Global Hearing-Aid Devices Market Research Report 2021-2026
Dublin, Aug. 03, 2021 (GLOBE NEWSWIRE) -- The "Global Hearing-Aid Devices Market, By Type (Hearing Aid Devices v/s Hearing Implants), By Type of Hearing Loss (Sensorineural v/s Conductive), By Product Type, By Technology Type, By Patient Type, By Distribution Channel, By Region, Competition Forecast & Opportunities, 2026" report has been added to ResearchAndMarkets.com's offering.
The Global Hearing-aid Devices Market stood at USD15.86 billion in value terms in 2020 and is forecast to grow at CAGR of 5.49% to reach USD21.61 billion by 2026.
Growing geriatric population coupled with an increasing incidence of hearing loss are expected to drive the market growth over the next few years.
Additionally, improving healthcare infrastructure, increasing overall healthcare expenditure across different countries around the globe are some of the factors supporting the growth of hearing-aid devices. Moreover, growing trend for customized implants is also a major factor that is driving the hearing-aid devices market. However, low penetration rate of hearing devices hinders growth of this market.
The Global Hearing-aid Devices Market is categorized by type, type of hearing loss, product type, technology type, patient type, distribution channel, and regional distribution. Based on distribution channel, the market is bifurcated into online and offline channels. Offline channel dominated the market in 2020 with a share of around 82.29% and is expected to maintain its dominance during the forecast period also.
This can be ascribed to the fact that while selling through offline channels such as hospital pharmacies, OTC, among others several benefits and value added services are being provided. These include favorable health reimbursement for hearing implantation surgeries, and the increasing penetration of these implants in all sectors of health industry.
Also, selling hearing-aid devices through online channels is banned in few countries. By technology type, the digital devices segment has dominated the market with a share of 79.16% in 2020. This is due to the fact that the analog devices are on the verge of getting obsolete with a slower growth rate and less usage as compared to their digital counterparts.
Due to the onset of COVID-19 and imposition of complete lockdown to mitigate the coronavirus, there has been shutdown of many manufacturing units and disruption in the supply chain resulting in interrupted production and lesser supply of the implants all around the globe. Also, the economy has been adversely affected in many countries resulting in the hinderance to the growth of the hearing-aid devices device market. However, after relief from lockdown market is again going to pick up pace to grow significantly.
Some of the leading players in the market are Sonova Holding AG, Demant A/S, GN Store Nord A/S, Cochlear Limited, WS Audiology A/S and others.
The companies are focusing on extensive research and developments activities to stay competitive in the market. Other competitive strategies include formation of alliances and partnerships.
Report Scope:
Years considered for this report:
Historical Years: 2016 - 2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022 - 2026
Global Hearing-Aid Devices Market, By Type:
Hearing-Aid Devices
Hearing Implants
Global Hearing-Aid Devices Market, By Type of Hearing Loss:
Sensorineural
Conductive
Global Hearing-Aid Devices Market, By Product Type:
Wired
Wireless
Global Hearing-Aid Devices Market, By Technology Type:
Digital
Analog
Global Hearing-Aid Devices Market, By Patient Type:
Adult
Pediatric
Global Hearing-Aid Devices Market, By Distribution Channel:
Online
Offline
Global Hearing-Aid Devices Market, By Region:
North America
United States
Canada
Mexico
Europe
Germany
Italy
United Kingdom
France
Spain
Asia Pacific
China
India
Japan
South Korea
Australia
South America
Brazil
Argentina
Colombia
Middle East & Africa
South Africa
UAE
Saudi Arabia
Kuwait
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Hearing-aid Devices Market
Sonova Holding AG
Demant A/S
GN Store Nord A/S
Cochlear Limited
Starkey Hearing Technologies
RION CO., LTD.
WS Audiology A/S
Medtronic Plc.
Amplifon SpA
Eargo Inc.
For more information about this report visit https://www.researchandmarkets.com/r/hdiu6z
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