October 08, 2021
According to the research report titled ‘Hearing Aids Market Size By Product (Behind-the-Ear (BTE), Completely-in-the-Canal/Invisible-in-Canal (CIC/IIC), In-the-Canal (ITC), In-the-Ear (ITE)), By Patient (Adult, Pediatric), COVID19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, global hearing aids market is expected to growth significantly during 2021-2027.
Rising occurrences of hearing loss worldwide, technological advancements to meet evolving consumer demands, and increasing geriatric population who are highly prone to hearing disorders are the factors boosting the expansion of global hearing aids market. Besides, surging incidences of stress and hearing loss caused by loud noise is further augmenting the industry outlook.
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For the unversed, the most common form of hearing loss called sensorineural hearing loss occurs due to old age and factors like loud noises. etc. Another form of hear loss known as conductive hearing loss is caused by obstruction in the ear in the form of excessive fluid, ear wax, and others.
Effective strategies undertaken by prominent players to enhance their product offerings and build a strong market presence is also creating lucrative opportunities for the industry progression. Citing an instance, in June 2021, Danish hearing aids manufacturer GN Store Nord A/S launched its premium hearing aid range, the Jabra Enhance Pro. It is specifically designed with the help of Jabra’s consumer audio experience, along with the company’s medical grade hearing technology.
On the contrary, the remuneration scope of global hearing aids market is likely to be hampered by low product penetration, lack of awareness about these products in developing nations, along with their high costs.
Based on product, the in-the-ear (ITE) segment captured a considerable market share in 2020 and is projected to accumulate USD 1,138 million by 2027. This is ascribed to various advantages offered by these products, along with growing consumer demand.
By patient terrain, the pediatric segment garnered a revenue of USD 600 million and is anticipated to expand considerably over 2021-2027, owing to rise in hearing disorder concerns among children.
Considering the geographical landscape, Middle East & Africa market surpassed a valuation of USD 174 million in 2020 and is slated to amass notable gains during 2021-2027, attributable to increase in the number of people suffering from hearing impairment disorders and loss of hearing in various countries across the region.
Key players operating in global hearing aids market are WS Audiology A/S, Starkey Hearing Technologies, Sonova Holding AG, HearUSA, Inc., Hansaton Akustik GmbH, GN Store Nord A/S, Ear Technic GmbH, Demant A/S, Audina Hearing Instruments, Inc., and AS Audio Service GmbH.