The Hearing Aids Market report provides a detailed analysis, of the market for the period of start year-end year. The report provides information about the CAGR, sales, and revenue studying the historical data and making an estimation of the revenue growth till the forecast period. The key objective of this Hearing Aids Market report is to deliver an all-inclusive summary including the market share, market size, opportunities, market influencers, challenges, driving factors, and growth rate, by the deep-dive study of the leading market players of Medical Devices industry from different geographical locations, their product/service types and application industries.
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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.
Lists of Companies Profiled in the Report:
Sonova Group (Switzerland)
Demant A/S (Denmark)
GN Store Nord A/S (Denmark)
Cochlear Ltd. (Australia)
RION Co., Ltd. (Japan)
Nurotron Biotechnology Co., Ltd. (China)
Audina Hearing Instruments, Inc. (US)
ElkonPvt. Ltd. (India)
WS Audiology A/S (Denmark)
Eargo, Inc. (US)
ZOUNDS Hearing Inc. (US)
SeboTek Hearing Systems, LLC. (US)
Arphi Electronics Private Limited (India)
IN4 Technology Corporation (China)
BHM-Tech ProduktionsgesellschaftmbH (Austria)
Nano Hearing Aids (US)
Earlens Corporation (US)
Austar Hearing Science and Technology (Xiamen) Co., Ltd. (China)
Lively Hearing Corporation (US)
audifon GmbH & Co. KG (Germany)
Foshan Vohom Technology Co., Ltd. (China)
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.
“Sensor neural hearing loss segment accounted for the highest CAGR”
Based on the type of hearing loss, the hearing aids market is segmented into sensor neural hearing loss and conductive hearing loss. In 2020, the sensor neural hearing loss segment accounted for the highest growth rate. This can be attributed to the high prevalence of sensor neural 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.
The primary interviews conducted for this report can be categorized as follows:
- By Company Type: Tier 1 – 40%, Tier 2 – 30%,and Tier 3 -30%
- By Designation: C-level – 27%, D-level – 18%, and Others – 55%
- By Region: North America -51%, Europe – 21%, Asia Pacific – 18%, Latin America – 6%, and the Middle East & Africa – 4%
This report provides a detailed picture of the global hearing aids market. It aims at estimating the size and future growth potential of the market across different segments, such as product, type of hearing loss, patient type, and region. The report also includes an in-depth competitive analysis of the key market players, along with their company profiles, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall hearing aids market and its sub segments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market’s pulse and provide them with information on the key market drivers, restraints, opportunities, and challenges.
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