The surging caseload of hearing loss, the growing geriatric populace, and the increasing initiatives of the government bodies for enhancing the quality of life of hearing-impaired people are major Hearing Aids market drivers.
Vancouver, BC -- (SBWIRE) -- 12/16/2020 -- The global Hearing Aids Market is presumed to be worth USD 8,967.7 Million by 2027, according to the latest research by Emergen Research. The soaring application of receiver-in-the-ear, in-the-ear, behind-the-ear, and cochlear implants, among others, in pediatric patients and adults is the significant market driving factor. The technological advancements and the emergence of innovative hearing aids are further anticipated to bolster the demand for hearing aids, thereby propelling market growth. For instance, Starkey's technology automatically sends alerts to emergency contacts to notify them about the fall and the hearing-impaired individuals' accurate location. In addition to this, there are several technologies that are capable of predicting the onset of a fall and generate sound alerts to indicate the same.
The increasing geriatric populace is one of the major factors propelling the expansion of the hearing aids market. Older adults are more susceptible to hearing loss and various other health complications due to the alterations in the inner ear and auditory nerve associated with aging. This is anticipated to further boost the growth of the industry over the projected timeline. However, the higher costs associated with hearing aids and implants are anticipated to restrain the market's growth over the coming years.
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Key Highlights from the Report:
- Canal hearing aids segment is anticipated to record a substantial growth throughout the projected timeline, registering a CAGR of 7.8%. The rapid growth can be credited to the advantage of canal hearing aids in reducing the occlusion effect and preventing the listeners from being overwhelmed with the feedback.
- The sensorineural hearing loss segment contributed to a massive market share in 2019 and is anticipated to continue its dominance throughout the forecast timeframe. This can be credited to the rising prevalence of sensorineural hearing loss among adults. Sensorineural hearing loss occurs after trauma to the inner ear and may cause hearing difficulty, even for soft sounds.
- The pediatrics segment is presumed to expand at a CAGR of 4.6% through the projected timeframe. This is because sound amplification augments the growth of the auditory center and enhances critical learning in children.
- Europe commanded the market growth during the projected timeline and is forecasted to grow at a CAGR of 5.8% in the projected years. This can be attributed to the rising geriatric populace and the rising prevalence of hearing loss.
- Major market players in the industry are Starkey, Benson Hearing, Phonak, Medtronic, Sivantos Pte. Ltd., GN Store Nord A/S, MED-EL, Widex USA Inc., Rion, and William Demat Holding A/S, among others.
- Phonak, in January 2020, unveiled the Naida Marvel (M), which is a multifunctional and fully connected hearing aid to treat patients with severe-to-extreme hearing impairment. The hearing aid can be directly paired with Bluetooth devices like tablets, smartphones, smart TVs, and PCs.
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For the purpose of this report, Emergen Research has segregated the market on the basis of type, hearing loss, application, distribution channel, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Canal Hearing Aids
- In-the-ear Hearing Aids
- Receiver in-the-ear Hearing Aids
- Behind-the-ear Hearing Aids
Hearing Loss Outlook (Revenue, USD Billion; 2017-2027)
- Sensorineural Hearing Loss
- Conductive Hearing Loss
Application Outlook (Revenue, USD Billion; 2017-2027)
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
o Rest of Europe
- Asia Pacific
o South Korea
o Rest of APAC
- Latin America
o Rest of Latin America
- Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of MEA
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