USD 9.71 Billion
Report ID: SQSG35A2005 | Region: Global | Published Date: October, 2022 | Pages: 165 | Tables: 93 | Figures: 66
Hearing Aid Market Size was valued at USD 9.71 Billion in 2021, and it is expected to reach a value of USD 16.53 Billion by 2028, at a CAGR of 7.90% over the forecast period (2022 - 2028).
A hearing aid is an electrical device that amplifies sound in order to provide the user with clear sound. These are mostly used by those who have hearing loss or disability. Hearing aids are becoming more popular as a result of technology advancements and increased desire for attractive designs. While factors such as technical developments and pricing pressures are expected to influence the market, significant growth is expected throughout the analysis period. Wireless gadgets, Bluetooth, and the constant introduction of new attractive designs are the primary drivers of the market. The industry is also being driven by a growing ageing population, improved diagnosis, and increased awareness.
US Hearing Aid Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 9.71 Billion
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The Global Hearing Aid Market is segmented on the basis of product type, type of hearing loss, patient type, and region. Based on the product type, the Hearing Aid Market is segmented into hearing aid devices and hearing implants. The hearing aid devices segment is further classified into receiver-in-the-ear hearing aids, behind-the-ear hearing aids, canal hearing aids, in-the-ear hearing aids, and other hearing aid devices; and the hearing implants segment is further classified into cochlear implants and bone-anchored systems. Based on the type of hearing loss, the Hearing Aid Market is segmented into sensorineural hearing loss and conductive hearing loss. Based on the patient type, the Hearing Aid Market is segmented into adults and pediatrics. Based on region, the region Hearing Aid Market categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Hearing Aid Market Analysis by Product Type
In 2021, the hearing aid devices segment held the most lucrative share of more than 50% of the global hearing aid market. The hearing aid devices segment is further classified into receiver-in-the-ear hearing aids, behind-the-ear hearing aids, canal hearing aids, in-the-ear hearing aids, and other hearing aid devices. The segmental growth of the market is attributed to the availability of a wide range of advanced products offered by the companies in the market. The increasing geriatric population across the globe is another major factor that contributes to the segmental growth of the market during the forecast period.
Hearing Aid Market Analysis by Type of Hearing Loss
In 2021, the sensorineural hearing loss segment held the most lucrative share of more than 40% of the global hearing aid market. The segmental growth is attributed to the growing geriatric population across the globe.
Hearing Aid Market Analysis by Patient Type
In 2021, the adult segment held the most lucrative share of more than 60% of the global hearing aid market. Adults make up a significant portion of the entire patient pool due to their increased sensitivity to hearing loss. As a result, the sustained and increased need for hearing aids will be ensured by the rise of this population sector.
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The Global Hearing Aid Market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2022, the North American region is projected to hold the most substantial share of the market. The regional market is likely to be driven by the high prevalence of hearing loss, greater awareness and adoption of hearing aid devices, and the presence of robust healthcare infrastructure in the region. According to the National Institute on Deafness and Other Communication Disorders' March 2021 update, approximately 2 to 3 out of every 1,000 children in the United States are born with a detectable level of hearing loss in one or both ears, and approximately 15% of American adults (37.5 million) aged 18 and up report some difficulty hearing. Furthermore, according to the same source, one out of every eight persons in the United States (13%, or 30 million) has hearing loss in both ears, and there are approximately 28.8 million adults in the United States who can benefit from hearing aids. According to the research, the country has a significant rate of hearing loss, which creates a significant growth scope for the market during the forecast period.
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Hearing Aid Market Driver
Hearing Aid Market Restraint
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The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Hearing Aid Market Top Player’s Company Profiles
Hearing Aid Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, by product, the hearing aid devices segment is projected to hold a dominating share during the forecast period. By type of hearing loss, the sensorineural hearing loss segment is projected to hold a dominating share during the forecast period. By patient, the adult segment is projected to hold a dominating share during the forecast period. In 2022, the North American region is projected to hold the most substantial share of the market and its anticipated to maintain its dominance throughout the forecast period.
|Market size value in 2021||USD 9.71 Billion|
|Market size value in 2028||USD 16.53 Billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Hearing Aid Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Hearing Aid Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG35A2005