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.
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
Get Request a Sample Copy of the Hearing Aids Report:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/hearing-aids-market-101573
Hearing Aids Market Analysis 2021:
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.
COVID-19 Pandemic to Affect Growth Backed by Postponement of Surgeries
The COVID-19 pandemic has taken a huge toll on the healthcare sector. Most of the hospitals are falling short of beds for coronavirus positive patients. Also, multiple elective surgeries are either being cancelled or postponed to relocate resources. The Hearing Industries Association (HIA) revealed that during the first half of 2020, the sales of hearing aids in the U.S. is set to decline by 29.7%. Our accurate reports will aid in offering detailed information about the current condition of this industry.
Hearing Devices Segment to Lead Stoked by Rising Usage of Behind-the-ear Devices
Based on product, the hearing devices segment is set to hold the largest hearing aids market share and lead in the coming years. This growth is attributable to the rising usage of behind-the-ear devices as they resemble Bluetooth earphones. Also, invisible-in-the-canal and completely in the canal devices are nowadays experiencing high demand because of their ability to provide more confidence in people.
Increasing Development of Novel Devices to Spur Growth in Europe
In 2019, North America procured USD 3.37 billion in terms of revenue. The increasing adoption of less noticeable devices to surge the aesthetic appeal would aid growth. Europe is projected to witness lucrative growth throughout the forthcoming years on account of the rising research and development activities to create advanced hearing aids. In Asia Pacific, the increasing old age population is expected to drive growth.
Key Players Focus on Launching Unique Hearing Aids to Fulfill Unmet Needs
The global market houses several manufacturers that are mainly aiming to fulfill the unmet demand from people across the globe. To do so, they are developing novel products equipped with innovative technologies for more comfort. Below are the two latest industry developments:
- August 2020: GN Hearing launched a revolutionary new hearing aid named ReSound ONE. It has an additional microphone that can be placed inside the ear canal, enabling people to rely on these aids, while gaining the comfort of an open-fit device.
- April 2020: Phonak unveiled a new telehealth technology that contains a suit of Phonak eSolutions featuring real-time remote hearing aid fine-tuning, programming, and fitting. It also includes online hearing testing to help patients receive care amid COVID-19.
Have Any Query? Ask Our Experts:
https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/hearing-aids-market-101573
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Hearing loss, By Key Country
- Technological Advancement Sin Hearing Aids Market
- New Product Launches
- Key Industry Developments (Mergers, Acquisitions, and Partnerships)
- Impact of COVID-19 Pandemic
- Global Hearing Aids Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Hearing Devices
- BTE ( Behind the Ear)
- ITE (In the Ear)
- RIC (Receiver in the Canal)
- CIC (Completely in the Canal)
- Others (Invisible in the Canal, etc.)
- Hearing Implants
- Cochlear Implants
- Bone Anchored Implants
- Hearing Devices
- Market Analysis, Insights and Forecast – By Patient Type
- Adults
- Pediatrics
- Market Analysis, Insights and Forecast – By Distribution Channel
- OTC (Over the Counter)
- Medical Channel/ Hospitals Pharmacies
- Private Practice/ Retail Pharmacies
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Hearing Aids Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Product
- Hearing Devices
- BTE ( Behind the Ear)
- ITE (In the Ear)
- RIC (Receiver in the Canal)
- CIC (Completely in the Canal)
- Others (Invisible in the Canal, etc.)
- Hearing Implants
- Cochlear Implants
- Bone Anchored Implants
- Hearing Devices
- Market Analysis – By Patient Type
- Adults
- Pediatrics
- Market Analysis – By Distribution Channel
- OTC (Over the Counter)
- Medical Channel/ Hospitals Pharmacies
- Private Practice/ Retail Pharmacies
-
- Market Analysis – By Country
- U.S.
- Canada
- Market Analysis – By Country
- Europe Hearing Aids Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Product
- Hearing Devices
- BTE ( Behind the Ear)
- ITE (In the Ear)
- RIC (Receiver in the Canal)
- CIC (Completely in the Canal)
- Others (Invisible in the Canal, etc.)
- Hearing Implants
- Cochlear Implants
- Bone Anchored Implants
- Hearing Devices
- Market Analysis – By Patient Type
- Adults
- Pediatrics
- Market Analysis – By Distribution Channel
- OTC (Over the Counter)
- Medical Channel/ Hospitals Pharmacies
- Private Practice/ Retail Pharmacies
-
- Market Analysis – By Country/Sub-region
- U.K.
- Germany
- France
- Spain
- Italy
- Scandinavia
- Rest of Europe
- Market Analysis – By Country/Sub-region
- Asia Pacific Hearing Aids Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Product
- Hearing Devices
- BTE ( Behind the Ear)
- ITE (In the Ear)
- RIC (Receiver in the Canal)
- CIC (Completely in the Canal)
- Others (Invisible in the Canal, etc.)
- Hearing Implants
- Cochlear Implants
- Bone Anchored Implants
- Hearing Devices
- Market Analysis – By Patient Type
- Adults
- Pediatrics
- Market Analysis – By Distribution Channel
- OTC (Over the Counter)
- Medical Channel/ Hospitals Pharmacies
- Private Practice/ Retail Pharmacies
-
- Market Analysis – By Country/Sub-region
- Japan
- China
- India
- Australia
- Southeast Asia
- Rest of Asia Pacific
- Market Analysis – By Country/Sub-region
Toc Continue…
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Contact Us:
Fortune Business Insights Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune -411045, Maharashtra, India.
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245