Hearing Aid Market Size
The size of the global Hearing Aid market is forecasted to worth USD 9.61 Billion by 2025 from USD 7.05 Billion in 2020, showcasing a CAGR of 6.4% between 2020 to 2025.
Key market drivers:
The rise in the number of geriatric people suffering from hearing impairments is significantly contributing to the growth of the global hearing aid market. Increasing government initiatives in favor of the customers and a rise in the demand to reduce the cost of these devices are propelling the demand of the market. In addition, growing awareness over the use of hearing aids through smartphones is ascribed to bolster the growth rate of the market. Besides, rising incidences of chronic illness such as cancer, diabetes, and others elevate the demand for the hearing aid market. Escalating disposable income in urban areas is also leveling up the market’s growth.
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However, the dearth of skilled professionals in manufacturing effective hearing aid at minimum cost is slowly degrading the demand of the market. These devices are a high cost where common people cannot afford them is restricting the growth rate of the market.
Impact of Covid-19 On the Global Hearing Aid Market:
COVID-19 pandemic has impacted negatively on every sector and also flattened the curves of growth. Many key players have a reduction in the shares this year due to this outbreak. The hearing aid market also declined growth rate during the first half of 2020 due to lockdown restrictions and reduced movement. However, the emergence of online stores in the healthcare sector pushed the demand of the market to the extent during this period. Creating awareness to use online stores and to spread knowledge on how to stay safe while going out is likely to fuel the growth of this market as many people with hearing loss are facing the consequences in a variety of ways. It is projected the market shares will back into normal once the COVID-19 crisis is settled in the coming days.
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This research report on the global hearing aid market has been segmented & sub-segmented into the following categories:
Hearing Aid Market– By Product:
- Canal Hearing Aids
- Cochlear Implants
- Bone Anchored Systems
Hearing Aid Market – By Hearing Loss
Hearing Aid Market – By End User
Hearing Aid Market – By Region:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
Geographically, North America is the one leading with the dominant shares of the Market, By owing to a rise in the incidences of the hearing loss patients. The introduction of the latest products with advanced technology is also anticipated to propel the demand of the market. In addition, constant economic growth in developed countries like the US is bolstering the growth rate of the hearing aid market.
Europe is next to North America in ruling the shares of the market. High disposable income in urban areas and the prevalence of spending high on healthcare are propelling the demand of the market. Also, 72.4% of geriatric people above 65 of age get affected by hearing loss, which is in great demand for those people. The launch of digital hearing aid, which can be operated through smartphones, is greatly influencing the customers with its advantages, and this is boosting the demand of the hearing aid market.
Asia Pacific is the fastest-growing region among all with the highest CAGR. The rise in the population with various health disorders is likely to fuel the demand of the market. On-going R&D activities to launch effective hearing aid minimal cost is enhancing the market’s growth rate.
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Key Market Participants:
Most promising companies dominating the global hearing aid market analyzed in this report are GN Store Nord A/S (Denmark), Cochlear Limited (Australia), MED-EL (Austria), SeboTek Hearing Systems, Starkey Hearing Technologies, Inc. (U.S.), Widex (Denmark), William Demant Holding A/S (Denmark), Sivantos Pte. Ltd. (Singapore), Sonova (Switzerland) and Zounds Hearing, Inc. (U.S.).
List of Tables and Figures of the report:
- Global Hearing Aid Market, By Region, From 2020 to 2025 (USD Billion)
- Global Hearing Aid Market, By Products, From 2020 to 2025 (USD Billion)
- Global Hearing Aid Devices Market, By Region, From 2020 to 2025 (USD Billion)
- Global Hearing Implants Market, By Region, From 2020 to 2025 (USD Billion)
- Global Hearing Aid Market, By Type of Hearing Loss, From 2020 to 2025 (USD Billion)
- Global Sensorineural Market, By Region, From 2020 to 2025 (USD Billion)
- Global Conductive Market, By Region, From 2020 to 2025 (USD Billion)
- Global Hearing Aid Market, By End-user, From 2020 to 2025 (USD Billion)
- Global Adult Market, By Region, From 2020 to 2025 (USD Billion)
- Global Pediatric Market, By Region, From 2020 to 2025 (USD Billion)
Browse Regional Reports:
- North America Hearing Aid Market
- Europe Hearing Aid Market
- Asia Pacific Hearing Aid Market
- Latin America Hearing Aid Market
- MEA Hearing Aid Market
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