Pune, Nov. 09, 2020 (GLOBE NEWSWIRE) -- According to the report, the Hearing Aids Market Size was valued at USD 8.39 Billion in 2018 and is anticipated to reach USD 14.45 Billion by the end of 2026. The forecast period is set from 2019 to 2026 and the market is expected to rise at a CAGR of 7.2%. The world’s first Healthable™ hearing aid namely Livio AI was reinvented by Starkey Hearing Technologies in August 2018. This updated hearing aid will run on AI and integrated sensors and is the first device to trace cognitive health and physical activity as measured by hearing aid for utilizing in social situations. In 2018, North America earned a revenue of USD 3.19 billion. Thus, the report states North America to emerge as one of the dominant regions in the global hearing aids market.
INDUSTRY DEVELOPMENT:
- August 2018: Starkey announced the launch of AI (Artificial Intelligence) equipped hearing aid in the UK market. The newly launched device enables superior quality in speech along with noise reduction with the help of AI-based integrated sensors
- April 2018: Widex launched the world’s first machine learning hearing aid called the Widex Evoke. The new system is capable of adjusting the sound intensity with the help of smartphone application resulting in ease of usage.
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Hearing Devices Segment to Lead Market due to Cost-Efficient Feature
The report is based on primary and secondary research methods and provides an in-depth global hearing aids market analysis. The report covers all important aspects of the market such as growth drivers, restraints, trends, and opportunities. It also lists the profile of the companies operating in the hearing aid market with key insights that will help these vendors strategize for better revenue generation in the forecast duration.
As per the report, the hearing devices segment is currently dominating the market because of its numerous advantages. These include flexibility for patients with both mild and moderate hearing loss, easily removable, cost-effective, and can be used during sports activities as well. Such flexibility of the device and at reasonable prices are two important factors anticipated to promote the growth of this segment in the coming years.
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Increasing number of ENT Clinics to Boost Market
The major factor promoting the growth of the market is the rising prevalence of hearing disorders among people. A study conducted by the World Health Organization in 2019 stated an estimate of about 900 million people worldwide who are likely to suffer from hearing loss by the end of 2050.
The study also states about 1.1 billion people within the age group of 12 to 35 years are prone to hearing impairment because of exposure to noise in recreational settings. Such statistics clearly indicate the benefit of the global market in the near future.
Another factor promoting the market growth is the rise in the geriatric population. Besides this, governments are taking initiatives such as health benefit programs, awareness programs, setting up more ENT clinics, and others and this is also anticipated to boost the global market in the coming years.
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Rising Geriatric Population and Rise in Hearing Problems to Help North America Dominate Market
In 2018, North America earned a revenue of USD 3.19 billion. Thus, the report states North America to emerge as one of the dominant regions in the global hearing aids market. A study conducted in 2018 by the Population Reference Bureau, the number of people aged 65 and above is expected to rise from 52 million in 2018 to 95 million by the end of 2060.
This is accounted for an estimate of 23.0% of the population of North America at that time. The rise in the geriatric population, coupled with increase in per capita expenditure on health, and rise in awareness about hearing aids will help this region generate attractive revenue in the coming years.
Additionally, the number of aging population in nations such as Germany, France, and UK are expected to promote the market in Europe and help this region grow significantly in the forecast period.
On the other side, the surge in disposable incomes of people across Asia Pacific is estimated to boost the hearing aids market in China and India. The rise in awareness about hearing disorders and the availability of cures and devices for improving hearing ability will help the market in the region grow rapidly.
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List of the players operating in the global hearing aids market:
- Sivantos Pte. Ltd.
- Cochlear Ltd.
- Sonova
- Starkey
- MED-EL
- GN Store Nord A/S
- Widex A/S
- Others
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Hearing Aids Market Segmentations:
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
SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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