EL Medical Electronics (Austria)

Market Opportunities

  • Increased incidence of noise-induced hearing loss
  • Technological developments in hearing aids
  • The rising prevalence of hearing loss
  • The increasing acceptance of smart hearing aids

Global Hearing Aids Market Definition

A hearing aid is a medical device that helps people with hearing loss hear better by making sound audible. They function by amplifying sound using a three-part system that includes a microphone, amplifier, and speaker.

Hearing Aids Market Dynamics                                               

Drivers

  • Rise in the Incidence of Hearing Loss

Growing cases of hearing loss in the industrialized countries. According to the World Health Organization (WHO), the number of people living with debilitating hearing loss will exceed 900 million by 2050.

  • Increase in the Elderly Population

Growing cases of chronic inflammation, vascular disorder, noise exposure, genetic susceptibility, and physiological aging of the ear may also cause hearing loss among the geriatric population.

  • Technological Advancements

Hearing aid technology has advanced dramatically in the last decade. Smart technologies and the introduction of digital platforms in the tiny device have assisted various patients in overcoming their issues and improving their hearing experience.

Opportunities

In addition, the growing awareness and initiatives about hearing aid devices are further estimated to provide potential opportunities for the growth of the hearing aids market in the coming years.

Restraints/Challenges Global Hearing Aids Market

 On the other hand, the increased prices of hearing aids products is further projected to impede the growth of the hearing aids market in the targeted period. However, the lack of trained professionals might further challenge the growth of the hearing aids market in the near future.

This hearing aids market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the hearing aids market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Hearing Aids Market

The hearing aids market has undergone a dramatic impact during this pandemic phase. This is because the pandemic has changed the delivery of medical care across the world. Many elective medical procedures and surgeries were either cancelled or postponed during this pandemic phase to reserve or redirect the available limited capacities and resources towards meeting the demand arising out of COVID-19 patient care services. In particular, the eyes, nose and throat (ENT) related surgeries and services has been disproportionally affected, thereby impacting the global market. However, with the economies rebounding out of the effect of this pandemic, there seems to be a brighter future for the market. Also, manufacturers are increasingly shifting their focus towards mobile audiometry and digital hearing care solutions.

Recent Development

  • In August, 2020, ReSound ONE is a groundbreaking new hearing aid from GN Hearing. It contains an extra microphone that can be inserted into the ear canal, allowing users to rely on these devices while still enjoying the convenience of an open-fit device.

Global Hearing Aids Market Scope and Market Size

The hearing aids market is segmented on the basis of product, device type, type of hearing loss, technology, patient type and distribution channel. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

  • Hearing Aid Devices
  • Hearing Implants

On the basis of product, the hearing aids market is segmented into hearing aid devices and hearing implants. The hearing aid devices is further sub segmented into receiver, behind the ear, in the canal and in the ear aids. The hearing implants is sub-segmented into cochlear and bone-anchored.

Device type

  • Digital Hearing Aids
  • Analog Hearing Aids

On the basis device type, the hearing aids market is segmented into digital hearing aids and analog hearing aids.

Type of Hearing Loss                                        

  • Sensorineural Hearing Loss
  • Conductive Hearing Loss

On the basis of type of hearing loss, the hearing aids market is segmented into sensorineural hearing loss and conductive hearing loss.

Technology

  • Conventional Hearing Aids
  • Digital Hearing Aids

On the basis of technology, the hearing aids market is segmented into conventional hearing aids and digital hearing aids.

Patient Type

  • Adults
  • Pediatrics

On the basis of patient type, the hearing aids market is segmented into adults and pediatrics.

Distribution Channel

  • Large Retail Chains
  • Manufacturer Owned Retail Chains
  • Public
  • Others

On the basis of distribution channel, the hearing aids market is segmented into large retail chains, manufacturer owned retail chains, public and others.

Hearing Aids Market Regional Analysis/Insights

The hearing aids market is analysed and market size insights and trends are provided by country, product, device type, type of hearing loss, technology, patient type and distribution channel as referenced above.

The countries covered in the hearing aids market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Europe dominates the hearing aids market due to the rise in the incidence of auditory loss. Furthermore, the growing awareness about technological advancements will further boost the growth of the hearing aids market in the region during the forecast period.

Asia-Pacific is projected to observe significant amount of growth during the forecast period of 2022 to 2029 in the hearing aids market due to the rise in the elderly population.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure growth Installed base and New Technology Penetration

The hearing aids market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for hearing aids market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the hearing aids market. The data is available for historic period 2010-2020.

Competitive Landscape and Hearing Aids Market Share Analysis

The hearing aids market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to hearing aids market.

 Some of the major players operating in the hearing aids market are:

  • Abbott (US)
  • WIDEX A/S (Denmark)
  • GN Store Nord A/S (Denmark)
  • Sonova (Switzerland)
  • Sivantos (Denmark)
  • Microson (Spain)
  • Horentek (Italy)
  • RION CO. Ltd (Japan)
  • Demant A/S (Denmark)
  • Amplifon (Italy)
  • Starkey. (US)
  • MED-EL Medical Electronics (Austria)
  • Cochlear Ltd. (Australia)
  • SeboTek Hearing Systems, LLC. (US)
  • Audina Hearing Instruments, Inc. (US)
  • Arphi Electronics Private Limited (India)
  • Sound One India (India)
  • Amplicon (UK)
  • MED-EL Medical Electronics (Austria)


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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Customization Available:

Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.

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FREQUENTLY ASK QUESTIONS

The Market Value for Hearing Aids Market is expected USD 12.79 billion by 2029.
The Hearing Aids Market is to Grow at a CAGR of 6.9% During the Forecast Period of 2022 to 2029.
Abbott (US), WIDEX A/S (Denmark), GN Store Nord A/S (Denmark), Sonova (Switzerland), Sivantos (Denmark), Microson (Spain), Horentek (Italy), RION CO. Ltd (Japan), Demant A/S (Denmark), Amplifon (Italy), Starkey. (US), MED-EL Medical Electronics (Austria), Cochlear Ltd. (Australia), SeboTek Hearing Systems, LLC. (US), Audina Hearing Instruments, Inc. (US), Arphi Electronics Private Limited (India), Sound One India (India), Amplicon (UK), MED-EL Medical Electronics (Austria) are the Major Players Operating in the Hearing Aids Market.
The Countries Covered in the Hearing Aids Market Report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
The Hearing Aids Market Report Curated by the Data Bridge Market Research Team Includes In-Depth Expert Analysis, Patient Epidemiology, Pipeline Analysis, Pricing Analysis, and Regulatory Framework.
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