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The global hearing aids market size is expected to reach USD 14.45 Billion by 2026, exhibiting a CAGR of 7.2% between 2019 to 2026 in Fortune Business Insights recent report. According to the report 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 valued at USD 8.39 Billion in 2018.
The report is based on a thorough hearing aid market analysis, primarily emphasizing on the competitive landscape and market dynamics. Hearing aids are electronic devices used for amplifying the sound and helping hearing-impaired patients to hear clearly.
World Health Organization conducted a study on hearing problems in 2019 and according to that, about 466 million people worldwide are suffering from hearing problems among which about 7.3% is the pediatric population.
Hearing Implants Segment to Hold Dominance Owing to their Performing Capabilities
The hearing aids market is categorized on the basis of product, patient type, distribution channel, and geography. Based on product type, the market is divided into hearing implants and hearing devices. Among these, the hearing implants segment is further classified into bone anchored implants, and cochlear implants while the hearing devices segment is further divided into CIC (Completely in the Canal), RIC (Receive in the Canal), ITE (In the Ear), BTE (Behind the Ear), and others.
Fortune Business Insights foresees the market to be currently dominated by the hearing devices segment because of numerous advantages it has to offer, Hearing devices are cost-efficient, removable, can be used by people with mild to moderate hearing issues, and are also capable of performing during sports activities.
On the basis of patient type, the market is categorized into pediatric and adult. The adult segment is anticipated to rise at a faster CAGR as compared to their pediatric counterpart, owing to the significant number of adults with hearing problems, coupled with the availability of direct treatment options for adults.
With respect to the distribution channel, the hearing aids market is classified into OTC (Over the Counter), medical channel or hospital pharmacies, and private practice or retail pharmacies. Among these, the hospital pharmacies/ medical channel segment is prognosticated to earn a dominant share in the market due to the presence of many specialty clinics all around the world.
Increasing Prevalence of Hearing Impairment to Boost Market
The primary factor promoting the growth of the market is the increasing prevalence of hearing impairment among both the adult as well as the pediatric population. In addition to this, the surge in awareness about technological advancements installed in new hearing devices such as artificial intelligence and special sensors will also help the market to generate high revenue during the forecast period.
Furthermore, the increasing number of ENT clinics worldwide, especially in developing nations and the advent of technological advancement in new therapeutic procedures for hearing problems are anticipated to further boost the global market for hearing aids in the forecast period.
The competitive landscape of the global hearing aids market is intense with the presence of multiple players. Companies are investing huge sums into research and development for launching products and for spreading their geographical presence.
Besides this, the entry of local market players and medical technology-based start-ups is also intensifying the market competition. Some of the players operating in this market are Starkey, Widex A/S, Sonova, Cochlear Ltd., Medtronic, MED-EL, GN Store Nord A/S, others.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/hearing-aids-market-101573
Global Hearing Aids Market Scope Table of Segmentation
Value (USD Billion)
By Patient Type
By Distribution Channel