Yahoo Finance Hearing Aids Market Report [2021-2028] | to Reach USD 11.02 Billion, Exhibiting a CAGR of 7.4%
Key Prominent Players Covered in the Hearing Aids Market Research Report Are Sonovo (Stafa, Switzerland) , Demant A/S (Denmark) , GN Store Nord A/S (Ballerup, Denmark) , WS Audiology (Denmark) , Starkey (Minnesota, U.S.) , MED-EL (Medical Electronics) (Innsbruck, Austria) , Cochlear Ltd (Sydney, Australia) , RION Co., Ltd. (Tokyo, Japan)
Pune, India, Oct. 25, 2021 (GLOBE NEWSWIRE) -- The global hearing aids market is expected to reach USD 11.02 billion by 2028, exhibiting a CAGR of 7.4% during the forecast period. The market is set to gain impetus from the increasing adoption of telehealth among audiologists to prevent patient traffic. This information is given by Fortune Business Insights™ in a report, titled, “Hearing Aids Market, 2021-2028.” The report further states that the market size was USD 6.47 billion in 2020.
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Report Scope & Segmentation
Report Coverage | Details |
Forecast Period | 2021 to 2028 |
Forecast Period 2021 to 2028 CAGR | 7.4% |
2028 Value Projection | USD 11.02 Billion |
Base Year | 2020 |
Market Size in 2020 | USD 6.47 Billion |
Historical Data for | 2017 to 2019 |
No. of Pages | 134 |
Segments covered | Product, Patient, Distribution Channel |
Growth Drivers | Increasing Prevalence of Hearing Loss to Boost Product Demand |
Incorporation of Digital or Smart Technologies to Drive Growth | |
Ignorance by Patients to Undergo Hearing Test May Impede Growth |
COVID-19 Pandemic to Affect Growth Backed by Postponement of Surgeries
The COVID-19 pandemic has taken a huge toll on the healthcare sector. Most of the hospitals are falling short of beds for COVID-19 positive patients. Also, multiple elective surgeries are either being canceled or postponed to relocate resources. The Hearing Industries Association (HIA) revealed that during the first half of 2020, the sales of hearing aids in the U.S. are set to decline by 29.7%. Our accurate reports will aid in offering detailed information about the current condition of this industry.
How Did We Develop This Report?
Our analysts have conducted both qualitative and quantitative techniques, as well as a blend of primary and secondary sources to collect information. They have taken data from paid databases, press releases, company journals, and other sources to provide a complete picture of the market for food wrapping papers. To derive information about the competitive landscape, such as collaborations, joint ventures, acquisitions, mergers, partnerships, and acquisitions, they have conducted thorough interviews with prominent figures.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/hearing-aids-market-101573
Higher Noise Exposure to Boost Growth
The rising cases of hearing loss in industrialized countries are set to accelerate the global hearing aids market growth in the near future. The World Health Organization (WHO) declared that by 2050, the number of people living with disabling hearing loss will reach over 900 million. Apart from that, physiological aging of the ear, genetic susceptibility, higher noise exposure, vascular disorder, and chronic inflammation would also contribute to the surging demand for these aids. However, the social stigma associated with hearing loss and devices often results in patients missing their check-ups. It may hamper growth.
Hearing Devices Segment to Lead Stoked by Rising Usage of Behind-the-ear Devices
Based on product, the hearing devices segment is set to hold the largest hearing aids market share and lead in the coming years. This growth is attributable to the rising usage of behind-the-ear devices as they resemble Bluetooth earphones. Also, invisible-in-the-canal and completely in the canal devices are nowadays experiencing high demand because of their ability to provide more confidence in people.
Increasing Development of Novel Devices to Spur Growth in Europe
In 2020, North America procured USD 2.48 billion in terms of revenue. The increasing adoption of less noticeable devices to surge the aesthetic appeal would aid growth. Europe is projected to witness lucrative growth throughout the forthcoming years on account of the rising research and development activities to create advanced hearing aids. In Asia Pacific, the increasing old age population is expected to drive growth.
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Key Players Focus on Launching Unique Hearing Aids to Fulfill Unmet Needs
The global market houses several manufacturers that are mainly aiming to fulfill the unmet demand from people across the globe. To do so, they are developing novel products equipped with innovative technologies for more comfort. Below are the two latest industry developments:
August 2020: GN Hearing launched a revolutionary new hearing aid named ReSound ONE. It has an additional microphone that can be placed inside the ear canal, enabling people to rely on these aids, while gaining the comfort of an open-fit device.
April 2020: Phonak unveiled a new telehealth technology that contains a suit of Phonak eSolutions featuring real-time remote hearing aid fine-tuning, programming, and fitting. It also includes online hearing testing to help patients receive care amid COVID-19.
A list of all the renowned manufacturers operating in the global market:
Sonovo (Stafa, Switzerland)
Demant A/S (Denmark)
GN Store Nord A/S (Ballerup, Denmark)
WS Audiology (Denmark)
Starkey (Minnesota, U.S.)
MED-EL (Medical Electronics) (Innsbruck, Austria)
Cochlear Ltd (Sydney, Australia)
RION Co., Ltd. (Tokyo, Japan)
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Table Of Contents :
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Prevalence of Hearing loss, By Key Country
Technological Advancement Sin Hearing Aids Market
New Product Launches
Key Industry Developments (Mergers, Acquisitions, and Partnerships)
Impact of COVID-19 Pandemic
Global Hearing Aids Market Analysis, Insights and Forecast, 2017-2028
Key Findings / Summary
Market Analysis, Insights and Forecast – By Product
Hearing Devices
BTE ( Behind the Ear)
ITE (In the Ear)
RIC (Receiver in the Canal)
CIC (Completely in the Canal)
Others (Invisible in the Canal, etc.)
Hearing Implants
Cochlear Implants
Bone Anchored Implants
Market Analysis, Insights and Forecast – By Patient Type
Adults
Pediatrics
Market Analysis, Insights and Forecast – By Distribution Channel
OTC (Over the Counter)
Medical Channel/ Hospitals Pharmacies
Private Practice/ Retail Pharmacies
Market Analysis, Insights and Forecast – By Region
North America
Europe
Asia Pacific
Rest of the World
North America Hearing Aids Market Analysis, Insights and Forecast, 2017-2028
Key Findings / Summary
Market Analysis – By Product
Hearing Devices
BTE ( Behind the Ear)
ITE (In the Ear)
RIC (Receiver in the Canal)
CIC (Completely in the Canal)
Others (Invisible in the Canal, etc.)
Hearing Implants
Cochlear Implants
Bone Anchored Implants
Market Analysis – By Patient Type
Adults
Pediatrics
Market Analysis – By Distribution Channel
OTC (Over the Counter)
Medical Channel/ Hospitals Pharmacies
Private Practice/ Retail Pharmacies
Europe Hearing Aids Market Analysis, Insights and Forecast, 2017-2028
Key Findings / Summary
Market Analysis – By Product
Hearing Devices
BTE ( Behind the Ear)
ITE (In the Ear)
RIC (Receiver in the Canal)
CIC (Completely in the Canal)
Others (Invisible in the Canal, etc.)
Hearing Implants
Cochlear Implants
Bone Anchored Implants
Market Analysis – By Patient Type
Adults
Pediatrics
Market Analysis – By Distribution Channel
OTC (Over the Counter)
Medical Channel/ Hospitals Pharmacies
Market Analysis – By Country
U.S.
Canada
Private Practice/ Retail Pharmacies
Asia Pacific Hearing Aids Market Analysis, Insights and Forecast, 2017-2028
Key Findings / Summary
Market Analysis – By Product
Hearing Devices
BTE ( Behind the Ear)
ITE (In the Ear)
RIC (Receiver in the Canal)
CIC (Completely in the Canal)
Others (Invisible in the Canal, etc.)
Hearing Implants
Cochlear Implants
Bone Anchored Implants
Market Analysis – By Patient Type
Adults
Pediatrics
Market Analysis – By Distribution Channel
OTC (Over the Counter)
Medical Channel/ Hospitals Pharmacies
Market Analysis – By Country/Sub-region
U.K.
Germany
France
Spain
Italy
Scandinavia
Rest of Europe
Private Practice/ Retail Pharmacies
Market Analysis – By Country/Sub-region
Japan
China
India
Australia
Southeast Asia
Rest of Asia Pacific
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