The global ”hearing aids market” is set to gain impetus from the increasing adoption of telehealth among audiologists to prevent patient traffic. This information is given by Fortune Business Insights™ in a new report, titled, “Hearing Aids Market Size, Share & COVID-19 Impact Analysis, By Product (Hearing Devices (Behind-the-Ear (BTE), In the Ear (ITE), Receiver in the Canal (RIC), Completely in the Canal (CIC), Others (Invisible in the Canal, etc.) and Hearing Implants (Cochlear Implants and Bone Anchored Implants)), By Patient Type (Adults and Pediatrics) By Distribution Channel (Over the Counter (OTC), Medical Channel/ Hospital Pharmacies, Private Practice/ Retail Pharmacies), and Regional Forecast, 2020-2027.” The report further states that the market size was USD 8.99 billion in 2019 and is projected to reach USD 13.38 billion by 2027, exhibiting a CAGR of 8.2% during the forecast period.
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| North America | United States, Canada and Mexico |
| Europe | Germany, UK, France, Italy, Russia and Turkey etc. |
| Asia-Pacific | China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam etc. |
| South America | Brazil, Argentina, Columbia etc. |
| Middle East & Africa | Saudi Arabia, UAE, Egypt, Nigeria and South Africa |
Adoption of Artificial Intelligence to Propel Market Progress
Manufacturers utilize advanced technologies to boost hearing aids’ effectiveness and attract consumers. Incorporating rechargeable batteries, the Internet of Things (IoT), and artificial intelligence (AI) are expected to propel industry development. Also, smartphone support may boost convenience and enhance hearing aids’ demand. For example, Signia announced its custom hearing device named “Insio Charge&Go AX” in October 2021. The device is powered by Bluetooth, wireless charging, and android and IOS streaming. Moreover, the rising demand for the product from the healthcare sector is likely to foster market development. These factors may drive the hearing aids market growth.
Major Hearing Aids Market Key players covered in the report include:
- Sonovo (Stafa, Switzerland)
- Demant A/S (Denmark)
- GN Store Nord A/S (Ballerup, Denmark)
- WS Audiology (Denmark)
- Starkey (Minnesota, U.S.)
- MED-EL (Medical Electronics) (Innsbruck, Austria)
- Cochlear Ltd (Sydney, Australia)
- RION Co., Ltd. (Tokyo, Japan)
- Other prominent players
Higher Noise Exposure to Boost Growth
The rising cases of hearing loss in the industrialized countries are set to accelerate the global hearing aids market growth in the near future. The World Health Organization (WHO) declared that by 2050, the number of people living with disabling hearing loss will reach over 900 million. Apart from that, physiological aging of the ear, genetic susceptibility, higher noise exposure, vascular disorder, and chronic inflammation would also contribute to the surging demand for these aids. However, the social stigma associated with hearing loss and devices often result in patients missing their check-ups. It may hamper growth.
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