Hearing-Aid Devices Market to Grow at CAGR of 7.59% During the Forecast Period
Increasing awareness of hearing-aid
devices for impaired hearing loss to drive the global hearing-aid devices
market towards a steady growth.
According to TechSci Research report, “Global Hearing-Aid
Devices Market By Device Type (Prescription-Based v/s Over-the-Counter), By
Type (Hearing-Aid Devices v/s Hearing Implants), By Hearing-Aid-Devices Style
(Behind-the-ear-aids, In-the-ear-aids, In-the-canal-aids, On-the-ear-aids), By
Type of Hearing Loss (Sensorineural v/s Conductive), By Product Type (Wireless
v/s Wired), By Technology Type (Digital v/s Analog), By Patient Type (Adult v/s
Pediatric), By Distribution Channel (Offline v/s Online), By Region,
Competition Forecast & Opportunities, 2026”, the global hearing-aid devices
market stood at USD15.86 billion in value terms in 2020 and is expected to grow
at a CAGR of 7.59% during the forecast period. The growing prevalence of
hearing losses and hearing impairments in different age groups of the
population from newborn to adults to elderly is expected to increase the demand
for hearing aid-devices globally. The increasing incidences of prenatal hearing
disabilities and hearing losses in adults is expected to support the market
growth through 2026. According to the World Health Organization, the number of
people with disabling hearing loss was around 430 million in 2019 and is
expected to reach 711 million by 2050. This in turn, is expected to increase
the demand for hearing aid-devices worldwide. The growing technological
advancements across the hearing aid-devices have made them aesthetically
appealing. The traditional large size wired hearing aids have been replaced by
highly compact and wireless hearing aids. Also, the advanced hearing
aid-devices have improved fixation and the overall patient experience.
Additionally, hearing aid-devices are now available in different colors, hence
people especially the youth and women population do not hesitate much in using
hearing aid-devices, thereby increasing their demand. However, high cost of
hearing aid-devices leads to affordability constraints especially in developing
countries of Asia Pacific, South America and Middle East & Africa. Also,
the price of cochlear implants is also too high especially the bone-anchored
cochlear implants. Also, poor re-imbursement scenario related to hearing
aid-devices across different countries especially in the developing and
under-developed countries is further expected to restrict and slow down the
market growth. The growing shift towards having ear surgeries and cochlear
implantation over using hearing aid-devices is expected to significantly reduce
the demand for hearing aid-devices. Both the patients and ENT surgeons have
started preferring surgical procedures rather than using hearing aid-devices,
thereby restraining the market growth.
Browse over 424 market data Figures and 5
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devices Market"
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The global hearing-aid
devices market is categorized by device type, type of hearing loss, product
type, technology type, patient type, distribution channel, region, and company.
In terms of the types of hearing loss for which different hearing-aid devices
are used, the market can be categorized into sensorineural and conductive. The
sensorineural type is expected to dominate the market through 2026 on account
of the increasing prevalence of this type of hearing loss. Furthermore, growing
geriatric population worldwide is further expected to support the market
growth. Besides, technological advancements and new product launches by major
players operating in the market for the treatment of sensorineural type of
hearing loss is further expected to support the segmental growth over the next
few years. Based on product type, the global hearing-aid devices market can be
bifurcated into wireless and wired. The wireless segment is expected to
dominate the market in 2020 with a share of around 86.65% on account of
technological advancements, ease of use and aesthetic reasons. People
especially females avoid using wired hearing-aid devices due to aesthetic
reasons. Additionally, wireless hearing-aid devices are light in weight and
compact. This has gradually made the companies switch over to manufacturing
wireless hearing-aid devices only and they have completely captured the market.
However, wired hearing-aid devices are also getting manufactured and used in
developing and under-developed countries.
Some of the
major competitors in the market are Sonova Holding AG, Demant A/S, GN Store
Nord A/S, Cochlear Limited, Starkey Hearing Technologies, Medtronic Plc., Rion Co.,
Ltd., WS Audiology A/S, Amplifon SpA, Eargo Inc. The companies are focusing on extensive research and
developments activities to stay competitive in the market. Other competitive
strategies include formation of alliances and partnerships. For instance, in
October 2020, Starkey Hearing Technologies entered into a partnership with an
Israel based company, OrCam Technologies in order to provide assistive
technologies to hearing and visually impaired people. This partnership will
enhance OrCam Technologies’ abilities in applying machine learning and advanced
technologies such as computer vision which they have earlier developed to
transmit visual world through audio in collaboration with Starkey’s Livio Edge
AI hearing aids.
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“The issuance of strict directives by the US
President to Food and Drug Administration to formulate the policies and
guidelines for over-the-counter hearing aid-devices in July 2021 and to
complete this work within 120 days, clearly indicate that over-the-counter
hearing aid-devices are the future of hearing-aid-devices. Over-the-counter hearing
aid-devices are comparatively very affordable than the traditional
prescription-based hearing aid-devices, thereby eliminating the affordability
constraints. Also, more and more patients who avoided the use of hearing
aid-devices owing to their cost will now be able to use them. It is expected
that these over-the-counter hearing aid-devices will get an approval by FDA in
2022 thereby creating lucrative opportunities for the growth of overall hearing
aid-devices market.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based Global management consulting firm.
“Global Hearing-Aid Devices Market By Device
Type (Prescription-Based v/s Over-the-Counter), By Type (Hearing-Aid Devices
v/s Hearing Implants), By Hearing-Aid-Devices Style (Behind-the-ear-aids,
In-the-ear-aids, In-the-canal-aids, On-the-ear-aids), By Type of Hearing Loss
(Sensorineural v/s Conductive), By Product Type (Wireless v/s Wired), By
Technology Type (Digital v/s Analog), By Patient Type (Adult v/s Pediatric), By
Distribution Channel (Offline v/s Online), By Region, Competition Forecast
& Opportunities, 2026”, has evaluated the
future growth potential of global hearing-aid devices market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in global hearing-aid devices market.
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