Hearing Aid Devices Market to Grow at a Steady CAGR of 7.70% During the Forecast Period
Increasing prevalence of Hearing Loss is driving the growth
in global Hearing Aid Devices Market in the forecast period, 2022-2027.
According to TechSci Research report, “Hearing Aid Devices
Market
- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global Hearing Aid Devices Market stood
at USD 18.72 Billion in 2021 and is expected to grow at a steady CAGR of 7.70%
during the forecast period on account of growing prevalence of hearing loss.
The growing demand for hearing aid devices from various point of care
centers, homecare, among others is expected to support the market growth
through 2027. The growing prevalence of hearing loss has significantly
increased the patient pool worldwide suffering from it. This in turn has
significantly increased the demand for different types of hearing aid devices.
The growing technological advancements across the hearing aid-devices
have made them aesthetically appealing. Thereby increasing the demand of
hearing aid devices globally. Hearing aids do not require any type of surgery and are very
feasible to use and are best suited for people with less severe hearing loss
and fair speech understanding. Hence, increasing the demand of hearing
aid devices demand globally.
However, the high cost of high cost of prescription-based hearing aid
devices leads to affordability constraints, especially in developing countries
of Asia Pacific, South America, and Middle East & Africa. Also, poor
reimbursement scenario related to hearing aid devices across different
countries, especially in the developing and under-developed countries, is
further expected to restrict and slow down the market growth.
Also, stringent regulatory scenario and policies for launching and
marketing hearing aid devices are expected to significantly hamper the market
growth. The FDA is very strict when it comes to classifying hearing aid devices
and medical devices in various categories and giving approvals for them. Also,
countries that do not follow FDA but have their own regulatory associations are
also very strict for product approvals and their market launch.
The regulatory framework is quite strict when it comes to product
recalls. Furthermore, lack of awareness pertaining to the availability and use
of hearing aid devices among the population, especially in the developing and
under-developed countries, is expected to hamper the market growth during the
forecast period.
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Hearing Aid Devices Market"
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The global Hearing Aid Devices Market is segmented based on device type,
type, style, type of hearing loss, product type, technology type, patient type,
distribution channel, company, and regional distribution.
In terms of device type, the market can be divided into prescription-Based
and over-the-counter. The Prescription-based segment dominated the market in
2021 with a share of around 98.29% because of only prescription-based hearing
aid devices are available in the market. There is not a single over-the-counter
hearing aid devices that is approved by the Food and Drug Administration (FDA)
and EMEA. Countries like China, Japan, and South Korea have approved
over-the-counter hearing aid devices that are available to market in these
countries only.
In terms of type, the market can be categorized into Hearing aid devices
and Hearing implants. The Hearing aid devices is expected to dominate the
market during the forecast period as hearing aid devices do not require any surgery and
are best suited for people with less severe hearing loss and fair speech
understanding. Hearing implants require surgery and are best suited for
people with more severe hearing loss and poor speech understanding.
So, People generally preferring hearing aid devices which increasing the
demand of hearing aid devices over forecast years. In terms of product type,
the market is divided into Wireless and wired. The wireless hearing aid devices
dominates the market and expected to grow during forecasted years as wireless
hearing aid devices have improved sound quality, better localization,
convenience, and ease of connectivity to external electronic devices.
Key market players in the Hearing Aid Devices Market include:
·
Sonova
Holding AG
·
Demant
A/S
·
GN Store Nord A/S
·
Cochlear
Limited
·
Starkey
Hearing Technologies
·
Rion
Co., Ltd.
·
WS
Audiology A/S
·
Medtronic
Plc
·
Amplifon
SpA
·
Eargo
Inc.
Global Hearing Aid Devices Market is consolidated with a lot of
well-established players having presence in several countries with several
domestic players possessing leadership in certain regions and countries, among
others. Demant A/S holds the highest market share and is among the top five
market players globally. WS Audiology ranks second in terms of market share in
the overall Hearing Aid Devices Market. The company has a strong presence
worldwide and a huge brand value with unique product portfolio. People in
emerging countries are also aware about the presence, product portfolio and
business of the company and are preferring it over other competitor brands.
Additionally, there are other
prominent players such as Amplifon SpA, Cochlear Limited, Sonova Holding AG,
and among others, holding a significant position in the global Hearing Aid Devices
Market.
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“The Asia Pacific region will register the fastest CAGR during
the forecast period. This can be attributed to the large and growing geriatric
population in the region, which is susceptible to hearing loss diseases,
especially in countries like China, India, and Japan. Additionally, supportive
government policies and healthcare schemes launched by these countries across
different countries in the region is expected to support market growth. For
instance, On October 2021, the FDA issued a long-awaited proposal that would
offer a new category of affordable over-the-counter hearing aids for nearly 30
million population who report mild or moderate hearing loss, and which further
enhance the growth of hearing aid devices.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based Global management consulting
firm.
“Global
Hearing Aid Devices Market - Global Industry Size, Share, Trends, Opportunity
and Forecast, 2017-2027 Segmented By Device Type (Prescription-Based v/s Over-the-Counter),
By Type (Hearing Aid Devices, Hearing Implants), By style (Behind-the-ear-aids,
In-the-ear-aids, In-the-canal-aids, and On-the-ear-aids), By types of hearing
loss (Sensorineural v/s Conductive), By Product type (wireless v/s wired), by technology
type (digital v/s analog), By patient type (adult v/s pediatric), By
Distribution Channel (offline v/s online), By Region, By company (2021)”, has evaluated the future growth
potential of global rapid test kit 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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