Hearing-Aid Devices Market to Grow at a Significant Rate During the Forecast Period
Increasing
awareness about hearing-aid devices for the impaired hearing loss to drive the
Global Hearing-Aid Devices Market towards a steady growth.
According to TechSci Research report, “Global Hearing-Aid Devices Market By Type (Hearing Aid
Devices v/s Hearing Implants) By Type of Hearing Loss (Sensorineural v/s
Conductive) By Product Type (Wired v/s Wireless) By Technology Type (Digital
v/s Analog) By Patient Type (Adult v/s Pediatric) By Distribution Channel
(Online v/s Offline) By Region, Competition Forecast & Opportunities, 2026”, the global Hearing-aid
devices market is expected to grow at a promising rate during the forecast period.
Government is inclined towards early screening and identification of deafness
and hearing impairment, raising concerns towards ontological issues among the
population worldwide. General healthcare services in association with the
governments of developing and developed countries are highlighting the
privatization, and emerging healthcare infrastructure, the industry is
experiencing rapid development, that can be termed as a major factor that
drives the market toward its expected growth in the forecast years. Common population
is being educated about the issues and the treatment plans, thus driving them
to opt for hearing aid devices and implants.
First quarter of 2020, saw a severe lockdown
worldwide, owing to the onset of COVID-19 pandemic. Economies were heavily
affected and healthcare industry itself was impacted majorly. As the number of
patients requiring urgent attention increased, many hospitals ran out of
resources in the mean-time. This negatively affected the medical devices
sector. Many major players in the market reported a slowdown in sales, but the
market has now recovered from the setback and is promising a decent growth in
the upcoming years.
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The global hearing-aid devices market is categorized
by type, type of hearing loss, product type, technology type, patient type,
distribution channel, and regional distribution. Based on patient type the
market offers products for adults as well as pediatric patients. Adult patient
segment dominated the market in the historical years and is expected to
dominate in the next five years too. With the increasing number of geriatric
population and awareness among the adult population about the availability of
aids and implants the market is expected to continue to grow. Along with that,
pediatric population with sensorineural hearing loss is rapidly increasing and
the efficiency of these implants and aids in dealing with this is also influencing
the market growth, positively.
Based on regional distribution of the market, Asia
Pacific region is expected to dominate the market. It is projected that the
highest CAGR will be from APAC region during the forecast period. The growth
can be supported by the increasing penetration of hearing implants and the rising
geriatric population in the developing countries in the region. According to
some reliable resources, over 3.6 million Australians suffer from hearing loss
and the figure is projected to reach over 4 million in next 5 years which is
poised to surge the growth in the country.
Some of the major competitors in the market are Sonova
Holding AG, Demant A/S, GN Store Nord A/S, Cochlear Limited, Starkey Hearing
Technologies, Widex A/S, MED-EL, SeboTek Hearing Systems, LLC, Audina Hearing
Instruments, Inc., RION CO., LTD., WS Audiology, Medtronic Plc., ReSound (GN
Group), Amplifon SpA, Eargo Inc. The companies are focusing on extensive
research and development activities to stay competitive in the market. Other
competitive strategies include formation of alliances and partnerships.
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“Consumers are inclined towards
aesthetically appealing and less noticeable devices. New product launches that
provide a look for headphones are much more preferred. Advanced technology
coupled with aesthetic appearance of the hearing aids will provide a better
opportunity for new players in the market.”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Global Hearing-Aid
Devices Market By Type (Hearing Aid Devices v/s Hearing Implants) By Type of
Hearing Loss (Sensorineural v/s Conductive) By Product Type (Wired v/s
Wireless) By Technology Type (Digital v/s Analog) By Patient Type (Adult v/s
Pediatric) By Distribution Channel (Online v/s Offline) By Region, Competition
Forecast & Opportunities, 2026”, has evaluated the future growth
potential of Global Hearing-aid devices market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges, and opportunities
in Global Hearing-aid devices market.
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