|Status : Published||Published On : Aug, 2021||Report Code : VRHC1202||Industry : Healthcare||Available Format :||Page : 123|
From USD 5.6 billion in 2020, the global hearing aids market is predicted to grow to USD 6.6 billion by 2027, registering a CAGR of 6.1% during the forecast period (2021–2027). Main growth factors for the global hearing aids market is growing prevalence of hearing loss due to increasing aged population, rising adoption of these devices, driven by technological advancements, and improving healthcare infrastructure across the globe.
Behind-the-ear hearing aids and receiver-in-the-ear hearing aids are the product types mostly adopted globally. In the present time local governments in both developed and developing countries are focusing on early screening of deafness and provision of hearing aids to people. Due to good financial status and increased awareness about health among people are also playing a significant role in the rising demand for hearing aids devices market.
Insight by Product
Based on product, the global hearing aids market is categorized into four types receiver-in-the-ear, behind-the-ear, in-the-ear, and in-the-canal hearing aids. Among these segments, behind-the-ear is having the largest market share across the globe in 2020. Largest share of the category is attributed to their easy configuration, wireless connectivity, high sound amplification, and large batteries.
Furthermore, behind-the-ear gear’s are easy to use & clean and are more preferred by the younger population as they can fit into various ear shapes. However, due to technological advancements, new products such as the mini behind-the-ear gear’s are developed, which are comfortable and smaller in size, that provide more efficiency and comfort. Due to above-mentioned factors are responsible for the increasing growth of these behind-the-ear gear’s in the hearing aids market globally.
The market for in-the-canal hearing aids is anticipated to witness the fastest growth during the forecast period as these devices are discreet reduces external voices significantly, extremely, and extremely popular among young adults.
Insight by Patient
On the basis of patient, the global hearing aids market is bifurcated into adult, and pediatric. Between these, the demand for hearing aids is larger for adults in 2020. The hearing aids market for adults is primarily driven by the increasing geriatric population with hear loss problems. However, the market growth for hearing aids is higher for pediatrics due to the increasing prevalence of hearing loss among pediatrics.
Insight by Sales Channel
On the basis of sales channel, the global hearing aids market is categorized into retail, e-commerce, and others. Of all, the categories, retail segment held the largest market share in the global hearing aids market in 2020. This is attributed to the large and diverse network of retailers and consumer confidence over product quality among retailers. The sales of hearing aids through e-commerce is expected to witness the highest growth during the forecast period as different companies are leveraging e-commerce platforms for market penetration, and also trying to reduce the cost and make profit margin by selling products directly from their own websites.
The major factors driving the growth of the global hearing aids market are technological advancements, increasing hearing loss prevalence, increasing geriatric population, and improving healthcare expenditure. Different companies are investing in technological advancements for hearing aids thus fueling the growth of the market. Wireless connectivity, smartphone integration, unique and comfortable designs, and usage of artificial intelligence are some of the key advancements witnessed in the hearing aids market.
For instance, The Livio AI by Starkey is the behind-the-ear hearing aid device which uses artificial intelligence for better sound quality. The device also helps to track physical and mental health of the patient. Moreover, the device has wireless connectivity and provides control over the smartphone and television. Similarly, Marvel Platform by Phonak offers better speech understanding and sound quality with its auto sense technology. Moreover, the device have built-in microphones, Bluetooth wireless streaming and can be integrated with smartphones.
Furthermore, increasing geriatric population is one of the other factor boosting the growth of the global hearing aids market. For instance, according to the WHO by 2050, the world’s population aged 60 years and older is expected to total 2 billion, up from 900 million in 2015. Older people are getting more aware regarding the hearing products.
The primary factor hindering the growth of the global hearing aids market is their high cost and low awareness. High cost of these systems makes them unaffordable in underdeveloped economies and to the consumer with low disposable income. Moreover, the social stigmas associated with the use of the hearing aid are hampering the growth of the market to some extent.
Geographically, Europe dominated the market during the historical period (2015–2020), primarily due to technological advancements, developed healthcare infrastructure, high healthcare expenditure, and increasing geriatric population in the region. The European market will further observe significant growth during the forecast period due to the high prevalence of hearing loss and new products with advanced technologies are being adopted in the region.
Asia-Pacific hearing aids market is anticipated to witness the fastest growth during the forecast period (2021–2027). The key factor leading to the significant growth in the Asia-Pacific, is the large population base with hearing loss, developing infrastructure, investment in the healthcare sector, and penetration by the number of large global healthcare providers in the region.
Different companies are investing in their research and development for the technological advancements of its systems which offers them a competitive edge over the competitors. Some of the key players operating in the global hearing aids market industry are Sonova Holding AG, Benson Hearing, GN Store Nord A/S, MED-EL, Starkey Hearing Technologies, William Demant Holding A/S, Widex USA, Inc., Medtronic plc, Zounds Hearing Inc., and Sivantos Group.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behaviour.
Source: VynZ Research
Source: VynZ Research