How the Hearing Aids Market is Expected to Reach $10.2 Billion by...

How the Hearing Aids Market is Expected to Reach $10.2 Billion by 2026

Posted 2023-05-18 12:51:17

According to market research report, "Hearing Aids Market Size, Growth 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 is projected to reach USD 10.2 billion by 2026, at a CAGR of 6.4%.

The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market.

Growth of this market is driven by the rising geriatric population, the growing prevalence of hearing loss, and the rising incidence of noise-induced hearing loss. Hearing aids, which are designed to amplify sound, are widely used to help restore hearing in people who have sensorineural hearing loss.

Moreover, technological advancements in hearing aids, such as digital hearing aids, have enabled better sound amplification and improved the user experience. This is further projected to drive the market's growth over the forecast period.

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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.

Sensorineural hearing loss segment accounted for the largest share of the hearing aids market, by type of hearing loss segment.

On the basis of type of hearing loss, the hearing aids market is segmented into sensorineural hearing loss and conductive hearing loss. The large share of sensorineural hearing loss segment can be attributed to the high incidence and prevalence of sensorineural hearing loss condition. Approximately 23% of hearing-impaired individuals aged above 65 years suffer from sensorineural hearing loss (SNHL) globally (Source: Timothy C. Hain, Sensorineural Hearing Loss Article, 2021). According to the American Academy of Audiology (2020), it is estimated that the annual incidence of sudden sensorineural hearing loss is 1 in 5,000 people or about 4,000 new cases per year in the US. The condition most commonly affects people aged between 30 and 60 years. The higher susceptibility of the elderly population to sensorineural hearing loss makes geriatrics a key segment of the overall patient pool.

The adult patients segment accounted for the largest share of the hearing aids market, by patient type segment.

Based on patient type, the hearing aids market is segmented into adults and pediatrics. The adult patients segment accounted for the largest share of the hearing aids market. The growing incidence of hearing loss among the adult population is driving this segments growth.

Europe is the largest regional market for hearing aids market

The global hearing aids market is segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. Europe accounted for the largest share of the hearing aids market. The rising geriatric population and the subsequent increase in the prevalence of hearing loss are the key factors driving the adoption of hearing aids in the region. The growth in the healthcare expenditure in the region is expected to result in the higher adoption of advanced hearing aids.

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).