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 solutions 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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