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Hearing Aids Market to Reach USD 11.02 Billion by 2028; Launch of Phonak’s Audeo Paradise to Favor Growth

April 21, 2021 | Healthcare

The global hearing aids market size is expected to grow from USD 6.67 billion in 2021 to reach USD 11.02 billion in 2028. The growing popularity of tele-audiology for follow-ups and counseling among patients and healthcare professionals will encourage the growth of this market, mentioned in a report, titled “Hearing Aids Market Size, Share & COVID-19 Impact Analysis, By Product (Hearing Devices (Behind-the-Ear (BTE), In the Ear (ITE), Receiver in the Canal (RIC), Completely in the Canal (CIC), Others (Invisible in the Canal, etc.) and Hearing Implants (Cochlear Implants and Bone Anchored Implants)), By Patient Type (Adults and Pediatrics), By Distribution Channel (Over the Counter (OTC), Medical Channel/ Hospital Pharmacies, Private Practice/ Retail Pharmacies), and Regional Forecasts, 2021-2028.” The market size stood at USD 6.47 billion in 2020 and is expected to exhibit a CAGR of 7.4% between 2021 and 2028.


Introduction of Oticon’s Oticon More™ Hearing Aids to Augment Growth


Oticon, a major leader in hearing aid devices, introduced Oticon More™ hearing aids, an advanced aid. The new device supports hearing loss and is the first-ever hearing type of aid to offer a Deep Neural Network (DNN). Oticon More backs the brain to function the most effective and natural way. The brain has a crucial part in hearing, and thus with Oticon More™ promoting brain functions, it becomes highly beneficial. Furthermore, Oticon More™ also offers brain access to all sorts of sounds while providing comfort to the ears. The device is designed to ultimately handle a whole sound scene even in a complex setting, including cramped or busy places. The launch of Oticon More™ hearing aids will foster the market growth due to its superior features. Similarly, the introduction of Audeo Paradise by Phonak can have an outstanding effect on the global market due to its Marvel platform.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/hearing-aids-market-101573


Surging Cases of Hearing Loss to Accelerate Product Demand


The growing incidence of hearing loss among geriatric populations can spur demand for these aids. According to the WHO, the number of people living with disabling hearing loss is anticipated to reach over 900 million by 2050. Moreover, vascular disorder, chronic inflammation, genetic susceptibility, noise exposure, and the ear's physiological aging will further spur opportunities for the market. According to the Hearing Industries Association, over 4.22 million hearing aids were dispensed in the U.S. in 2019, an increase of 6.5% compared to the previous year. The increasing number of hearing impairment patient populations in the developed countries will uplift the hearing aids market share in the foreseeable future.


Demant A/S to Hold the Largest Share through Strategic Partnerships


Demant A/S holds a dominant position in the global industry. The company is a leader in the fields of hearing devices and cochlear implants. Moreover, the company has expanded its geographical presence through expansion plans such as partnerships, collaborations, and deals. For instance, in April 2019, Demant A/S signed an agreement with Koninklijke Philips N.V. to commercialize its hearing aids, accessories, and applications under the Philips HearLink brand. Moreover, the increasing research and development activities by prominent companies WS Audiology, Starkey, RION Co. Ltd will consolidate the market.


The Report Lists the Key Companies in this Market:



  • Sonovo (Stafa, Switzerland)

  • Demant A/S (Denmark)

  • GN Store Nord A/S (Ballerup, Denmark)

  • WS Audiology (Denmark)

  • Starkey (Minnesota, U.S.)

  • MED-EL (Medical Electronics) (Innsbruck, Austria)

  • Cochlear Ltd (Sydney, Australia)

  • RION Co., Ltd. (Tokyo, Japan)

  • Other prominent players


Further Report Findings:



  • Regional Insights: The market in North America stood at USD 2.48 billion in 2020. The growth is attributed to the increasing sales of hearing devices. Asia Pacific is expected to hold a significant share during the forecast period due to the rising aging population.

  • Notable Insight: According to Hear-it.org, over 3.6 million Australians suffer from hearing loss, and the figure is projected to reach 7.8 million in 2060.

  • Leading Segment: The adults’ segment is expected to lead the market during the forecast period. The growth is attributed to the rising geriatric population. The increasing awareness about various hearing devices & implants will further aid the segment’s growth.


The Market is Segmented into:


















































 ATTRIBUTE



  DETAILS



Study Period



  2017-2028



Base Year



   2020



Forecast Period



  2021-2028



Historical Period



  2017-2019



Unit



  Value (USD Billion)



Segmentation



  Product; Patient Type, Distribution Channel, and Geography



By Product


 




  • Hearing Devices

    • BTE (Behind the Ear)

    • ITE (In the Ear)

    • RIC (Receiver in the Canal)

    • CIC (Completely in the Canal)

    • Others (Invisible in the Canal, etc.)



  • Hearing Implants

    • Cochlear Implants

    • Bone Anchored Implants





By Patient Type


 




  • Adults

  • Pediatrics



By Distribution Channel


 




  • OTC (Over the Counter)

  • Medical Channel/ Hospitals Pharmacies

  • Private Practice/ Retail Pharmacies



By Geography


 




  • North America

    • By Product

    • By Patient Type

    • By Distribution Channel

    • By Country





  • Europe

    • By Product

    • By Patient Type

    • By Distribution Channel

    • By Country/Sub-region





  • Asia Pacific

    • By Product

    • By Patient Type

    • By Distribution Channel

    • By Country/Sub-region





  • Rest of World

    • By Product

    • By Patient Type

    • By Distribution Channel




Hearing Aids Market
  • PDF
  • 2020
  • 2017-2019
  • 134

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

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