Hearing Aid Devices Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Type (Prescription-Based v/s Over-the-Counter), By Type (Hearing Aid Devices, Hearing Implants), By style (Behind-the-ear-aids, In-the-ear-aids, In-the-canal-aids, and On-the-ear-aids), By types of hearing loss (Sensorineural v/s Conductive), By Product type (wireless v/s wired), by
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationHearing Aid Devices Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Type (Prescription-Based v/s Over-the-Counter), By Type (Hearing Aid Devices, Hearing Implants), By style (Behind-the-ear-aids, In-the-ear-aids, In-the-canal-aids, and On-the-ear-aids), By types of hearing loss (Sensorineural v/s Conductive), By Product type (wireless v/s wired), by
Global Hearing Aid Devices market stood at USD 18.72 Billion in 2021 and is expected to grow at a steady CAGR of 7.70% during the forecast period. This can be attributed to the
Growing Prevalence of Hearing Loss Driving Market Growth
Hearing loss and impairments are becoming more common in people of all ages, from newborns to adults to the elderly, which is predicted to raise demand for hearing aids globally. The market is predicted to expand through 2027, thanks to rising rates of prenatal hearing impairments and adult hearing loss. According to the World Health Organization (WHO), the number of persons with hearing loss was over 430 million in 2019 and is anticipated to rise to 711 million by 2050. As a result, the need for hearing aids is likely to rise over the world.
Increasing Noise Pollution Supporting Market Growth
Hearing aid demand is predicted to rise as noise pollution becomes more prevalent around the world. Long-term noise exposure can cause irreparable hearing loss in the population, as well as a continual ringing in the ears known as tinnitus. As a result, demand for hearing aid devices has surged dramatically, propelling market expansion through 2027. Aside from hearing loss, continuous noise exposure causes a slew of additional issues, including hypertension, cardiovascular illness, stress, and sleep disruptions, to name a few.
Increasing Healthcare Expenditure Aids Market Growth
The existing healthcare and medical device industry is predicted to benefit from rising healthcare expenditures in various countries throughout the world. This is likely to have a positive impact on market growth through 2027. According to the World Health Organization, worldwide healthcare spending was over USD8.3 trillion in 2018, accounting for nearly 10% of global GDP, and it is likely to rise dramatically in the future years. However, while the quick breakout and spread of the COVID-19 pandemic raised demand for healthcare services, spending on lifestyle and other diseases decreased across countries. Due to rising demand for other healthcare services and medical devices, this expenditure is likely to rise in the coming years, presenting prospects for worldwide hearing aid devices as well.
Widespread Use of Headphones/Earphones/Bluetooth Devices to support Market Growth
The usage of headphones or earphones has increased because of changing lifestyle patterns, particularly among the youth. Headphones and earphones are used for a variety of purposes, including watching movies, listening to music, and conversing on the phone. Furthermore, people have begun to use Bluetooth gadgets to communicate while driving or performing any other work. This has resulted in a considerable increase in hearing issues among teenagers, fueling the growth of the hearing aid market.
Growing Geriatric Population supports the Market Growth
According to the United Nations Department of Economic and Social Affairs' Population Division, there were 702.9 million people aged 65 and up. By 2050, this number is predicted to increase by 120 percent, to 1548.9 million. The expanding elderly population (those aged 65 and up) is susceptible to a variety of hearing impairments and auditory nerve damage, which is predicted to boost the worldwide hearing aid device market.
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Market Segmentation
The Global Hearing Aid Devices market is segmented based on device type, type, style, type of hearing loss, product type, technology type, patient type, distribution channel, company, and regional distribution.
Based on types of hearing loss, the market is divided into sensorineural and conductive. Based on Product type, the market is divided into wireless and wired. Based on technology type, the market is divided into digital and analog. Based on patient type, the market is segmented into adult and pediatric. Based on Distribution Channel, the market is segmented into offline and online.
Company Profiles
Sonova Holding AG
| Attribute | Details |
| Market size value in 2021 | USD 18.72 Billion |
| Revenue Forecast in 2027 | USD 28.58 Billion |
| United States Market Size Value in 2021 | USD 3.35 Billion |
| Growth Rate | 7.70% |
| Base Year | 2021 |
| Historical Years | 2017 – 2020 |
| Estimated Year | 2022 |
| Forecast Period | 2023 – 2027 |
| Quantitative Units | Revenue in USD Million, Volume in Thousand Units and CAGR for 2017-2021 and 2022-2027 |
| Report Coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments Covered | · Device Type · Type · Style · Type of Hearing Loss · Product Type · Technology type · Patient type · Distribution Channel |
| Regional Scope | North America, Europe, Asia Pacific, South America, and Middle East & Africa |
| Countries Covered | United States, Canada, Mexico, Germany, Italy, United Kingdom, France, Spain, China, India, Japan, Australia, South Korea, Indonesia, Philippines, Vietnam, Brazil, Argentina, Colombia, South Africa, UAE, Saudi Arabia, Kuwait. |
| Key Companies Profiled | Sonova Holding AG, Demant A/S, GN Store Nord A/S, Cochlear Limited, Starkey Hearing Technologies, Rion Co., Ltd., WS Audiology A/S, Medtronic Plc, Amplifon SpA, Eargo Inc. |
| Customization Scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and Purchase Options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request) |
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