Hearing-Aid Devices Market to grow at CAGR of 5.49% during the Forecast Period
Increasing awareness about hearing-aid devices for the impaired hearing loss to drive the global hearing-aid devices market toward a steady growth.
According to TechSci Research report, “Global Hearing-Aid Devices Market By Type (Hearing Aid Devices v/s Hearing Implants) By Type of Hearing Loss (Sensorineural v/s Conductive) By Product Type (Wired v/s Wireless) By Technology Type (Digital v/s Analog) By Patient Type (Adult v/s Pediatric) By Distribution Channel (Online v/s Offline) By Region, Competition Forecast & Opportunities, 2026”, stood at USD15.86 billion in value terms in 2020 and is forecast to grow at CAGR of 5.49% to reach USD21.61 billion by 2026. Governments across the globe are inclined towards early screening and identification of deafness and hearing impairment raising concerns toward ontological issues among the population worldwide. General healthcare services in association with the government of developing and developed countries are highlighting the privatization, and emerging healthcare infrastructure, the industry is experiencing rapid development, that can be termed as a major factor that drives the market toward its expected growth in the forecast years. Common population is being educated about the issues and the treatment plans thus driving them to opt for healing and implants. However, high cost of hearing-aid devices can hamper the market growth over the next few years.
First quarter of 2020, saw a severe lockdown worldwide, owing to the onset of pandemic, COVID-19. Economies were heavily affected and healthcare industry itself was impacted majorly. With number of patients requiring urgent attention increased, many hospitals ran out of resources in the meantime. This negatively affected the medical device sector. Many major players in the market reported a slow sale pace but the market has now recovered the setback and is promising a decent growth in the upcoming years.
Browse over 195 market data Figures spread through 110 Pages and an in-depth TOC on “Global Hearing-aid devices Market”
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The global hearing-aid devices market is categorized by type, type of hearing loss, product type, technology type, patient type, distribution channel, and regional distribution. Based on patient type the market offers products for adults as well as pediatric patients. Adult patient segment is dominating the market in the historical years and is expected to dominate in future five-years span too. With the increasing number of geriatric population and awareness among the adult population about the availability of the aids and implants the market is expected to approve its dominance and growth. Additionally, the prevalence of hearing loss is more common among the adults as compared to pediatrics, accordingly to WHO reports, globally more than 1.5 billion people experience some decline in their hearing capacity during their life course, of whom at least 430 million will require care. If it remains unaddressed, hearing loss may have serious effects, impacting language growth, psychosocial well-being, quality of life, educational achievement, and economic independence at different stages of life. Along with that, pediatric population with sensorineural hearing loss is also rapidly increasing. Efficiency of these implants and aids are highly supported for the cause and are being readily accepted by consumers, thus influencing the market growth, positively.
Based on regional distribution of the market, North America region is expected to dominate the market in 2020 with a share of 37.45%. This can be ascribed to the growing sales volume of the hearing-aid devices in the region. Additionally, increasing investments and new product launches by major market players in the region is further expected to support the regional growth. Additionally, in August 2017, the then president of United States signed Over the Counter (OTC) Hearing Aids Act which is aimed at increasing the adoption of these devices amongst patients without the need of prescription of healthcare practitioners. The introduction of this act is expected to positively reinforce growth in the U.S., which is a prominent region in the global hearing-aid devices market.
Some of the major competitors in the market are Sonova Holding AG, Demant A/S, GN Store Nord A/S, Cochlear Limited, Starkey Hearing Technologies, Medtronic Plc., RION CO., LTD., WS Audiology A/S, Amplifon SpA, Eargo Inc. The companies are focussing on extensive research and developments activities to stay competitive in the market. Other competitive strategies include formation of alliances and partnerships.
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“Consumer is inclined toward aesthetically appealing and less noticeable devices. New product launches that provide a look of headphones are much more preferred. Advanced technology coupled with aesthetic appearance of the aid will provide a better opportunity for new players in the market. said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Global Hearing-Aid Devices Market By Type (Hearing Aid Devices v/s Hearing Implants) By Type of Hearing Loss (Sensorineural v/s Conductive) By Product Type (Wired v/s Wireless) By Technology Type (Digital v/s Analog) By Patient Type (Adult v/s Pediatric) By Distribution Channel (Online v/s Offline) By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of Global Hearing-aid devices and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Hearing-aid devices.
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