- Canal Hearing Aids (CHA)
- Receiver in the Ear (RITE)
- In the Ear (ITE)
- Behind the Ear (BTE)
- Other Hearing Aid Devices
Global Hearing Aids Market size was valued at USD 6890 Million in the year 2020 and is anticipated to value at USD 10707 Million till 2027 witnessing a CAGR rate of 6.5% during the forecast period 2021-2027. owing to increasing prevalence of hearing loss coupled with rising geriatric population are the major factors that are driving the growth of the hearing aids market. For instance, approximately 15% of American adults (37.5 Mn) aged 18 and over report some trouble hearing and more than 90 percent of deaf children are born to hearing parents. Moreover, increasing trend for customized implants and rapid advancements in technology in hearing aids fuels the growth of the market over the forecast period. However, high cost of hearing aids devices and availability of product substitutes may hinder the growth of the market. The report gives comprehensive outlook on hearing aids across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report on gives historical, current, and future market sizes (US$ Mn) on the basis of product type, type of hearing loss, technology, patient type, distribution channel, and region. This report studies market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, the report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed the market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the global hearing aids market report include suppliers, manufacturers, marketers, policy makers, and healthcare service providers engaged in global hearing aids products.Global hearing aids market is surging owing to product launchings by the market players and strategic collaborations among them to strengthen their position in the market. For instance, in March 2019, Semtech Corporation and Sonova, a developer of hearing care solutions, announced a jointly developed advanced radio system. The ultra-small integrated circuit (IC) is said to be a main component for a new generation of hearing aids, enabling support for multiple radio protocols in the 2.4GHz band, as well as effective operation on very low power, according to the announcement.
Fastest Growing Market
Disabling hearing loss refers to hearing loss greater than 40 decibels (dB) in the better hearing ear in adults and a hearing loss greater than 30 dB in the better hearing ear in children. The majority of people with disabling hearing loss live in low- and middle-income countries. Approximately, one third of people over 65 years of age are affected by disabling hearing loss. The prevalence in this age group is greatest in South Asia, Asia Pacific, and Sub-Saharan Africa. The prevalence of hearing loss is increasing year over year. For instance, according to WHO, over 5% of the worldâ€™s population or 466 million people has disabling hear loss and it is estimated that by 2050 over 900 million people or one in every ten people will have disabling hear loss. The rising prevalence of hear loss is the major factor that drives the growth of the market.
2021 is the base year and 2028 is the forecast year.
The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).
In our report, we provide 12-15 market players’ information into the report. However, based on the client’s request we will provide additional country and regional market players information as well.