Global Hearing Aids Market Size, By Product, By Age Group and By Region, Market share and Forecast, 2022-2027.
Global Hearing Aids Market
Global Hearing Aids Market was valued at US$ 8 Bn in 2021 which is expected to reach US$ 13.6 Bn by 2027 at a CAGR 4.3% during 2022-2027.
The Global Hearing Aids Market is a highly technological motivated market that has notice the urgency of novel product together with smart linked hearing aids, invisible hearing aids and AI-and Bluetooth-enabled hearing aids which can be connected to Android or iOS. Hearing Aids can be defined as “an electronic device designed to improve hearing in patients suffering from Hearing loss or Auditory nerve damage.
Market Drivers
The growing incidence of hearing loss anticipated to augment the utilization of hearing devices. The Hearing Aids market is boost by the certain key factors such as increasing adoption of hearing aids device, increasing awareness of about technologically improved devices for treatment of deafness and hearing impairment and growing incidence of hearing loss because of growing geriatric population. Hearing Aids companies are enhancing patients experience with new features and technology that is to look forward to boost market growth in the upcoming years.
Nowadays, chronic inflammation, vascular disorder, noise exposer genetic susceptibility, and physiological aging of the ear may cause hearing loss. This factor may cause hike to an increasing number of hearing impairment patients which ultimately boost the market of Hearing Aids.
Market Restraints
COVID-19 pandemic has negatively affected the Healthcare Market. Hospitals worldwide are occupied with a patient that needs urgent care due to this many hospitals are running out of other resources. At that time many other surgeries are being postponed or canceled to allot the resources to manage COVID-19 patients. This factor also had a negative impact on Hearing Aids market. Major players operating in the hearing aids market have reported a decline in the sales of these devices.
Many people refuse to accept that they have hearing impairment and never undergo a test. Also because of social stigma associated with these products people hesitate to use them which in turn restraints the Hearing Aids Market.
Market Segmentation
The Global Hearing Aids Market is segmented into Product, Age Group, Distribution Channel & Region. By Product such as Hearing Aids, Behind-The-Ears (BTE) aids, Receiver in the Ear (RITE) aids, In the Ear (ITE), Canal hearing Aids (ITC), (CIC), (IIC), Bone Anchored Hearing Aids (BAHA). Further market is segmented into By Age Group such as Adult, Pediatric. The other segment of market is by distribution Channel in which market is segmented into OTC (Overt the Counter), medical channel/Hospital pharmacies, private practice/retail pharmacies.
Regional Analysis
The Global Hearing Aids Market is segmented into five regions such as North America, Europe, Asia Pacific, Latin America, and MEA. The market size in North America is stood at USD3.66 billion in 2021. Europe is the second largest region in terms of share, attributed to strong government support and increased research for developing advanced hearing devices. Asia Pacific will have highest CAGR during forecast period because of hearing implants increasing penetration and the rising aging population.
Key Players
Various key players are listed in this report such as Audina Hearing Instruments, Inc., Cochlear Ltd., GN Store Nord A/S, SeboTek Hearing Systems, LLC, Siemens AG, Sonova Holding, Widex A/S
Market Taxonomy
By Product
- Hearing Aids
- Behind-The-Ears (BTE) aids
- Receiver in the Ear (RITE) aids
- In the Ear (ITE)
- Canal hearing Aids (ITC), (CIC), (IIC)
- Bone Anchored Hearing Aids (BAHA).
- Adult
- Pediatric
- OTC (Over the Counter)
- medical channel/Hospital pharmacies
- private practice/retail pharmacies.
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa.
- 1 Introduction
- 1.1 Objective of the Study
- 1.2 Market definition
- 1.3 Market Scope
- 2 Research Methodology
- 2.1 Data Mining
- 2.2 Validation
- 2.3 Primary Interviews
- 2.4 List of Data Sources
- 3 Executive Summary
- 4 Global Hearing Aids Market Outlook
- 4.1 Overview
- 4.2 Market Dynamics
- 4.2.1 Drivers
- 4.2.2 Restraints
- 4.2.3 Opportunities
- 4.3 Porters Five Force Model
- 4.4 Value Chain Analysis
- 5 Global Hearing Aids Market, By Product
- 5.1 Y-o-Y Growth Comparison, By Product
- 5.2 Global Hearing Aids Market Share Analysis, By Product
- 5.3 Global Hearing Aids Market Size and Forecast, By Product
- 5.3.1 Hearing Aids
- 5.3.2 Behind-The-Ears (BTE) aids
- 5.3.3 Receiver in the Ear (RITE) aids
- 5.3.4 In the Ear (ITE)
- 5.3.5 Canal hearing Aids (ITC), (CIC), (IIC)
- 5.3.6 Bone Anchored Hearing Aids (BAHA).
- 6 Global Hearing Aids Market, By age Group
- 6.1 Y-o-Y Global Hearing Aids Market, By Age Group
- 6.2 Global Hearing Aids Market, By Age Group
- 6.3 Global Pharmacovigilance Size and Forecast, By Age Group
- 6.3.1 Adult
- 6.3.2 Pediatric
- 7. Global Hearing Aids Market, By Distribution Channel
- 7.1 Y-o-Y Global Hearing Aids Market, By Distribution Channel
- 7.2 Global Hearing Aids Market, By Distribution Channel
- 7.3 Global Pharmacovigilance Size and Forecast, By Distribution Channel
- 7.3.1 OTC (Over the Counter)
- 7.3.2 Medical channel/Hospital pharmacies
- 7.3.3 Private practice/Retail pharmacies
- 8 Global Hearing Aids Market, By Region
- 8.1 Global Hearing Aids Market Share Analysis, By Region
- 8.2 Global Hearing Aids Market Share Analysis, By Region
- 8.3 Global Hearing Aids Market Size and Forecast, By Region
- 9 North America Pharmacovigilance Market Analysis and Forecast (2022-2027)
- 9.1 Introduction
- 9.2 North America Hearing Aids Market Share Analysis, By Product
- 9.3 North America Hearing Aids Market Size and Forecast, By Age Group
- 9.4 North America Hearing Aids Market Size and Forecast, By Distribution Channel
- 9.5 North America Hearing Aids Market Size and Forecast, By Region
- 9.5.1 U.S.
- 9.5.2 Canada
- 9.5.3 Mexico
- 10 Europe Hearing Aids Market, Analysis and Forecast (2022-2027)
- 10.1 Introduction
- 10.2 Europe Market Share Analysis, By Product
- 10.3 Europe North America Hearing Aids Market Size and Forecast, By Age Group
- 10.5 Europe America Hearing Aids Market Size and Forecast, By Distribution Channel
- 10.6 Europe America Hearing Aids Market Size and Forecast, By Country
- 10.6.1 Germany
- 10.6.2 France
- 10.6.3 UK
- 10.6.4. Rest of Europe
- 11 Asia Pacific Hearing Aids Market, Analysis and Forecast (2022-2027)
- 11.1 Introduction
- 11.2 Asia Pacific Hearing Aids Market Share Analysis, By Product
- 11.3 Asia Pacific Hearing Aids Market Size and Forecast, By Age Group
- 11.4 Asia Pacific Hearing Aids Market Size and Forecast, By Distribution Channel
- 11.5 Asia Pacific Hearing Aids Market Size and Forecast, By Country
- 11.5.1 China
- 11.5.2 Japan
- 11.5.3 India
- 11.5.4. Rest of Asia Pacific
- 12 Latin America Hearing Aids Market, Analysis and Forecast (2022-2027)
- 12.1 Introduction
- 12.2 Latin America Hearing Aids Market Share Analysis, By Product
- 12.3 Latin America Hearing Aids Market Size and Forecast, By Age Group
- 12.4 Latin America Pharmacovigilance Market Size and Forecast, By Distribution Channel
- 12.5 Latin America Pharmacovigilance Market Size and Forecast, Country
- 12.5.1. Brazil
- 12.5.2. Rest of Latin America
- 13 Middle East Hearing Aids Market, Analysis and Forecast (2022-2027)
- 13.1 Introduction
- 13.2 Middle East Hearing Aids Market Share Analysis, By Product
- 13.3 Middle East Hearing Aids Market Size and Forecast, By Age Group
- 13.4 Middle East Hearing Aids Size and Forecast, By Distribution Channel
- 13.5 Middle East Hearing Aids Market Size and Forecast, By Country
- 13.5.1. Saudi Arabia
- 13.5.2. UAE
- 13.5.3. Egypt
- 13.5.4. Kuwait
- 13.5.5. South Africa
- 14 Competitive Analysis
- 14.1 Competition Dashboard
- 14.2 Market share Analysis of Top Vendors
- 14.3 Key Development Strategies
- 15Company Profiles
- 15.1 Audina Hearing Instruments, Inc.
- 15.1.1 Overview
- 15.1.2 Offerings
- 15.1.3 Key Financials
- 15.1.4 Business Segment & Geographic Overview
- 15.1.5 Key Market Developments
- 15.1.6 Key Strategies
- 15.2. Cochlear Ltd.
- 15.2.1 Overview
- 15.2.2 Offerings
- 15.2.3 Key Financials
- 15.2.4 Business Segment & Geographic Overview
- 15.2.5 Key Market Developments
- 15.2.6 Key Strategies
- 15.3. GN Store Nord A/S
- 15.3.1 Overview
- 15.3.2 Offerings
- 15.3.3 Key Financials
- 15.3.4 Business Segment & Geographic Overview
- 15.3.5 Key Market Developments
- 15.3.6 Key Strategies
- 15.4 SeboTek Hearing Systems
- 15.4.1 Overview
- 15.4.2 Offerings
- 15.4.3 Key Financials
- 15.4.4 Business Segment & Geographic Overview
- 15.4.5 Key Market Developments
- 15.4.6 Key Strategies
- 15.5 LLC
- 15.5.1 Overview
- 15.5.2 Offerings
- 15.5.3 Key Financials
- 15.5.4 Business Segment & Geographic Overview
- 15.5.5 Key Market Developments
- 15.5.6 Key Strategies
- 15.6 Siemens AG
- 15.6.1 Overview
- 15.6.2 Offerings
- 15.6.3 Key Financials
- 15.6.4 Business Segment & Geographic Overview
- 15.6.5 Key Market Developments
- 15.6.6 Key Strategies
- 15.7 Sonova Holding
- 15.7.1 Overview
- 15.7.2 Offerings
- 15.7.3 Key Financials
- 15.7.4 Business Segment & Geographic Overview
- 15.7.5 Key Market Developments
- 15.7.6 Key Strategies
- 15.8 Widex A/S
- 15.8.1 Overview
- 15.8.2 Offerings
- 15.8.3 Key Financials
- 15.8.4 Business Segment & Geographic Overview
- 15.8.5 Key Market Developments
- 15.8.6 Key Strategies
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