The Global Hearing Aids Market to Amount to $11101.1 Million by 2028

January 19 14:54 2022
The Global Hearing Aids Market to Amount to $11101.1 Million by 2028
The Global Hearing Aids Market
As per Triton’s report, the global hearing aids market, which generated $7073.1 million in 2021, is likely to chart 6.68% of CAGR by the year 2028.

A recent study by Triton Market Research titled ‘Global Hearing Aids Market,’covers the Global Analysis and Forecasts by Technology (Digital Hearing Aids, Conventional Hearing Aids), by Product (Hearing Implants [Cochlear Implants, Bone-anchored Systems], Hearing Aid Devices [Behind-the-Ear (BTE), In-the-Canal (ITC) and Completely-in-the-Canal (CIC), In-the-Ear (ITE), Other Hearing Aid Devices]), by Types of Patient (Adults, Pediatrics/Children), by Types of Hearing Loss (Sensorineural Hearing Loss, Conductive Hearing Loss), by Distribution Channel (Audiology and ENT Clinics, Pharmacies, Hospitals), and by Regional Outlook (North America; Europe; Asia-Pacific; Latin America; the Middle East and Africa), and Regional Outlook (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa).

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A report by Triton Market Research predicts the global hearing aids market to grow with a CAGR of 6.68% in the forecast years 2022-2028. This industry is likely to accumulate revenue worth $11101.1 million by 2028.

In 2019, the Hearing Industries Association (HIA) partnered with the International Hearing Society (IHS), the Academy of Doctors of Audiology (ADA), the American Academy of Audiology (AAA), and the Hearing Loss Association of America (HLAA), to launch a campaign called “Hear Well. Stay Vital.” in the United States. This initiative was aimed to increase public awareness about hearing loss and promote better hearing. Such growing initiatives to spread awareness about hearing aid devices are largely contributing to the growth of the hearing aids market. 

However, hearing aids may also face a number of issues, such as inability to work efficiently in noisy situations, inability to restore an individual’s hearing to normal, incur high costs, etc. These are some factors that can affect their adoption rate across the globe, consequently restraining the market’s growth.

The market for hearing aids is segmented into technology, product, types of patient, types of hearing loss, and distribution channel. Based on technology, it is divided into digital hearing aids and conventional hearing aids. 

Based on product, it is bifurcated broadly into hearing implants and hearing aid devices. Hearing implants is further divided into cochlear implants and bone-anchored systems. And hearing aid devices is further divided behind-the-ear (BTE), in-the-canal (ITC) and completely-in-the-canal (CIC), in-the-ear (ITE), and other hearing aid devices. 

Whereas, on the basis of types of patient, it is categorized into adults and pediatrics/children. According to types of hearing loss, it is classified into sensorineural hearing loss and conductive hearing loss. And lastly, according to distribution channel, it is classified into audiology and ENT clinics, pharmacies, and hospitals.

The Asia-Pacific is expected to grow the fastest in the global market, over the forecast period. This growth can largely be attributed to the presence of a large pool of patient population with hearing loss in this region. Along with this, increased healthcare spending and the development of the healthcare infrastructure are also contributing to the growth of the hearing aids market in the APAC.

Sonova, Cochlear Ltd, Med El, Siemens AG, Zounds Hearing, Sebotek Hearing Systems LLC, Rion Co Ltd, Demant AS, Starkey, Arphi Electronics Pvt Ltd, Amplifon, Microson, Audina Hearing Instruments Inc, Horentek, and GN Store Nord AS are the well-known players in the hearing aids market.

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Question & Answer: Hearing Aids Market

Question 1: What factors are contributing to the growth of the hearing aids market?

Answer: In 2019, the Hearing Industries Association (HIA) partnered with the International Hearing Society (IHS), the Academy of Doctors of Audiology (ADA), the American Academy of Audiology (AAA), and the Hearing Loss Association of America (HLAA), to launch a campaign called “Hear Well. Stay Vital.” in the United States. This initiative was aimed to increase public awareness about hearing loss and promote better hearing. Such growing initiatives to spread awareness about hearing aid devices are largely contributing to the growth of the hearing aids market.

Question 2: What factors can restrain the hearing aids market’s growth?

Answer: Hearing aids may also face a number of issues, such as inability to work efficiently in noisy situations, inability to restore an individual’s hearing to normal, incur high costs, etc. These are some factors that can affect their adoption rate across the globe, consequently restraining the market’s growth.

Question 3: Which region is expected to grow the fastest in the global market for hearing aids?

Answer: The Asia-Pacific is expected to grow the fastest in the global market, over the forecast period. This growth can largely be attributed to the presence of a large pool of patient population with hearing loss in this region. Along with this, increased healthcare spending and the development of the healthcare infrastructure are also contributing to the growth of the hearing aids market in the APAC.  

Question 4: Who are the well-known players in the hearing aids market?

Answer: Sonova, Cochlear Ltd, Med El, Siemens AG, Zounds Hearing, Sebotek Hearing Systems LLC, Rion Co Ltd, Demant AS, Starkey, Arphi Electronics Pvt Ltd, Amplifon, Microson, Audina Hearing Instruments Inc, Horentek, and GN Store Nord AS are the well-known players in the hearing aids market.

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Advancements in technology and techniques used in sports medicine are expected to generate lucrative opportunities for the market’s expansion. Some novel technologies and procedures like ACL reconstruction, arthroscopic surgery, ultrasound-guided pain injections, minimally invasive spinal surgeries, hip surgery, and robotic technology have revolutionized the healthcare industry. 

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