Hearing aid market size to increase by USD 3.6525 billion | Europe will account for 35% of market growth - Technavio

NEW YORK, Nov. 9, 2023 /PRNewswire/ -- The hearing aid market by product, end-user, and geography - forecast and analysis 2023-2027 report has been published by Technavio. Market growth is estimated to accelerate at a CAGR of 7.24% and register an incremental growth of USD 3.6525  billion during the forecast period. Based on region, the global hearing aid market is segmented into Europe, North America, Asia, and Rest of World (ROW). Europe accounted for a major share of the global hearing aid market. Factors such as the rise in the aging population and the prevalence of hearing loss in the region. Age-related changes in the peripheral and central auditory systems lead to hearing impairment. Such factors will drive the growth of the hearing aid market in North America during the forecast period. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market. Download a PDF sample report

Company profiles

The hearing aid market report includes information on the key products and recent developments of leading vendors, including:

• Advin Health Care: The company offers hearing aid such as 11M01, and Pocket hearing aids.
• Amplifon SpA: The company offers hearing aid such as Phonak virto titanium, Evoke fusion 2 440, ampli energy R 5, ampli connect B 5.
• Arphi Electronics Pvt. Ltd.: The company offers hearing aid such as Pocket model hearing aid, VOLTA, SINA, and VEGA.
• Audicus Inc.: The company offers hearing aid such as Wave, Mini, Spirit, and Omni.
• Audina Hearing Instruments Inc.
• Beltone
• Bernafon AG
• Cochlear Ltd.
• Demant AS
• To gain access to more vendor profiles available with Technavio, buy the report!

Market dynamics

The growth of the market depends on several factors, the global rise in the number of patients with hearing loss, the growth in the use of binaural hearing aids, and the growing focus on compliance with industrial standards, however, the prevalence of substitutes for hearing aids may impede the market growth.

Competitive analysis

The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc. Request a sample

Market Segmentation

• Based on the product, the market is segmented into hearing devices and hearing implants. The hearing devices segment accounted for the largest share of the market in 2022.
• By Geography, the market is classified as Europe, North America, Asia, and Rest of World. Europe will have the largest share of the market.

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What are the key data covered in this Hearing aid market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the hearing aid market between 2023 and 2027
• Precise estimation of the hearing aid market size and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the industry across Europe, North America, Asia, and Rest of World (ROW).
• Thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of hearing aid market vendors

Table of contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-User
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

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Technavio Research
Jesse Maida
Media & Marketing Executive
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SOURCE Technavio