Hearing-Aid Devices Market to Grow at CAGR of 7.59% During the Forecast Period | TechSci Research
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 The traditional large size wired hearing aids have been replaced by highly compact and wireless hearing aids.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 tables spread through 473 Pages and an in-depth TOC on "Global Hearing-aid devices Market"
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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