Hearing Aid Devices Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By 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

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. This can be attributed to the increasing prevalence of hearing loss and growing adult population globally. 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. Also, flourishing healthcare industry and increasing healthcare expenditure by both the governments and population across the different regions is expected to foster the market growth during the forecast period.

Growing Prevalence of Hearing Loss Driving Market Growth

Hearing loss and impairments are becoming more common in people of all ages, from newborns to adults to the elderly, which is predicted to raise demand for hearing aids globally. The market is predicted to expand through 2027, thanks to rising rates of prenatal hearing impairments and adult hearing loss. According to the World Health Organization (WHO), the number of persons with hearing loss was over 430 million in 2019 and is anticipated to rise to 711 million by 2050. As a result, the need for hearing aids is likely to rise over the world.

Increasing Noise Pollution Supporting Market Growth

Hearing aid demand is predicted to rise as noise pollution becomes more prevalent around the world. Long-term noise exposure can cause irreparable hearing loss in the population, as well as a continual ringing in the ears known as tinnitus. As a result, demand for hearing aid devices has surged dramatically, propelling market expansion through 2027. Aside from hearing loss, continuous noise exposure causes a slew of additional issues, including hypertension, cardiovascular illness, stress, and sleep disruptions, to name a few.

Increasing Healthcare Expenditure Aids Market Growth

The existing healthcare and medical device industry is predicted to benefit from rising healthcare expenditures in various countries throughout the world. This is likely to have a positive impact on market growth through 2027. According to the World Health Organization, worldwide healthcare spending was over USD8.3 trillion in 2018, accounting for nearly 10% of global GDP, and it is likely to rise dramatically in the future years. However, while the quick breakout and spread of the COVID-19 pandemic raised demand for healthcare services, spending on lifestyle and other diseases decreased across countries. Due to rising demand for other healthcare services and medical devices, this expenditure is likely to rise in the coming years, presenting prospects for worldwide hearing aid devices as well.

Widespread Use of Headphones/Earphones/Bluetooth Devices to support Market Growth

The usage of headphones or earphones has increased because of changing lifestyle patterns, particularly among the youth. Headphones and earphones are used for a variety of purposes, including watching movies, listening to music, and conversing on the phone. Furthermore, people have begun to use Bluetooth gadgets to communicate while driving or performing any other work. This has resulted in a considerable increase in hearing issues among teenagers, fueling the growth of the hearing aid market.

Growing Geriatric Population supports the Market Growth

According to the United Nations Department of Economic and Social Affairs' Population Division, there were 702.9 million people aged 65 and up. By 2050, this number is predicted to increase by 120 percent, to 1548.9 million. The expanding elderly population (those aged 65 and up) is susceptible to a variety of hearing impairments and auditory nerve damage, which is predicted to boost the worldwide hearing aid device market.

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Market Segmentation

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. Based on device type, the market is divided into prescription-based and over-the-counter. Based on type, the market is spilt into Hearing Aid Devices and Hearing Implants. Based on style, the market is segmented into behind-the-ear-aids, In-the-ear-aids, In-the-canal-aids, and on-the-ear-aids.

Based on types of hearing loss, the market is divided into sensorineural and conductive. Based on Product type, the market is divided into wireless and wired. Based on technology type, the market is divided into digital and analog. Based on patient type, the market is segmented into adult and pediatric. Based on Distribution Channel, the market is segmented into offline and online.

Company Profiles

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., are among the major market players in the regional platform that lead the market growth of the Global Hearing Aid Devices market.