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Global Hearing Aids Market, by Product Type (Hearing Aid Devices (Behind-The-Ear (BTE) Hearing Aids, Receiver-In-Canal (RIC) Hearing Aids, In-The-Ear (ITE) Hearing Aids, In-The-Canal (ITC) Hearing Aids, Completely-In-Canal (CIC) Hearing Aids and Others) and Hearing Implants (Cochlear Implants and Bone-anchored System)), by Type of Hearing Loss (Conductive Hearing Loss, Sensorineural Hearing Loss, and Mixed Hearing Loss), by Patient Type (Adults and Paediatrics), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 9,473.1 Mn in 2021 and is expected to exhibit a CAGR of 6.7% during the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.

Growing technological development in hearing aid devices and increasing product approvals can be majorly attributed to the market growth. For instance, in July 2021, Eargo, Inc., a medical device company, launched Eargo 5, an advanced hearing aid. It is a fifth generation medical-grade device that enables customizable features through Sound Match technology. With the help of this technology, it gives customers more freedom to check their tuning and hearing remotely.

In addition, favourable regulatory proposals for improving the availability and access to hearing aid technology by healthcare organizations is further propelling the market growth. For instance, in October 2021, the U.S. Food and Drug Administration (FDA) issued a proposal, intended for improving the access and reducing the cost of hearing aid technology in the U.S. The organization proposed a new rule for establishing a new category of over-the-counter (OTC) hearing aids. This will allow the hearing aid devices to be directly sold to consumers without a medical exam or a fitting by an audiologist.

Global Hearing Aids Market– Impact of Coronavirus (COVID-19) Pandemic

The World Health Organization (WHO) on January 30, 2020 declared COVID-19 outbreak a public health emergency of international concern. Due to the COVID-19 pandemic, government across the globe announced country-wide lockdowns as well as social distancing measures to prevent the collapse of healthcare system.

Moreover, the global hearing aids market witnessed a negative impact due to COVID-19 pandemic. The sales of hearing aids marked a rapid decline in the early phase of the pandemic. For instance, according to the Hearing Industries Association (HIA) statistics, from October to December 2020, the commercial/private unit sales declined by 5.9% in same period. However, with the improvement in online access and telecare marketing, the market soon recovered in early 2021.

Browse 20 Market Data Tables and 25 Figures spread through 222 Pages and in-depth TOC on “Global Hearing Aids Market”-  Forecast to 2028, Global Hearing Aids Market, by Product Type (Hearing Aid Devices (Behind-The-Ear (BTE) Hearing Aids, Receiver-In-Canal (RIC) Hearing Aids, In-The-Ear (ITE) Hearing Aids, In-The-Canal (ITC) Hearing Aids, Completely-In-Canal (CIC) Hearing Aids, and Others) and Hearing Implants (Cochlear Implants and Bone-anchored System)), by Type of Hearing Loss (Conductive Hearing Loss, Sensorineural Hearing Loss, and Mixed Hearing Loss), by Patient Type (Adults and Pediatrics), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/hearing-aids-market-415

Key Takeaways of the Global Hearing Aids Market:

  • The global hearing aids market is expected to exhibit a CAGR of 6.7% during the forecast period, owing to the increasing launch of new products. For instance, in August 2021, Starkey, a provider of hearing aid solutions, launched Evolv AI, a new line of hearing aids. The device is built on Starkey Sound for providing high-fidelity audio by suppressing background noise and increasing speech audibility by using machine learning technology. The features of Evolv AI includes 40% reduction in noise energy, additional refinement of edge mode, and follow-up fit additions.
  • Among product type, hearing aid devices segment is expected to witness fastest growth in the global hearing aids market over the forecast period, owing to the advancement in hearing aid devices such as automatically minimizing the background noise, connecting the device to smart phones, iPads, smart TVs, and rechargeable batteries with greater battery life.
  • Among type of hearing loss, sensorineural hearing loss segment is estimated to account for the largest market share in the global hearing aids market in 2021 due to rise in geriatric population who are more prone to suffer from sensorineural hearing loss. For instance, according to World Health Organization (WHO), by the year 2050, the world’s population of people of age group 60 years and above will be around 2.1 billion. Hence, such an increase in geriatric population is likely to propel the segment growth.
  • Among patient type, pediatrics segment is expected to witness the fastest growth during the forecast period in the global hearing aids market, owing to launch of new hearing aid products for pediatric patients. For instance, in December 2016, ReSound, a leading provider of hearing aids and accessories, announced the launch of ReSound Up Smart, a hearing aid for pediatric patients. The device has various child safety features such as LED lights for letting parents check the status of hearing aid battery and battery-door lock among others.
  • Among regions, Europe is expected to exhibit highest CAGR in the global hearing aids market growth over the forecast period, owing to the increasing incidences of hearing loss problems in the region. For instance, in September 2019, according to BioMed Central Ltd, untreated and debilitating hearing loss affects around 22.6 million individuals, resulting in yearly expenses of 185 billion Euros, or 8200 Euros per afflicted person.
  • Major players operating in the global hearing aids market include Sonova, Starkey Laboratories, Inc., GN Hearing, Oticon, Demant A/S, Cochlear Ltd., Eargo Inc., WS Audiology A/S, RION Co., Ltd., MED-EL (Medical Electronics), Amplifon S.p.A, Audina Hearing Instruments, Inc., Sonic Innovations, Inc., and Zounds Hearing
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