According to a new healthcare market research industry, "Hearing Aids Market by Product Type [Aids (Receiver, Behind the Ear, In the Canal, In the Ear Aids), Implants (Cochlear, Bone-anchored)], Type of Hearing Loss (Sensorineural, Conductive), Patient Type (Adults, Pediatrics), Region - Global Forecast to 2026" The global hearing aids is projected to reach USD 10.2 billion by 2026 from USD 7.5 billion in 2021, at a CAGR of 6.4%.
The growing prevalence of hearing loss, the increasing adoption of smart hearing aids due to the rising incidence of noise-induced hearing loss, and technological advancements in hearing aids are among the major factors propelling the growth of this market.
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.
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Based on patient type, the hearing aids market is segmented into adults and pediatrics. 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 this segments growth.
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 large share of this region can be attributed to the rising geriatric population, the increasing incidence of hearing disorders, the rapid adoption of technologically advanced hearing aids, and the well-established healthcare industry.
The major players operating in this market are Sonova Group (Switzerland), Demant A/S (Denmark), GN Store Nord A/S (Denmark), Cochlear Ltd. (Australia), RION Co., Ltd. (Japan), Starkey (US), Nurotron Biotechnology Co., Ltd. (China), MED-EL (Austria), Audina Hearing Instruments, Inc. (US), Elkon Pvt. Ltd. (India), WS Audiology A/S (Denmark), Eargo, Inc. (US), Horentek (Italy), ZOUNDS Hearing Inc. (US)