Global hearing-aid devices market
stood at USD15.86 billion in value terms in 2020 and is expected
to grow at a CAGR of 7.59% during the forecast period. Impressive growth in
the market can be ascribed to the growing geriatric population which is
susceptible to various kinds of hearing impairments and auditory nerve damage.
According to the United Nations Department of Economic and Social Affairs,
Population Division, the number of persons aged 65 years or above were 702.9
million in 2019. This number is expected to grow at 120% and reach 1548.9
million by 2050. The changing lifestyle pattern especially among the youth has
led to an increase in the use of headphones or earphones. Headphones and earphones
are being used for watching movies, listening to music, talking on calls, among
others. Additionally, people have also started using Bluetooth devices to talk
while driving or doing any other task. This has significantly increased hearing
problems among the youth thereby driving the growth of hearing aid-devices
market. Furthermore, growing prevalence of noise pollution worldwide is
expected to increase the demand for hearing aid-devices. Prolonged exposure to
noise can lead to irreversible hearing losses among the population coupled with
constant ringing in the ears, which is also known as tinnitus. This in turn,
has significantly increased the demand for hearing aid-devices, thereby
spurring the market growth through 2026.
Global hearing-aid devices market
is categorized by device type, type of hearing loss, product type, technology
type, patient type, distribution channel, region, and company. In terms of
device type, the global hearing-aid devices market can be split into
prescription-based and over the counter. The prescription-based segment dominated
the overall hearing-aid devices market with a share of around 98.41% in 2020
and is expected to continue its dominance through 2026. This can be ascribed to
the fact that in most parts of the world almost everywhere hearing-aid devices
are being sold through prescription. There are only few countries where
over-the-counter hearing aid-devices are being sold. However, in the coming
years when over-the-counter hearing-aid devices will be available in market by
2022, the over-the-counter hearing aid-devices will witness significant growth.
Over-the-counter hearing-aids are expected to enter the market full-fledged by
2022. At present over-the-counter hearing aids are only available in countries
like Japan, China, and South Korea but it is expected that after the
formulation of guidelines on over-the-counter hearing-aids by the FDA, the
over-the-counter hearing-aids will be available across the globe.
The global hearing aid-devices market is well
established and quite consolidated with few major players holding a significant
market share. Companies like Demant A/S, WS Audiology A/S, Amplifon SpA, among
others are holding a significant share in the market. Also, there are companies
like Cochlear Limited which are market leaders when it comes to hearing
implants. Demant A/S holds the position of market leader on account of its wide
product portfolio comprising of both hearing-aid devices and hearing implants.
However, it is expected that in the coming years there will be many regional
players entering the market space especially after the launch of guidelines and
policies for over-the-counter hearing-aids by the FDA and their expected
commercialization by 2022. The companies operating in the market are following
strategies such as mergers & acquisitions, new product launches, getting
into collaborations, among others to stay competitive and having an edge over
other players in the market. For instance, in February 2021, GN Store Nord A/S
launched ReSound Key which is a hearing-aid line up which provides a value
addition to its existing hearing-aid devices technology, globally.
Years considered for this report:
Historical
Years: 2016 – 2019
Base Year:
2020
Estimated
Year: 2021E
Forecast
Period: 2022F– 2026F
Objective of the
Study:
- To analyze the historical
growth in the market size of global hearing-aid devices market from 2016
to 2020.
- To estimate and forecast
the market size of global hearing-aid devices market from 2021 to 2026 and
growth rate until 2026.
- To classify and forecast global hearing-aid
devices market based on by device type, by
type, type of hearing loss, product type, technology type, patient type,
distribution channel, region and company.
- To identify dominant region or segment in the global hearing-aid
devices market.
- To identify drivers and
challenges for global hearing-aid devices market.
- To examine competitive
developments such as expansions, new product launches, mergers &
acquisitions, etc., in global hearing-aid devices market.
- To
identify and analyze the profile of leading players operating in global hearing-aid devices market.
- To identify key sustainable strategies adopted by market players in
global hearing-aid devices market.
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TechSci Research
performed both primary as well as exhaustive secondary research for this study.
Initially, TechSci Research sourced a list of manufacturers, suppliers, and distributors
across the globe. Subsequently, TechSci Research conducted primary research
surveys with the identified companies. While interviewing, the respondents were
also enquired about their competitors. Through this technique, TechSci Research
could include the manufacturers which could not be identified due to the
limitations of secondary research.
TechSci Research
analyzed the manufacturers, distribution channels and presence of all major
players across the globe. TechSci Research calculated the market size of global
hearing-aid devices market using a bottom-up approach, wherein data for various
end-user segments was recorded and forecast for the future years. TechSci
Research sourced these values from the industry experts and company
representatives and externally validated through analyzing historical data of
these product types and distribution channels for getting an appropriate,
overall market size. Various secondary sources such as company
websites, news articles, press releases, company annual reports, investor
presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Hearing-aid devices manufacturers,
end users, providers, and other stakeholders
- Distributors and suppliers of hearing-aid
devices and other stakeholders
- Organizations, forums, and
alliances related to hearing-aid devices
- Market research and consulting
firms
The study is
useful in providing answers to several critical questions that are important
for the industry stakeholders such as manufacturers, suppliers, end users,
etc., besides allowing them in strategizing investments and capitalizing on
market opportunities.
Report
Scope:
In this
report, global hearing-aid devices market has been segmented into
following categories, in addition to the industry trends which have also been
detailed below:
- Global Hearing-Aid Devices Market, By Device Type:
- Prescription-Based
- Over-the-Counter
- Global Hearing-Aid Devices Market, By Type:
- Hearing-Aid Devices
- Behind-the-ear-aids
- In-the-ear-aids
- In-the-canal-aids
- On-the-ear-aids
- Hearing Implants
- Global Hearing-Aid Devices Market, By Type of Hearing Loss:
- Global Hearing-Aid Devices Market, By Product Type:
- Global Hearing-Aid Devices Market, By Technology Type:
- Global Hearing-Aid Devices Market, By Patient Type:
- Global Hearing-Aid Devices Market, By Distribution Channel:
o
Offline
o
Online
- Global Hearing-Aid Devices Market, By Region:
- North
America
- United
States
- Canada
- Mexico
- Europe
- Germany
- Italy
- United
Kingdom
- France
- Spain
- Asia
Pacific
- China
- India
- Japan
- South
Korea
- Australia
- Indonesia
- Philippines
- Vietnam
- South
America
- Brazil
- Argentina
- Colombia
- Middle
East & Africa
- South
Africa
- UAE
- Saudi
Arabia
- Kuwait
Competitive
Landscape
Company Profiles: Detailed
analysis of the major companies present in global Hearing-Aid Devices market.
Available
Customizations:
With the given
market data, TechSci Research offers customizations according to a company’s
specific needs. The following customization options are available for the
report:
Company Information
Detailed analysis and
profiling of additional market players (up to five).
In case you don’t find what you are looking for, please get in touch with our custom research team at sales@techsciresearch.com