Market Insights
A hearing aid refers to an electronic device that
amplifies sound so that a person with hearing loss can listen and communicate
in day-to-day activities. The three basic elements of a hearing aid are a
speaker, a microphone, and an amplifier.
The global hearing
aids market share is projected to grow USD 15.32
billion by 2030 and set to attain a CAGR of 8% during the forecast period
2022-2030.
The global hearing aids market is driven by
various factors such as increasing incidence of hearing loss, raising awareness
about hearing loss treatment, increasing geriatric population, and the launch
of new products. However, the truncated penetration of hearing aids and the
rise in product recalls are likely to limit the progress of the global hearing
aids market.
The global hearing aids market is presently
influenced by several market players. The key players are involved in strategic
collaborations and product launches to sustain their market positions.
Key Players
The hearing aids market players with their product
and services include Audina Hearing Instruments, Inc., GN Store Nord A/S,
SeboTek Hearing Systems, LLC, Arphi Electronics Private Limited, Cochlear Ltd,
Microson, Starkey, Sonova, Sivantos Pte. Ltd., Demant A/S, WIDEX INDIA PRIVATE
LIMITED, Zounds Hearing. Manufacturers are aggressively working on the
development of high-tech, customized, and aesthetically appealing hearing aids
to make the devices user-friendly. New entrants launching their product
portfolios and emerging trend of acquisition and mergers is
Market Segmentation
The global hearing
aids market outlook is broadly divided based on the product,
product type, technology, hearing loss, and distribution channel.
The global market, based on the product, has been segregated
into implants devices, and accessories. The implant segment is the
fastest-growing segment.
The global hearing aids market has been bifurcated,
on the basis of product type, into wireless and wired. Wireless is the
fastest-growing segment due to technological advancements and product launches.
The type segments of the hearing aids market are
classified into conductive, sensorineural, and others. The growth of the
segment is owing to the high prevalence of hearing loss.
On the basis of technology, the global market is diversified
into analog hearing aids and digital hearing aids. The digital hearing aids
segment is anticipated to be both, the fastest-growing segment and the largest
shareholder owing to its advantages over analog counterparts.
Based on the distribution channel segment, the
global market is classified into e-commerce and retail stores and others. The
e-commerce segment is anticipated to be the fastest-growing segment due to ease
of access to products for customers.
Regional Outlook
Region-wise, Europe dominates the global market
owing to sophisticated healthcare infrastructure and increased cases of hearing
loss. The growing geriatric population in countries such as France, Germany,
and the UK are predicted to spur the market in the region.
The Americas, standing at a second position in the
global hearing aids market insights, is expected to show a noteworthy growth
and sustain its momentum during the forecast period. The growth is attributed
to rising healthcare expenditure.
Asia Pacific region is anticipated to become a rapidly
developing market owing to rising numbers of hearing disorders and availability
of hearing aids at affordable prices.
Moreover, limited penetration of hearing aids and
lack of specialized healthcare facilities in the Middle East and Africa region
is anticipated to show moderate growth trends in the region.
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