The global hearing aids market is projected to reach USD 10.2 billion by 2026 from USD 7.5 billion in 2021, at a CAGR of 6.4%. Hearing aids market growth is driven by the technological advancements in hearing aids, growing prevalence of hearing loss, and the increasing adoption of smart hearing aids due to the rising incidence of noise-induced hearing loss.
COVID-19 Impact on Global Hearing Aids Market
The emergence of the COVID-19 pandemic has changed the delivery of medical care across the world. The increased pressure due to the growing rate of hospitalization of COVID-19 patients had led to the re-profiling of many hospitals and departments for treating patients with COVID-19. Consequently, many elective surgeries were canceled or postponed worldwide to reserve or redirect the available limited capacities and resources (like hospital beds and patient care professionals) toward COVID-19 patient care.
The outbreak of COVID-19 has led to an increase in the preference for remote monitoring. The crisis has ushered in a new era in the hearing healthcare space that requires a radical rethinking of service delivery in audiology. Low- and no-touch services are now necessary for audiology patients (who are typically at the highest risk for COVID-19 morbidity and mortality due to their advanced age). Also, hearing aid manufacturers have started focusing on including mobile audiometry and digital hearing care solutions for remote hearing aid device troubleshooting, counseling, fine-tuning, and tracking.
Globally, the rising incidence of hearing loss has made it extremely important to monitor and examine hearing functions. In children, untreated hearing loss negatively impacts language development, learning, and social engagement.
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This can be attributed to their low regulatory barriers, improvements in healthcare infrastructure, growing patient population, and rising healthcare expenditure. In addition, the regulatory policies in the Asia Pacific region are more adaptive and business-friendly than those in developed countries. This, along with the increasing competition in mature markets, has drawn key players in the hearing aids market to focus on emerging countries.
The high cost of hearing aids, such as cochlear implants and bone-anchored systems, is a major factor restraining the market growth, particularly in price-sensitive regions such as the Asia Pacific, Latin America, and Africa. Healthcare providers, especially in developing countries such as Brazil and Mexico, have low financial resources to invest in sophisticated technologies.
Extensive RD activities are required to develop technologically advanced hearing aids. This results in a significant increase in the cost of manufacturing and the end price for customers. This makes associated surgical interventional procedures and diagnostic tests correspondingly expensive for patients.
The dearth of skilled ENT surgeons in these countries is expected to limit the number of ENT procedures performed, including cochlear implantation, carried out per year despite the presence of a large target patient population base. This is a major challenge for the growth of the hearing aids market.
The hearing aids market is segmented into hearing aid devices and hearing implants based on product. The hearing aid devices segment accounted for the largest share of the hearing aids market in 2020, mainly due to the increasing technological advancements in hearing aid devices and the increasing number of product approvals.
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The hearing aids market is segmented into adults and pediatrics based on patient type. In 2020, the adult patients segment accounted for the largest share of the hearing aids market. The growing incidence of hearing loss among the adult population is driving the growth of this segment.
The global hearing aids market is segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East Africa. In 2020, Europe accounted for the largest share of the hearing aids market. The European hearing aids market’s growth can be attributed to the well-established healthcare industry, the increasing incidence of hearing disorders, and the rapid adoption of technologically advanced hearing aids.
Some key players in the hearing aids market (2021- 2026)
- Sonova Group (Switzerland)
- Demant A/S (Denmark)
- GN Store Nord A/S (Denmark)
- Cochlear Ltd. (Australia)
- RION Co., Ltd. (Japan)