The global hearing aids market size was US$ 7.8 billion in 2021. The global hearing aids market is forecast to reach the value of US$ 14.1 billion by 2030 by registering a compound annual growth rate (CAGR) of ~6.6% during the forecast period from 2022 to 2030.
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Factors Influencing
- Increasing cases of hearing loss are the primary factor driving the growth of the global hearing aids market.
- Technological advancements in the hearing aids industry are forecast to propel market growth. Widex, a sixth largest hearing aid manufacturer, unveiled the Moment hearing device in 2020. The patients can change the settings of the device through the application named Tonelink
- The elderly population is more prone to get affected by hearing problems. Thus, the increasing geriatric population would benefit the manufacturers in the global hearing aids market.
- The high cost of hearing aids devices may hamper the growth of the global hearing aids market during the forecast period.
Geographic Analysis
Geographically, Europe is forecast to emerge as the leading region in the global hearing aids market, mainly due to the growing technological advancements and excellent healthcare infrastructure. Moreover, high healthcare expenditure and the rising elderly population are forecast to contribute to the growth of the region in the global hearing aids market. In addition, the hearing loss cases are rising in the region. As a result, it would benefit the market players in the global hearing aids market.
The Asia-Pacific hearing aids market is forecast to develop at a significant CAGR, owing to the large population base with hearing loss, growing geriatric population, and favorable government initiatives for developing healthcare infrastructure.
COVID-19 Impact Analysis
The COVID-19 pandemic-induced lockdowns negatively affected the global hearing aids market. Due to import-export restrictions, manufacturers witnessed several obstacles, such as unavailability of raw material, challenges in trade activities, etc. Apart from that, the shortage of workforce ultimately impacted the manufacturing and production process. Thus, the patients witnessed several challenges due to lockdown.
The global hearing aids market is forecast to recover post-pandemic due to launches of advanced products and growing healthcare expenditure. Moreover, the market players in the hearing aids market would witness favorable growth opportunities, owing to the rising awareness related to healthcare among the population.
Competitors in the Market
- 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.
- Sivantos Group
- Other prominent players
Market Segmentation
By Product Type
- Behind the Ear (BTE)
- Receiver in the Ear (RITE)/ Receiver in Canal (RIC)
- In the Ear (ITE)
- Completely in canal (CIC)
- Other Hearing Aid Devices
By Hearing Loss Type
- Sensorineural Hearing Loss
- Conductive Hearing Loss
By Technology
- Conventional Hearing Aids
- Digital Hearing Aids
By Patient Type
- Adults
- Pediatrics/Children
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Western Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
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