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According to the latest report by IMARC Group, titled “Hearing Aid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global hearing aid market size reached US$ 8.7 Billion in 2020. A hearing aid refers to a small sound-amplifying electronic device usually worn in or behind the ear by individuals with a hearing impairment. This battery-powered device primarily comprises an amplifier, microphone and speaker. It works by converting the sound waves into electrical signals and sending the amplified sound to the ear. Nowadays, hearing aids are available in various designs, types, and sizes and can be customized as per the users’ requirements. In recent years, they have gained immense traction among individuals with hearing disabilities as they assist in proper listening, communicating, and participating in daily activities.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Hearing Aid Market Trends:
The increasing prevalence of hearing disabilities and the growing geriatric population represent the primary factors driving the global market. Besides this, leading manufacturers are heavily investing in developing innovative hearing aids powered by lithium-ion batteries that offer better power than traditional batteries. This, in confluence with recent technological advancements, is accelerating the product adoption rates. Other factors, including the rising awareness regarding the benefits of hearing aids, increasing consumer expenditure capacities, improving healthcare infrastructure, and ongoing research and development activities, are also propelling the market growth. Looking forward, the market is anticipated to grow at a CAGR of around 6% during the forecast period (2021-2026).
Market Summary:
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