Hearing Care Devices Market By Product (Hearing Aids, Hearing Implants), By Type of hearing loss (Sensorineural Hearing Loss, Conductive Hearing Loss), By End User (Hospitals & Clinics, Ambulatory Surgical Centers (ASCs), Home-use): Global Opportunity Analysis and Industry Forecast, 2020-2030
The global Hearing Care Devices market was valued at $7,535.58 million in 2021, and is projected to reach $12,529.2 million by 2030, registering a CAGR of 5.08% from 2021 to 2030. Hearing care devices restore hearing function in patients suffering from hearing impairment. Some of these devices (mainly implants) could even restore hearing function in profoundly deaf individuals. Hearing aids are small yet powerful electronic devices designed to discreetly assist hearing. Powered by batteries, hearing aids include three essential parts: the microphone, amplifier, and speaker. A cochlear implant is a small, complex electronic device that can help to provide a sense of sound to a person who is profoundly deaf or severely hard-of-hearing. The implant consists of an external portion that sits behind the ear and a second portion that is surgically placed under the skin.
High incidence of hearing disorders, new technological advancements in hearing systems, growth in geriatric population, and increase in binaural fitting rate are expected to drive the global hearing care devices market.
In addition, improved healthcare infrastructure and rise in overall healthcare expenditure across different countries around the globe are some of the factors that augment the growth of hearing care devices. Moreover, growth in trend for customized implants is also a major factor that drives the hearing care devices market
However, high cost of the devices and rise in drop-out rate of the patients are expected to impede the market growth. The growth opportunities in emerging countries of Asia-Pacific and LAMEA are expected to provide numerous opportunities for market growth during the forecast period.
The global hearing care devices market is highly competitive and is lucrative in nature. The key market players have adopted various developmental strategies, such as product launch &approval, strategic acquisitions, and mergers to strengthen their market position.
The hearing care devices market in this report is studied on the basis of product, type of hearing loss, end user, and region. On the basis of product, the market is divided into hearing aids and hearing implants. Hearing aids is further divided into type and technology. On the basis of type of hearing aids, it is further divided into behind-the-ear (BTE) aids, in-the-ear aids, receiver-in-the-ear (RITE), and canal hearing aids. On the basis of technology of hearing aids, it is further divided into analog hearing aids and digital hearing aids. On the basis of hearing implants, the market is classified into cochlear implants, bone-anchored hearing systems, auditory brainstem implants, and middle ear implants. On the basis of type of hearing loss, the market is bifurcated into sensorineural hearing loss and conductive hearing loss. On the basis of end user, the market is segregated into hospitals &clinics, home setting, and ambulatory surgical centers (ASCs). On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of product, the hearing aids segment currently dominates the global hearing care devices market and is expected to continue during the forecast period owing to rising burden of hearing loss, technological advancements in hearing aids, and rising awareness.
On the basis of type of hearing loss, the conductive hearing loss segment dominated the global hearing care devices market in 2020 and is anticipated to be dominant in the market owing to technological developments in the medical treatments like extraction of earwax, antibiotics or surgical procedures.
On the basis of end user, the home-use segment dominated the global hearing care devices market in 2020 and is anticipated to be dominant in the market owing to rise in the demand for home hearing test and hearing aids.
Region wise, North America dominated the market in 2020, owing to rise in prevalence of nasal and hearing disorders, high adoption rate of technologically advanced devices, and presence of highly sophisticated healthcare infrastructure, favorable reimbursement framework, and increased patient awareness about the availability of treatment options for hearing disorders. However, Asia-Pacific is expected to witness considerable market growth during the forecast period, owing to growing demand for sophisticated hearing care devices, large number of healthcare reforms, high prevalence of hearing disorders, and increased focus of key players for developing technologically advanced cost-effective devices.
The major players operating in the global hearing care devices market are American Hearing Aids, Amplifon, Cochlear Ltd., GN Store Nord A/S, Intricon Corporation, Med-El, Sonova, Starkey, William Demant Holding A/S, and WS Audiology. These players have adopted product launch, collaboration, and merger & acquisition as their key developmental strategies.
KEY BENEFITS FOR STAKEHOLDERS
The report provides in-depth analysis of the global hearing care devices market size along with the current trends and future estimations to elucidate the imminent investment pockets.
It offers market analysis from 2021 to 2030, which is expected to enable the stakeholders to capitalize on the prevailing opportunities in the market.
A comprehensive analysis on region assists to understand the regional market and facilitate the strategic business planning and determine prevailing opportunities.
The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook of the global hearing care devices market growth.
Key Market Segments
By End User
Hospitals Clinics
Ambulatory Surgical Centers (ASCs)
Home-use
By Product
Hearing Aids
Hearing Implants
By Type of hearing loss
Sensorineural Hearing Loss
Conductive Hearing Loss
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of LAMEA
LAMEA
Brazil
Saudi Arabia
South Korea
Rest of LAMEA
Key Market Players
American Hearing Aids
amplifon
Cochlear Ltd
GN Store Nord A/S
IntriCon Corporation
med-electronics, inc.
SONOVA.
William Demant Holding A/S
starkey hearing technologies
WS Audiology
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