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 size 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.
Market Segmentation
The global hearing aids market 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.
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
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, 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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