According to the new market research report "Hearing Aids Market by Product Type [Aids (Receiver,Behind the Ear, In the Canal, In the Ear Aids), Implants (Cochlear, Bone-anchored)], Type of Hearing Loss (Sensorineural, Conductive), Patient Type (Adults, Pediatrics), Region - Global Forecast to 2026", the global Hearing Aids Market is projected to reach USD 10.2 billion by 2026 from USD 7.5 billion in 2021, at a CAGR of 6.4%.
Technologically advanced hearing aids that offer a better quality of hearing, improved sound processing, and wireless options are in high demand. Currently, various hearing aid companies are investing heavily in R&D to develop advanced hearing aids with improved performance and efficiency.
The competitive surgical procedure costs (including for ENT procedures involving the implantation of cochlear implants) offered by prominent healthcare facilities are a key factor driving the medical tourism sector in developing countries.
Thus, the growth in the medical tourism sector, coupled with rising healthcare expenditure and improving healthcare infrastructure, is expected to drive the demand for hearing aids across emerging markets during the forecast period.
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Extensive research and development activities are required to develop technologically advanced hearing aids.
This results in a significant increase in the cost of manufacturing and the end price for customers. This makes associated surgical interventional procedures and diagnostic tests correspondingly expensive for patients. Therefore, due to high pricing, high maintenance costs, and expensive surgical procedures, the adoption of such hearing aids is impacted.
Browse in-depth TOC on "Hearing Aids Market"
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The hearing aid devices segment accounted for the largest share of the hearing aids market, by product segment, in 2020
Based on product, the hearing aids market is segmented into hearing aid devices and hearing implants. The hearing aid devices segment accounted for the largest share of the hearing aids market in 2020. Increasing company initiatives to launch novel hearing aids are an important factor driving the growth of this market segment.
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Europe accounted for the largest share of the hearing aids market in 2020
The global hearing aids market is segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, Europe accounted for the largest share of the hearing aids market. The large share of this region can be attributed to the growth in the healthcare expenditure, the increasing incidence of hearing loss, and the rising R&D expenditure.
Several countries are facing a shortage of skilled professionals who are capable of effectively performing ENT procedures. Underdeveloped countries and regions face this problem on a much wider scale. The dearth of skilled ENT surgeons in these countries is expected to limit the number of ENT procedures performed per year, including cochlear implantation, despite the presence of a large target patient population. This is a major challenge for the growth of the hearing aid market.
The major players operating in this market are Sonova Group (Switzerland), Demant A/S (Denmark), GN Store Nord A/S (Denmark), Cochlear Ltd. (Australia), RION Co., Ltd. (Japan), Starkey (US), Nurotron Biotechnology Co., Ltd. (China), MED-EL (Austria), Audina Hearing Instruments, Inc. (US), Elkon Pvt. Ltd. (India), WS Audiology A/S (Denmark), Eargo, Inc. (US), Horentek (Italy), ZOUNDS Hearing Inc. (US), SeboTek Hearing Systems, LLC. (US), Arphi Electronics Private Limited (India), IN4 Technology Corporation (China), BHM-Tech Produktionsgesellschaft mbH (Austria), Nano Hearing Aids (US), LORECa s.r.o. (Turkey), Earlens Corporation (US), Austar Hearing Science and Technology (Xiamen) Co., Ltd. (China), Lively Hearing Corporation (US), audifon GmbH & Co. KG (Germany), and Foshan Vohom Technology Co., Ltd. (China).
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