Northbrook, IL 60062 -- (SBWIRE) -- 05/22/2023 -- The 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%.

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Driver: Increased focus on nanotechnology and regenerative medicine

Nanotechnology is the science and technology of functional systems at the molecular scale. It is a multidisciplinary field covering a vast array of scientific fields, such as chemistry, biology, physics, materials science, and engineering. Structural characterization is an essential step in nanomaterial research, in which microscopes are extensively used. Since nanostructures are too small to be visualised with conventional optical microscopes, advanced microscopes and tools are preferred that adequately characterise their structure and surface in detail at the molecular and atomic levels. Hence, the application of microscopy has increased in nanotechnology. Microscopes are also widely used in regenerative medicine research. Regenerative medicine includes the generation and use of therapeutic stem cells, skin cells, and tissues, along with tissue engineering, for the production of functional organs. The regenerative medicine industry has been witnessing rapid growth in the past few years.

Opportunity: Increasing application areas of microscopy

Recent advances in microscopy techniques have opened new avenues for microscopes to be used in optogenetics, nanophotonics, photochemical catalysis, and the fabrication of superhydrophobics. Optogenetics is a neuromodulation technique that uses light as a stimulus to control and monitor the activities of individual neurons in living tissue. A recent application of optogenetics in combination with microscopy is in research on layers of cultivated excitable cells to understand the general biology of action, potential generation, axonal signal transmission, and synaptic activities. These emerging application areas of microscopy are expected to offer significant growth opportunities to market players in the coming years.

Restraint: High cost of advanced microscopes and software subscriptions

Owing to technological advancements, there has been a shift in the usage patterns of microscopes. Conventional microscopes are gradually losing popularity to high-end microscopes such as electron microscopes, scanning probe microscopes, and digital microscopes due to their advanced features, higher resolution, and magnification power. However, these microscopes cost between USD 25,000 and USD 2 million, which is a major factor limiting their adoption in hospitals, pathology laboratories, and small-scale industries.

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The hearing aid devices segment accounted for the largest share of the hearing aids market, by product segment.

On the basis of product, the hearing aids market is segmented into hearing aid devices and hearing implants. The increasing technological advancements in hearing aid devices is expected to propel market growth of hearing aid devices segment.

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.

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Recent Developments:

- In July 2021, Carl Zeiss introduced the ZEISS DeepRecon Pro and ZEISS PhaseEvolve reconstruction technologies in the ZEISS Xradia 3D X-ray platforms. These technologies will use AI to improve data collection and analysis, which, in turn, will speed up decision-making

- In June 2021, Danaher Corporation launched the Leica Nano workflow, a new live-cell correlative light and electron microscopy (CLEM) workflow solution designed to increase experimental success rates, improve reproducibility, and simplify light and electron microscopy (EM) integration

- In April 2019, Zeiss acquired GOM GmbH (Germany), a leading provider of hardware and software for automated 3D coordinate measuring technology.