Hearing aids are small electronic devices that help to manage an individual with hearing loss that cannot be treated medically or surgically. Hearing aid consist of three main parts, that are microphone to pick up the sound, amplifier to make the sound louder, and receiver or speaker to deliver the sound in ear. Hearing aids offer various features such as noise management to improve listening comfort in noisy situations, telephone programs to access sound from phones and other sound sources, and directional microphones to enhance speech understanding in noise.
The first five-year cumulative revenue (2017–2021) is projected to be US$ 42,081.6 Mn, which is expected to increase rather significantly over the latter part of the five-year forecast period. According to report, the hearing aids market is projected to reach a value of over US$ 11,747.0 Mn in 2026 at a CAGR of 4.8% over the forecast period.
Major factor driving growth of the global hearing aids market is increasing prevalence of hearing loss among individual across the globe. In addition, increasing geriatric population with hearing impairment problems and technological advancement in hearing aid devices are other factors expected to fuel growth of the global market over the forecast period.
High production cost is a key factor restraining growth of the global hearing aids market. In addition, lack of awareness about hearing aid devices available in the market is another factor expected to hamper growth of the global market over the forecast period.
The global hearing aids market is segmented on the basis of product type, technology, distribution channel, and region. Among the product type segments, behind the ear hearing aids segment is expected to register highest share in terms of revenue in the global market over the forecast period. On the basis of region, the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Global hearing aids market segmentation, by product type:
• Behind the Ear Hearing Aids
• Receiver in the Ear Hearing Aids
• In the Ear Hearing Aids
• Completely in the Ear Hearing Aids
• In the Canal Hearing Aids
Global hearing aids market segmentation, by technology:
• Digital Hearing Aid
• Conventional Hearing Aid
Global hearing aids market segmentation, by distribution channel:
• Audiology Clinics
• ENT Clinics
• Online Stores
Global hearing aids market segmentation, by region:
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
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North America market accounted for highest share in terms of revenue in the global market, as compared to that of markets in other regions. This can be attributed to increasing incidence of hearing loss and presence of prominent market players in countries in the region. The market in Asia Pacific is expected to register highest CAGR over the forecast period, owing to increasing disposable income coupled with rising adoption of hearing aid devices in emerging economies such as China, Japan, and India.
In 2016, Europe accounted for the second largest revenue share contribution to the global hearing aids market followed by markets in Asia Pacific, Latin America, and Middle east & Africa respectively. Rising number of individuals that experience hearing difficulties and increasing adoption of hearing aids are key factors fueling growth of the Europe hearing aids market currently. Moreover, increasing demand for cost-effective and innovative hearing aids, and increasing government initiative for quality improvement of hearing aid products in countries in the region are other factors expected to contribute growth of the Europe hearing aids market over the forecast period.
Prominent players in the global hearing aids market include Sivantos Pte. Ltd., Sonova Holding AG, Cochlear Ltd., SeboTek Hearing Systems, LLC, Zounds Hearing Inc., William Demant Holding A/S, GN Store Nord A/S, MED-EL, Starkey Hearing Technologies, Inc., and Widex A/S.