In terms of revenue, the Global Hearing Aids Market is expected to reach USD 13.0 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 4.40% from 2022 to 2028.
Factors such as an increase in the elderly population, increasing awareness about hearing loss treatment, and the growing occurrence of hearing loss are expected to witness the maximum growth of the Hearing Aids Market during the forecast period.
Key Highlights from Report:
· The Digital segment accounted to have significant growth in the Hearing Aids market during the forecast period. A digital hearing aid device enables accurate sound reproduction by digitizing acoustic sound waves. The digital output is then transformed into an Analog acoustic signal processed and matched to the listener's needs.
· The Receiver In-the-Ear Hearing Aids segment is predicted to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period. These hearing aids provide exceptional comfort and fit and therefore hold the largest market share.
· Europe is accounted to mention the largest growth of the Hearing Aids Market during the forecast period. The rising geriatric population, longer life expectancy, and concurrent rise in hearing loss prevalence are some major factors contributing to the growth of the Hearing Aids Market in this region.
Older people require Hearing Aids in recent years, which is one of the major reasons for the growth of the Hearing Aids Market in coming years. In addition, the senior population is prone to hearing loss because of some reasons such as changes in the inner ear & auditory nerve, congenital conditions, chronic exposure to loud noises, and other hearing conditions. For instance, according to the World Health Organization, the incidence of deafness increases with age; in those older than 60 years, more than 25 percent are suffering from disabling hearing loss. The aged people who get good treatment for hearing impairment might have fewer co-morbid conditions and incur lower healthcare spending.
Europe is anticipated to dominate the growth of the Hearing Aids Market during the forecast period. Factors such as the highly favorable government policies regarding assistive listening tools, and the positive government initiatives to develop medical device access are likely to drive Hearing Aids market expansion in this region. In addition, the high prevalence of the aged population, the rise of hearing impairment in children, and developments in the regional distribution network of market players are some other factors propelling the growth of the Hearing Aids Market in this region. Furthermore, the high adoption rate of highly developed devices, rising patient awareness of the availability of treatment options for hearing disorders, and a sophisticated healthcare system are accelerating the regional market expansion.
The Global Hearing Aids Market is Segmented as follows:
- Product Type
- In-the-Ear Hearing Aids
- Receiver in-the-Ear Hearing Aids
- Behind-the-Ear Hearing Aids
- Canal Hearing Aids
- Technology Type
- Sales Channel
- Retail Sales
- Government Purchases
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
A list of the Key Players of the Global Hearing Aids Market is:
Phonak, Benson Hearing, GN Store Nord A/S, Starkey, MED-EL, William Demant Holding A/S, Medtronic, Widex USA Inc., Sivantos Pte. Ltd.
The Global Hearing Aids Market Scope can be Tabulated as below:
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|