According to the recent research report titled ‘Global Hearing Aid Market (2021 Edition) - Analysis By Hearing Devices (BTE, ITE, RIC, ITC and CIC), Type of Hearing Loss, Technology, Patient Type, By Region, By Country: Market Insights and Forecast with Impact of COVID-19 (2021-2026)’ available with MarketStudyReport, global hearing aid market was valued at USD 10.3 billion in 2020 and is anticipated to garner substantial gains by 2026.

The global hearing aid market growth is predominantly driven by factors such as development of new technologies to cure hearing issues, the rising burden of hearing loss, and growing awareness & initiatives that promote hearing aid devices.

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Long-term socio-economic issues are also positively influencing the overall market growth. Although population in emerging countries is predicted to rise the fastest, developed countries with steady populations will also see an increase in the number of senior citizens, who are more prone to suffer from hearing loss, which in turn has resulted in increased product penetration.

Global hearing aid industry is segmented based on hearing devices, type of hearing loss, technology type, patient type, and regional landscape.

The type of hearing devices segment is bifurcated into Behind the Ear (BTE), In-the-canal (ITC), Receiver in the Ear Canal (RIC), In the Ear (ITE), completely-in-the-canal (CIC), and others. The report cites that the BTE segment currently accounts for a large portion of the market share and is expected to have steady growth through the forecast duration. Due to the low cost of these hearing aids, they are mostly sold in developing and underdeveloped regions, thus fueling the segmental share.

As per type, the market is classified into conductive and sensorineural. Moving on to patient type, the industry is segregated on the basis of pediatric, and adults. The technology landscape of global hearing aid market involves digital and analog segments.

The regional landscape of global hearing aid market involves North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.

The competitive landscape of global hearing aid marketplace is defined by companies such as Sonova Holding AG, MED-EL, GN Store Nord A/S, Eargo, Starkey Hearing Technologies, Amplifon S.p.A., WS Audiology A/S, Rion Co. Ltd., and Demant A/S, Cochlear Ltd.