DUBLIN--(BUSINESS WIRE)--The "Global Hearing Aids Market by Product Type [Aids (Receiver, Behind the Ear, In the Canal, In the Ear Aids), Implants (Cochlear, Bone-anchored)], Type of Hearing Loss (Sensorineural, Conductive), Patient Type (Adults, Pediatrics), and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global hearing aids market is projected to reach USD 10.2 billion by 2026 from USD 7.5 billion in 2021, at a CAGR of 6.4% during the forecast period.
Market growth is driven by factors such as the increasing adoption of smart hearing aids due to the rising incidence of noise-induced hearing loss, the growing prevalence of hearing loss, and technological advancements in hearing aids. On the other hand, the high cost of hearing aids and the requirement of high capital investments are the major factors hampering the growth of this market.
The hearing implants segment accounted for the highest growth rate in the hearing aids market, by product, during the forecast period
The hearing aids market is segmented into hearing aid devices and hearing implants based on product. In 2020, the hearing implants segment accounted for the highest growth rate in the hearing aids market. The high incidence of hearing disorders, technological advancements in hearing implants, and growth in the geriatric population are the major factors contributing to the growth of this segment. However, the high cost of these implants and the low awareness about hearing implants in emerging countries are some of the major factors that are hindering the growth of this market segment.
Sensorineural hearing loss segment accounted for the highest CAGR
Based on the type of hearing loss, the hearing aids market is segmented into sensorineural hearing loss and conductive hearing loss. In 2020, the sensorineural hearing loss segment accounted for the highest growth rate. This can be attributed to the high prevalence of sensorineural hearing loss, coupled with the growing geriatric patient pool.
Asia Pacific: The fastest-growing region hearing aids market
The global hearing aids market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific region is projected to register the highest CAGR during the forecast period. Factors such as the increasing prevalence of hearing loss, increasing healthcare spending, growing per capita income, and the presence of several high-growth markets are driving the growth of the hearing aids market in this region. The low labor costs and the favorable regulatory environment in this region are also expected to propel the market growth.
- Growing Prevalence of Hearing Loss
- Growth in the Geriatric Population
- Technological Advancements in Hearing Aids
- Increasing Adoption of Smart Hearing Aids due to the Rising Incidence of Noise-Induced Hearing Loss
- High Cost of Hearing Aids
- Emerging Markets Offer Lucrative Opportunities
- Shortage of Trained Professionals
- Epidemiology Data on Hearing Loss and the Adoption of Hearing Aid Devices
- Arphi Electronics Private Limited
- Audifon GmbH & Co. KG
- Audina Hearing Instruments, Inc.
- Austar Hearing Science and Technology (Xiamen) Co. Ltd.
- BHM-Tech Produktionsgesellschaft MbH
- Cochlear Ltd.
- Demant A/S
- Eargo, Inc.
- Earlens Corporation
- Elkon Pvt. Ltd.
- Foshan Vohom Technology Co. Ltd.
- GN Store Nord A/S
- IN4 Technology Corporation
- Lively Hearing Corporation
- Nano Hearing Aids
- Nurotron Biotechnology Co. Ltd.
- RION Co. Ltd.
- Sebotek Hearing Systems, LLC
- Sonova Group
- WS Audiology A/S
- ZOUNDS Hearing Inc.
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