Pune, Aug. 20, 2020 (GLOBE NEWSWIRE) -- The hearing aids market size is projected to reach USD 14.45 billion by the end of 2026. The high prevalence of hearing disorders across the world will aid the growth of the market in the coming years.
According to a report published by Fortune Business Insights, titled “Hearing Aids Market Size, Share & Industry Analysis, By Product (Hearing Devices, Hearing Implants), By Patient Type (Adult, Pediatric), By Distribution Channel (OTC (Over the Counter), Medical Channel/ Hospital Pharmacies, Private Practice/ Retail Pharmacies) and Regional Forecast, 2019-2026,” the market was worth USD 8.39 billion in 2018 and will exhibit a CAGR of 7.2% during the forecast period, 2019-2026.
The other highlights of the report include:
• Targeted analysis of the impact of COVID-19 on the market;
• Detailed study of the factors, trends, and constraints shaping the market;
• Careful evaluation of the regional dynamics influencing the market; and
• Thorough profiling and examination of the key market players and their strategies.
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Hearing aid is an electronic device that is used by patients that have hearing disorders. The device amplifies the sound that the ear receives; thus making it audible to the person with the disability. The increasing incidence of hearing disorders and diseases will emerge in favor of the companies operating in the market.
The increasing investment in the research and development of the product, coupled with the presence of several large scale companies will aid the growth of the overall market in the coming years.
According to a study by the World Health Organization, around 466 million people across the world suffered from hearing disorders ion the year 2019. The increasing emphasis on technological intervention will have a huge impact on the growth of the overall market in the coming years. Additionally, the presence of several large scale companies will aid market growth.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
To get the short-term and long-term impact of COVID-19 on this Market.
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Increasing Product Launches will Have a Huge Impact on Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of product launches by major companies across the world will have a huge impact on the growth of the market. Technological intervention has yielded a few exceptional products in recent years. In August 2018, Starkey announced the launch of a new hearing aid equipped with artificial intelligence.
The company introduced the product in the UK market. The company claims that the product enables superior audio quality with lesser noise, mainly due to the use of concepts derived from artificial intelligence. Starkey’s latest product will not just benefit the company but will also have a positive impact on the growth of the overall market in the coming years.
North America Accounts for a Dominant Share; High Prevalence of Hearing Disorders will Aid Growth
The report analyzes the ongoing market trends across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these regions, the market in North America is projected to emerge as the dominant region in the coming years. The increasing prevalence of hearing disorders in the United States will aid the growth of the regional market.
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According to the Population Reference Bureau, the number of people above the age of 65 will rise from 52 million in 2018 to 95 million in 2060. The aging population coupled with the high per capita expenditure, will have a huge impact on the growth of the market in this region. As of 2019, the market in North America was worth 3.19 billion and this value is projected to increase further in the coming years. The market in Asia Pacific will also witness considerable growth driven by the improving healthcare infrastructure.
List Of key Companies Covered in the Hearing Aids Market:
- Sonova
- Demant A/S
- GN Store Nord A/S
- Starkey
- Sivantos Pte. Ltd.
- Widex A/S
- MED-EL
- Cochlear Ltd.
- Other Prominent Players
INDUSTRY DEVELOPMENT
- April 2018: Widex announced the launch of the world’s first machine learning hearing aid called the Widex Evoke. The company claims that the product is capable of adjusting the sound intensity with the help of smartphone application resulting in ease of usage.
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Hearing Aids Market Segmentation:
By Product
• Hearing Devices
o BTE (Behind the Ear)
o ITE (In the Ear)
o RIC (Receiver in the Canal)
o CIC (Completely in the Canal)
o Others (Invisible in the Canal, etc.)
• Hearing Implants
o Cochlear Implants
o Bone Anchored Implants
By Patient Type
• Adult
• Pediatric
By Distribution Channel
• OTC (Over the Counter)
• Medical Channel/ Hospital Pharmacies
• Private Practice/ Retail Pharmacies
By Geography
• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
• Rest of the World
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