Hearing Aids Market Size, Share to Reach A Valuation of USD11.9 Billion By 2027

SHARE THIS ARTICLE

Latest Study on “Hearing Aids Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.

The global Hearing Aids market size is expected to be worth around US$ 11.9 Billion by 2027, according to a new report by nova one advisor.

The global Hearing Aids market size was valued at US$ 6.9 Billion  in 2020 and is anticipated to grow at a CAGR of xx% during forecast period 2021 to 2027.

Overview of Hearing Aids Market Study

Hearing Aids market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.

Get your Customized Research Report@ https://www.novaoneadvisor.com/report/customization/5153

Growth Factors:

Market growth is driven by the technological advancements in hearing aids, growing prevalence of hearing loss, and the increasing adoption of smart hearing aids due to the rising incidence of noise-induced hearing loss.

Market Dynamics

Driver:  Growing prevalence of hearing loss

Globally, the rising incidence of hearing loss has made it extremely important to monitor and examine hearing functions. In children, untreated hearing loss negatively impacts language development, learning, and social engagement. Similarly, older adults with hearing loss often have difficulty following day-to-day conversations. For people entering their retirement years, untreated hearing loss has been linked to several physical and psychological issues, ranging from cognitive decline and depression to an increased risk of trips and falls.

Opportunity: Emerging markets offer lucrative opportunities

Emerging economies such as India, South Korea, Malaysia, Vietnam, Africa, and Middle Eastern countries such as Israel, Saudi Arabia, and the UAE offer significant growth opportunities to major market players. This can be attributed to their low regulatory barriers, improvements in healthcare infrastructure, growing patient population, and rising healthcare expenditure. In addition, the regulatory policies in the Asia Pacific region are more adaptive and business-friendly than those in developed countries. This, along with the increasing competition in mature markets, has drawn key players in the hearing aids market to focus on emerging countries.

Restraint: High cost of hearing aids

The high cost of hearing aids, such as cochlear implants and bone-anchored systems, is a major factor restraining the market growth, particularly in price-sensitive regions such as the Asia Pacific, Latin America, and Africa. Healthcare providers, especially in developing countries such as Brazil and Mexico, have low financial resources to invest in sophisticated technologies. Moreover, the staff must be extensively trained for the efficient handling and maintenance of cochlear implants and bone-anchored systems. Extensive R&D activities are required to develop technologically advanced hearing aids. This results in a significant increase in the cost of manufacturing and the end price for customers. This makes associated surgical interventional procedures and diagnostic tests correspondingly expensive for patients.

Challenge: Shortage of trained professionals

Currently, several countries are facing a shortage of skilled professionals who are capable of effectively performing ENT procedures, such as cochlear implantation. Underdeveloped countries and regions face this problem on a much wider scale. The dearth of skilled ENT surgeons in these countries is expected to limit the number of ENT procedures performed, including cochlear implantation, carried out per year despite the presence of a large target patient population base. This is a major challenge for the growth of the hearing aids market.

In 2020, hearing aid devices accounted for the largest share of the hearing aids market, by product

The hearing aids market is segmented into hearing aid devices and hearing implants based on product. The hearing aid devices segment accounted for the largest share of the hearing aids market in 2020, mainly due to the increasing technological advancements in hearing aid devices and the increasing number of product approvals.

In 2020, sensorineural hearing loss segment accounted for the largest share in the market, by type of hearing loss

The hearing aids market is segmented into sensorineural hearing loss and conductive hearing loss based on type of hearing loss. In 2020, the sensorineural hearing loss segment accounted for the largest share. Factors such as the high prevalence of sensorineural hearing loss, coupled with the growing geriatric patient pool and an increase in the number of product approvals are driving the growth of this segment.

In 2020, adult patients segment accounted for the largest share in the market, by patient type

The hearing aids market is segmented into adults and pediatrics based on patient type. In 2020, the adult patients segment accounted for the largest share of the hearing aids market. The growing incidence of hearing loss among the adult population is driving the growth of this segment.

Europe is the largest regional market for hearing aids

The global hearing aids market is segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, Europe accounted for the largest share of the hearing aids market.  The European hearing aids market’s growth can be attributed to the well-established healthcare industry, the increasing incidence of hearing disorders, and the rapid adoption of technologically advanced hearing aids.

Buy Complete Assessment of Hearing Aids market Now@ https://www.novaoneadvisor.com/report/checkout/5153

COVID-19 Impact on Hearing Aids Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Hearing Aids market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Hearing Aids market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Hearing Aids market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Hearing Aids market include:

Sonova Group (Switzerland), Demant A/S (Denmark), GN Store Nord A/S (Denmark), Cochlear Ltd. (Australia), RION Co., Ltd. (Japan), Starkey (US), Nurotron Biotechnology Co., Ltd. (China), MED-EL (Austria), Audina Hearing Instruments, Inc. (US), Elkon Pvt. Ltd. (India), WS Audiology A/S (Denmark), Eargo, Inc. (US), Horentek (Italy), ZOUNDS Hearing Inc. (US), SeboTek Hearing Systems, LLC. (US), Arphi Electronics Private Limited (India), IN4 Technology Corporation (China), BHM-Tech Produktionsgesellschaft mbH (Austria), Nano Hearing Aids (US), LORECa s.r.o. (Turkey), Earlens Corporation (US), Austar Hearing Science and Technology (Xiamen) Co., Ltd. (China), Lively Hearing Corporation (US), audifon GmbH & Co. KG (Germany), and Foshan Vohom Technology Co., Ltd. (China)

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

By Product

  • Hearing Aid Devices
    • Receiver-in-the-ear Hearing Aids
    • Behind-the-ear Hearing Aids
    • Canal Hearing Aids
    • In-the-ear Hearing Aids
    • Other Hearing Aid Devices
  • Hearing Implants
    • Cochlear Implants
    • Bone-anchored Systems

By Type of Hearing Loss

  • Sensorineural Hearing Loss
  • Conductive Hearing Loss

Browse Complete Table of Content@ https://www.novaoneadvisor.com/toc/hearing-aids-market

Why Buy this Report?

The purpose of Nova one advisor’s Hearing Aids market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

Download This Full Research Report, Click Here@ https://www.novaoneadvisor.com/report/checkout/5153

About Us

Nova One Advisor is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Nova One Advisor has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.

Contact Us:

Mr. Alex

Sales Manager

Call: +1 9197 992 333

Email: sales@novaoneadvisor.com

Web: https://www.novaoneadvisor.com/

James Root

James Root have over 6+ years of experience working in business development, and customer retention. I’ve gained my experience through serving higher education, healthcare, automotive, aerospace, manufacturing, local government and hospitality businesses with technical solutions.

View all posts by James Root →

Leave a Reply

Your email address will not be published. Required fields are marked *