According to the latest report by IMARC Group, titled “Hearing Aid Market Size: Global Industry Trends, Share, Growth, Opportunity and Forecast 2021-2026” the global hearing aid market exhibited moderate growth during 2015-2020. Looking forward, IMARC Group expects the global market to grow at a CAGR of around 6% during 2021-2026.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Hearing aids are small, battery-operated electronic devices that are worn in or behind the ear for improving hearing impairment. They help in amplifying the sound, which enables the user to listen, communicate and participate in everyday activities. It has three basic components, namely, a speaker, amplifier and a microphone. The hearing aid receives sound from the microphone, which is converted into electrical signals and sent to the amplifier. The amplifier then enhances the power of the signals and directs them to the ear through the speaker.
Global Hearing Aid Market Trends:
The growing geriatric population represents one of the major factors impelling the hearing aid market growth. This can be attributed to the association of old age with gradual hearing loss. Apart from this, the significant increase in the prevalence of hearing disabilities among the masses has boosted the sales of hearing aids across the globe. Furthermore, some of the leading players in the industry are introducing hearing aid devices that operate on lithium-ion batteries, which offer enhanced power when compared to conventional batteries. They are also investing in research and development (R&D) activities to introduce new product variants. For instance, Sonova AG, a Switzerland-based provider of hearing solutions, has recently launched Audéo Marvel under its Phonak brand, which is a receiver-in-canal hearing aid that can be paired with Bluetooth-enabled devices for direct audio streaming and making hands-free phone calls. It can also be connected to the myPhonak app, which provides information about the battery status and wearing time statistics of the earpiece, as well as offers the ability to control the volume and frequencies.
Hearing Aid Market 2021-2026 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the hearing aid market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
Key Market Segmentation:
The report has segmented the hearing aid market on the basis of product type, hearing loss, patient type, technology type, end-user and region.
Breakup by Product Type:
Breakup by Hearing Loss:
Breakup by Patient Type:
Breakup by Technology Type:
Breakup by End-User:
Breakup by Region:
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Key highlights of the report:
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