According to the new market research report "Hearing Aids Market by Product Type [Aids (Receiver,Behind the Ear, In the Canal, In the Ear Aids), Implants (Cochlear, Bone-anchored)], Type of Hearing Loss (Sensorineural, Conductive), Patient Type (Adults, Pediatrics), Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Hearing Aid Devices Market is projected to reach USD 10.2 billion by 2026 from USD 7.5 billion in 2021, at a CAGR of 6.4%.
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The growing prevalence of hearing loss, the increasing adoption of smart hearing aids due to the rising incidence of noise-induced hearing loss, and technological advancements in hearing aids are among the major factors propelling the growth of this market. Emerging economies such as China, India, and Japan are providing lucrative opportunities for the players operating in the market.
The hearing aid devices segment accounted for the largest share of the market, by product segment, in 2020
Based on product, the hearing aids market is segmented into hearing aid devices and hearing implants. The hearing aid devices segment accounted for the largest share of the market in 2020. Factors such as the increasing number of product approvals, rising geriatric population, and increasing technological advancements in hearing aid devices are boosting the market growth of this segment.
Sensorineural hearing loss segment to register the highest growth rate during the forecast period
The hearing aids market is segmented into sensorineural hearing loss and conductive hearing loss. In 2020, the sensorineural hearing loss segment accounted for the highest growth rate. Factors such as the increase in the number of product approvals and the high prevalence of sensorineural hearing loss, coupled with the growing geriatric patient pool are contributing to the growth of this segment.
The adult patients segment accounted for the largest share of the hearing aids market, by patient type segment, in 2020
Based on patient type, the hearing aids devices market is segmented into adults and pediatrics. In 2020, the adult patients segment accounted for the largest share of the market. The growing incidence of hearing loss among the adult population is driving this segments growth.
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Europe is the largest regional market for hearing aids market
The global hearing aids devices market is segmented into five major regions-North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, Europe accounted for the largest share of the market. The large share of this region can be attributed to the rising geriatric population, the increasing incidence of hearing disorders, the rapid adoption of technologically advanced hearing aids, and the well-established healthcare industry.
The major players operating in this hearing aids device market are Sonova Group (Switzerland), Demant A/S (Denmark), GN Store Nord A/S (Denmark), Cochlear Ltd. (Australia), RION Co., Ltd. (Japan), Starkey (US), Nurotron Biotechnology Co., Ltd. (China), MED-EL (Austria), Audina Hearing Instruments, Inc. (US), Elkon Pvt. Ltd. (India), WS Audiology A/S (Denmark), Eargo, Inc. (US), Horentek (Italy), ZOUNDS Hearing Inc. (US), SeboTek Hearing Systems, LLC. (US), Arphi Electronics Private Limited (India), IN4 Technology Corporation (China), BHM-Tech Produktionsgesellschaft mbH (Austria), Nano Hearing Aids (US), LORECa s.r.o. (Turkey), Earlens Corporation (US), Austar Hearing Science and Technology (Xiamen) Co., Ltd. (China), Lively Hearing Corporation (US), audifon GmbH & Co. KG (Germany), and Foshan Vohom Technology Co., Ltd. (China).
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