Hearing Aids Market Size is Worth USD 8,967.7 Million by 202
- The government's support for improving the life of hearing-impaired individuals is one of the significant factors influencing the market growth.
- Market Size – USD 5,480.1 Million in 2019, Market Growth - CAGR of 6.3%, Market Trends –Rising geriatric population
VANCOUVER, BC, Sept. 24, 2020 /PRNewswire/ - The Global Hearing Aids Market is expected to reach USD 8,967.7 Million by 2027, according to a new report by Emergen Research. The hearing aids market is experiencing a rapid growth attributable to the increasing application of behind-the-ear, receiver in-the-ear, in-the-ear, and canal hearing aids, as well as cochlear implants, among others, in adults and pediatrics. Innovative technological developments in hearing aids are crucial to fuel market demand. For instance, hearing-impaired individuals are considered to be 300.0% more prone to falling, and the technology, developed by Starkey, on the occurrence of a fall would automatically send alerts to three emergency contact notifying them about the fall, as well the precise location of the hearing-impaired individual. Besides, there are technologies that can detect and generate sound alerts to indicate that the person is on the verge of falling.
Rise in the geriatric population is one of the significant factors influencing the market growth. It has been estimated that by 2050, approximately 16.0% of the global population will be aged more than 65 years, which would be a five-fold increase since 1950. Elderly people suffer from various complications, including hearing loss. Hearing loss in geriatric people may occur due to various factors, but generally, it occurs from changes in the auditory nerve and inner ear with aging. Besides, medications and certain healthcare issues may also trigger the condition.
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Key Highlights From The Report
- By type, canal hearing aids are estimated to witness the fastest growth rate of 7.8% in the forecast period. Canal hearing aids have a less likely chance to overwhelm listeners with feedback, and blocking of the ear canal is less of a problem, thus mitigating the occlusion effect.
- By hearing loss, sensorineural hearing loss held a substantial market share in 2019. Sensorineural hearing loss (SNHL) occurs post damage to the inner ear. It may also occur owing to nerve pathways problems from the inner ear to the brain. SNHL may cause difficulty in the hearing of soft sound and even louder sounds.
- By application, pediatrics are estimated to observe a CAGR of 4.6% in the forecast period, as the amplification of sound stimulates and promotes the growth of the brain's auditory centers, thereby assisting in a child's critical learning.
- Europe, in terms of revenue, held the largest hearing aid market share in 2019 and is likely to grow at a CAGR of 5.8% in the forecast period. The market dominance of the region is owing to the growing geriatric population and increasing occurrences of hearing loss.
- Key participants include Benson Hearing, Starkey, Medtronic, Sivantos Pte. Ltd., MED_EL, WIDEX USA Inc., GN Store Nord A/S, Phonak, William Demat Holding A/S, and Rion, among others.
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Emergen Research has segmented the Global Hearing Aids Market on the basis of type, hearing loss, application, distribution channel, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Behind-the-ear Hearing Aids
- Receiver in-the-ear Hearing Aids
- In-the-ear Hearing Aids
- Canal 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)
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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