Report Ocean recently released a research report on the Hearing Aids Market, which covers the market’s historical growth, cost structure, revenue, trends, and potential prospects for the period 2023-2031. The report provides an extensive coverage of the market across various categories and includes a detailed analysis at the national level, along with an evaluation of the key drivers, restraints, trends, and opportunities in the market.
The global hearing aids market size was US$ 7.8 billion in 2021. The global hearing aids market is forecast to reach the value of US$ 14.1 billion by 2030 by registering a compound annual growth rate (CAGR) of ~6.6% during the forecast period from 2022 to 2030.
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Factors Influencing
- Increasing cases of hearing loss are the primary factor driving the growth of the global hearing aids market.
- Technological advancements in the hearing aids industry are forecast to propel market growth. Widex, a sixth largest hearing aid manufacturer, unveiled the Moment hearing device in 2020. The patients can change the settings of the device through the application named Tonelink™. Moreover, Wireless connectivity, smartphone integration are gaining huge popularity among the audience. Another such device is The Livio AI by Starkey. The device helps monitor the physical and mental health of the patient.
- The elderly population is more prone to get affected by hearing problems. Thus, the increasing geriatric population would benefit the manufacturers in the global hearing aids market.
- The high cost of hearing aids devices may hamper the growth of the global hearing aids market during the forecast period.
Geographic Analysis
Geographically, Europe is forecast to emerge as the leading region in the global hearing aids market, mainly due to the growing technological advancements and excellent healthcare infrastructure. Moreover, high healthcare expenditure and the rising elderly population are forecast to contribute to the growth of the region in the global hearing aids market. In addition, the hearing loss cases are rising in the region. As a result, it would benefit the market players in the global hearing aids market.
The Asia-Pacific hearing aids market is forecast to develop at a significant CAGR, owing to the large population base with hearing loss, growing geriatric population, and favorable government initiatives for developing healthcare infrastructure.
COVID-19 Impact Analysis
The COVID-19 pandemic-induced lockdowns negatively affected the global hearing aids market. Due to import-export restrictions, manufacturers witnessed several obstacles, such as unavailability of raw material, challenges in trade activities, etc. Apart from that, the shortage of workforce ultimately impacted the manufacturing and production process. Thus, the patients witnessed several challenges due to lockdown.
The global hearing aids market is forecast to recover post-pandemic due to launches of advanced products and growing healthcare expenditure. Moreover, the market players in the hearing aids market would witness favorable growth opportunities, owing to the rising awareness related to healthcare among the population.
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Competitors in the Market
- Sonova Holding AG
- Benson Hearing
- GN Store Nord A/S
- MED-EL
- Starkey Hearing Technologies
- William Demant Holding A/S
- Widex USA, Inc.
- Medtronic Plc
- Zounds Hearing Inc.
- Sivantos Group
- Other prominent players
Market Segmentation
By Product Type
- Behind the Ear (BTE)
- Receiver in the Ear (RITE)/ Receiver in Canal (RIC)
- In the Ear (ITE)
- Completely in canal (CIC)
- Other Hearing Aid Devices
By Hearing Loss Type
- Sensorineural Hearing Loss
- Conductive Hearing Loss
By Technology
- Conventional Hearing Aids
- Digital Hearing Aids
By Patient Type
- Adults
- Pediatrics/Children
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By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Table of Content
Chapter 1: Global Hearing Aids Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Hearing Aids market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Hearing Aids Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Hearing Aids market Size Forecast (2023-2031).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Hearing Aids market revenues on a global, regional, and country level, projecting trends until 2031. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Hearing Aids market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Hearing Aids market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Hearing Aids business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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