Hearing Aids Market is projected to exhibit a significant growth during 2021-2027. Due to the increasing prevalence of hearing disorders & hearing loss, the rising aging population, technological developments in hearing care devices like wireless devices. Growing noise pollution throughout the world has also a significant impact on the hearing abilities of people.
Noise emission in heavy-duty industries, as well as public carnivals, is expected to damage the hearing capacity of adults, thereby resulting in an increase in the demand for hearing aids devices. Today, hearing disabilities among infants and war veterans are one of the biggest concerns in the healthcare sector.
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Thus, there is a requisite for improved hearing aid devices since several remain untreated, especially among infants, which can further lead to speaking impairment and psychological disabilities among them. Furthermore, technological developments related to the products that combine cochlear implants, and hearing aid technology to overcome the high-frequency hearing loss in patients, are also found creating new opportunities for the players in the global hearing aids market.
Among products, Behind the Ear Hearing Aids segment holds the largest market share of the hearing aids market during the forecast period
On the basis of product, the hearing aids market is segmented into Behind the Ear, Receiver in the Ear, In the Ear, Canal Hearing Aids, and Others. Behind the Ear Hearing Aids dominates the entire hearing aids market during the forecast period due to the advantages associated with it like its high efficiency, better connectivity, and ease of use. Penetration of the internet is helping the development of e-commerce websites that sell hearing devices to end-users. The hearing aids market is witnessing a surge in demand for the products through on-line websites. The canal aids segment is estimated to be the fastest growing product segment.
The COVID-19 pandemic in 2019 engulfed the world. It caused a worldwide halt. The entire global economy was affected. In addition, many people have also lost their lives. Around 252,297,094 cases and 5,091,465 deaths have been reported worldwide so far for COVID-19. The pandemic spread to almost every country in the world. In most industries, the pandemic resulted in some form of loss. As a result of the pandemic, the Hearing Aids Market also experienced a slowdown. Statista estimates that the Hearing Aids Market total worldwide revenue stood at approximately US$ 3.94 trillion in 2019. In 2014, the Hearing Aids Market generated revenues of US$ 5.4 trillion at a record high.
The degree of competition among prominent global companies has been developed by analyzing several leading competitors operating globally. In addition, specialist analysts examine various aspects of the Hearing Aids Market, including market competition, market share, the most recent advancements in the industry, innovative product launches, partnerships, mergers, and acquisitions by leading companies.
Europe accounts for the lion’s share of the global hearing aids market during the forecast period
Geographically, the hearing aids market is analyzed across North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe is the leading region of overall hearing aids market due to the increasing geriatric population base, the growing prevalence of hearing loss, and high purchasing power of the patients. North America is the second leading region during the forecast period. Asia-Pacific region is projected to experience the fastest growth rate over the forecast period. Factors like high noise pollution levels, an upsurge in the aging population, and increasing healthcare infrastructure.
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Global Hearing Aids Market: Competitive Landscape
Companies such as Sonova, William Demant, GN Store Nord, Cochlear, Starkey, Widex, MED-EL, SeboTek Hearing Systems, Audina Hearing Instruments, RION, Horentek, Microson, Benson Hearing, ReSound, Siemens Healthcare GmbH, Widex A/S and Arphi Electronics are the leading players of hearing aids market across the globe.
The in-depth analysis of the report provides the growth potential, upcoming trends and statistics of global hearing aids market size & forecast. The report promises to provide state-of-the-art technology of hearing aids and industry insights which help decision makers to take sound strategic decisions. Furthermore, the report also analyzes the market drivers and challenges and competitive analysis of the market.
What are the key findings of the report?
This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
The report offers the current state of the market and future prospects for various geographical regions.
This report provides both qualitative and quantitative information about the competitive landscape of the market.
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