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).
- Based on the product type, the market has been classified as hearing devices (behind-the-ear (BTE), receiver-in-the-ear (RITE), in-the-ear (ITE), canal hearing aids (CHA), and others) and hearing implants (cochlear and BAHA implants). Presently, hearing devices represent the largest segment.
- The market has been bifurcated based on the hearing loss into sensorineural and conductive hearing loss.
- Based on the patient type, the market has been categorized into adults and pediatrics. Currently, adult patients account for the majority of the total market share.
- On the basis of the technology type, the market has been divided into analog and digital.
- Based on the end user, the market has been segregated into hospitals, ENT clinics and audiology centers, individuals, and others.
- Region-wise, Europe holds the largest market share. Other major regions include North America, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been analyzed, with some of the key players being Sonova Holding AG, Starkey Laboratories, Inc., MED-EL GmbH, Demant A/S, WS Audiology A/S, Widex A/S, Sivantos Group, GN Store Nord A/S, Cochlear Limited, SeboTek Hearing Systems LLC, ReSound Group (GN Hearing A/S), AGX Hearing (Audigy Group), Audina Hearing Instruments, Inc., Lisound Hearing Aid (Fuzhou) Co., Ltd., Banglijian, GlaxoSmithKline plc, and Benson Hearing.
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