Number of pages: 100 | Report Format: PDF | Published date: December 20, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
According to the deep-dive market assessment study by Growth Plus Reports, the global hearing aids devices market was valued at US$ 9.98 billion in 2021 and is expected to register a revenue CAGR of 5% to reach US$ 16.62 billion by 2030.
Conductive hearing loss refers to hearing loss brought on by issues with the middle ear, eardrum, or ear canal. Surgery or other medical intervention can usually make things better. Hearing aids are discreet medical electronic devices accessorized behind or in the ear. Hearing aids amplifies sounds so that a person with hearing loss can listen, communicate, and take part in daily activities to a greater extent.
The global hearing aids devices market is mainly driven by the increasing prevalence of hearing loss due to genetic factors, hearing loud music, the growing geriatric population, and technological advancement. Additionally, the introduction of novel products and growing awareness about treatment are also fueling the growth of the global hearing aids devices market. Moreover, increasing government initiatives and rising investment in research & development are also contributing to the growth of the global hearing aids devices market. However, low reimbursement policies and less adoption in underdeveloped countries are hindering the growth of the global hearing aids devices market.
The global hearing aids devices market is analyzed from four perspectives: product, patient type, distribution channel, and region.
Hearing Aids Devices Market by Product
Based on product, the global hearing aids devices market is segmented into hearing devices and hearing implants.
The hearing devices are further categorized into Behind-the-Ear (BTE), In the Ear (ITE), Receiver in the Canal (RIC), Completely in the Canal (CIC), and Others. Whereas Hearing Implants are sub-segmented into Cochlear Implants and Bone Anchored Implants.
The behind the ear (BTE) hearing devices segment leads the global hearing aids devices market owing to the increasing prevalence of deafness and hearing loss. Additionally, rechargeable devices, easy to remove & apply, low-cost devices, the introduction of novel products, and technological advancement are also contributing to the growth of the global BTE hearing devices market.
Hearing Aids Devices Market by Patient Type
Based on patient type, the global hearing aids devices market is segmented into adults and pediatrics.
The adults segment leads the global hearing aids devices market owing to the increasing prevalence of hearing loss among adults due to aging factors, trauma, and excessive use of the sound system. In February 2019, World Health Organization stated, that due to prolonged and excessive exposure to loud sounds, including music that people listen to through personal audio devices, nearly 50% of people between the ages of 12 and 35, or 1.1 billion young people, are at risk of developing hearing loss. Nearly 466 million people, or over 5% of the world's population, have a debilitating hearing loss (432 million adults and 34 million children), which influences their quality of life, and most people reside in low- and middle-income nations. A disabling hearing loss is predicted to affect over 900 million people by the year 2050, or one in ten people. Untreated hearing loss costs the world economy US$ 750 billion annually.
Hearing Aids Devices Market by Distribution Channel
Based on the distribution channel, the global hearing aids devices market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies.
Hospital pharmacies are leading the global hearing aids devices market owing to increasing patient footfall for treatment and diagnosis, favorable reimbursement policies, and growing numbers of ENT hospitals. Additionally, better patient care and the adoption of novel technology are increasing the patient preference for a hospital which is ultimately driving the growth of the hospital’s pharmacies segment in the market.
Hearing Aids Devices Market by Region
Based on region, the global hearing aids devices market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominated the global hearing aids devices market in terms of revenue share. The large share of North America in the global market can be attributed to the increasing prevalence of hearing loss in the region, favorable reimbursement policies, and developed infrastructure. Additionally, technological advancements and increasing approval of devices are fueling the North America hearing aids devices market. Asia Pacific is expected to show exponential growth in coming years owing to the high geriatric population, increasing adoption of novel technology, and growing medical device start-ups.
The prominent players operating in the global hearing aids devices market are:
North America and Asia Pacific are the key revenue growth regions in the global hearing aids market.
The increasing prevalence of hearing loss, technological advancement, and growing awareness about hearing are the driving factors for the revenue growth of the global hearing aids market.
The expected CAGR for the global hearing aids market is 7.80 % during the forecast period from 2022 to 2030.
The estimated market size of the global hearing aids market is US$ 19.62 billion in 2030.
Benson Hearing, Cochlear Ltd, Demant A/S, GN Store Nord A/S, MED-EL, Medtronic, and Phonak, RION Co., are among the key players in the global hearing aids industry.
*Insights on financial performance are subject to the availability of information in the public domain