The Global Hearing Aid Market was valued at USD 5.93 billion in 2021 and is expected to reach USD 8.8 billion by the year 2028, at a CAGR of 5.8%.
Hearing aids are small, portable electronic devices that allow people with hearing loss to hear sounds better and understand speech more clearly, improving communication skills. Hearing aids come in all shapes and sizes, classified as hearing aids and hearing implants. Hearing aids amplify the sound coming from the source because these hearing aids have a miniature microphone to receive the sound and a mini speaker to transmit the sound. Between these two components, the sound is amplified and converted into an electronic or digital signal. The amplification of sound depends on the hearing ability of the person. Hearing implants, on the other hand, are surgically placed in the ear and are usually intended for people who are deaf or have severe hearing loss.
The device stimulates the auditory nerve passing through the damaged part of the ear. Cochlear implants do not amplify sound, but create a sound stimulus or sensation. There are three general categories of hearing loss, conductive, sensorineural and mixed. Depending on the type of hearing loss, there are different treatments on the market. The growing geriatric population is expected to drive the growth of the hearing aid market over the forecast period, as this age group is more likely to experience hearing loss due to other healthcare-related comorbidities.
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The Major Players in The Global Hearing Aid Market:
- Arphi Electronics (India)
- Audina Hearing Instruments (US)
- Cochlear (Australia)
- GN Store Nord A/S (Denmark)
- Horentek Hearing Diagnostics (Italy)
- MED-EL Medical Electronics (Austria)
- Rion (Japan)
- Sebotek Hearing Systems (US)
- Sivantos (US)
- Sonova (Switzerland)
- Starkey (US)
- Widex (Denmark)
- William Demant (Denmark)
- Zounds Hearing (US)
- Oticon (Denmark)
- Amplifon (Italy)
Market has segmented the Global Hearing Aid Market on the basis of type, application, and region:
By Product Type :
- Hearing Aids
- Hearing Implants
By Patient Type:
- Adults
- Pediatrics
By Technology:
- Analog Hearing Aids
- Digital Hearing Aids
By Regional Outlook (Revenue, USD Billion, 2022 – 2028)
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
- Asia-Pacific (China, India, Japan, Southeast Asia, Rest of APAC)
- Middle East & Africa (GCC Countries, South Africa, Rest of MEA)
- South America (Brazil, Argentina, Rest of South America)
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Covid-19 Impact and Recovery Analysis on Industry:
In Covid-19 Wearing masks has created problems for persons with hearing loss, even though they are having appropriate hearing aid solutions. In a survey conducted by MED-EL in December 2020 on social media for users with hearing implants, 79% of the respondents reported that they are unable to understand people wearing masks. This problem was reported more in adults (90%) as compared to children (65%). The pandemic resulted in a decline of individuals visiting hospitals for hearing loss disorders, as there was a fear of getting infected with the virus. To summarize, with the growing vaccination rate and reduction in COVID-19 infected patients, the demand for hearing aids is expected to rise in the projected period attributed to growing awareness about the benefits of hearing devices.
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- Visualize the composition of the Global Hearing Aid Market products in terms of Product and application highlighting the critical commercial assets and players.
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- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
Table of Content:
Chapter 1: Introduction
1.1 Research Objectives
1.2 Research Methodology
1.3 Research Process
1.4 Scope and Coverage
1.4.1 Market Definition
1.4.2 Key Questions Answered
1.5 Market Segmentation
Chapter 2:Executive Summary
Chapter 3:Growth Opportunities By Segment
3.1 By Product Type
3.2 By Patient Type
3.3 By Technology
3.4 By Type of Hearing Loss
3.5 By Distribution Channel
To be continued…….
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