Hearing Aids Market to reach US$ 15,821.9 Mn by end of 2027, Says Coherent Market Insights

SEATTLE, Dec. 22, 2021 /PRNewswire/ -- According to Coherent Market Insights, The global hearing aids market is estimated to be valued at US$ 9,473.1 million in 2021 and is expected to exhibit a CAGR of 6.7% during the forecast period (2021-2028).

If you are suffering from hearing loss, you are not alone, unfortunately. There are millions of people today who have some form of hearing impairment, or a damaged ear that makes it difficult to hear. Most people who suffer from hearing impairment go about their lives barely noticing it, because most people rely on hearing to be able to function normally in society. Audiology devices such as hearing aids can change this, however, giving those with hearing impairments the chance to live and work normally like everyone else.

A hearing aid is one of the most commonly used audiology devices that helps to improve hearing in an individual with hearing impairment by making sounds audible to that person. The technology behind hearing aids has changed a lot over the years, with more efficient circuitry being developed and newer varieties of batteries being made. Today's hearing aids are now smaller, more powerful, and more efficient than ever before, making them a good choice for those who are looking for a discreet way to improve their ability to hear. Hearing aids are regulated by their respective national regulations and classified as medical devices.

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Market Drivers:

Launch of new products is expected to propel growth of the global hearing aids market over the forecast period. For instance, in October 2020, Starkey releases mask mode for LIVIO AI hearing aids. The Mask Mode boosts the frequency response in certain channels to help patients better hear people who are wearing face masks.

Moreover, increasing number of people with hearing loss is also expected to propel growth of the global hearing aids market over the forecast period. For instance, according to the World Health Organization, over 900 million people will have disabling hearing loss by 2050.

Market Opportunities:

R&D of technologically advanced products is expected to offer lucrative growth opportunities for players in the global hearing aids market. For instance, in February 2020, Phonak made available Marvel technology in an expanded portfolio of custom in-the-ear (ITE), super-power, and pediatric hearing aids across multiple performance levels.

Moreover, integration of hearing health and music-listening is also expected to offer lucrative growth opportunities for players in the global hearing aids market. For instance, in November 2021, Knowles Corporation announced the availability of the GM series receiver, a new high-performance, two-way balanced armature receiver designed specifically to enable hearing health applications to deliver audiophile-quality music performance.

Market Trends:

Major players operating in the global hearing aids market are focused on launching new products to expand their product portfolio. For instance, in January 2020, Phonak launched Phonak Virto Black, a fully-connected in-the-ear (ITE) hearing aid at CES 2020.

Major players operating in the global hearing aids market are also focused on offering advanced solutions to expand their product portfolio. For instance, in May 2020, Starkey updated its Thrive Hearing Control app to enable the Fall Alert feature in the "basic mode" for both iOS and Android versions.

Competitive Landscape:

Major players operating in the global hearing aids market include, Cochlear Ltd., GN Store Nord A/S, MED-EL, Oticon A/S, Starkey Hearing Technologies, Sonova Holding AG, Sivantos Inc., Sonic Innovations Inc., SeboTek Hearing Systems LLC, William Demant Holding A/S, Widex A/S, and Zounds Hearing Inc.

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Market Segmentation:

On the basis of technology, the global hearing aids market is segmented into:

• Conventional Hearing Aid
• Digital Hearing Aid

On the basis of product type, the global hearing aids market is segmented into:

• Behind the Ear Hearing Aids
• Receiver in the Ear Hearing Aids
• In the Ear Hearing Aids
• Completely In the Ear Hearing Aids
• In the Canal Hearing Aids

On the basis of region, the global hearing aids market is segmented into:

• North America
• U.S.
• Canada
• Latin America
• Argentina
• Brazil
• Mexico
• Rest of Latin America
• Europe
• Germany
• U.K.
• France
• Italy
• Russia
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• ASEAN
• Rest of Asia Pacific
• Middle East
• GCC Countries
• Rest of Middle East
• Africa
• North Africa
• Central Africa
• South Africa

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SOURCE Coherent Market Insights