Hearing Aids Market projected to reach $10.2 billion by 2026

Posted 2024-04-29 04:27:46

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The size of global hearing aids market in terms of revenue was estimated to be worth $7.5 billion in 2021 and is poised to reach $10.2 billion by 2026, growing at a CAGR of 6.4% from 2021 to 2026.

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The hearing aid devices segment accounted for the largest share of the hearing aids market, by product segment.

On the basis of product, the hearing aids market is segmented into hearing aid devices and hearing implants. The increasing technological advancements in hearing aid devices is expected to propel market growth of hearing aid devices segment.

Sensorineural hearing loss segment accounted for the largest share of the hearing aids market, by type of hearing loss segment.

On the basis of type of hearing loss, the hearing aids market is segmented into sensorineural hearing loss and conductive hearing loss. The large share of sensorineural hearing loss segment can be attributed to the high incidence and prevalence of sensorineural hearing loss condition. Approximately 23% of hearing-impaired individuals aged above 65 years suffer from sensorineural hearing loss (SNHL) globally (Source: Timothy C. Hain, Sensorineural Hearing Loss Article, 2021). According to the American Academy of Audiology (2020), it is estimated that the annual incidence of sudden sensorineural hearing loss is 1 in 5,000 people or about 4,000 new cases per year in the US. The condition most commonly affects people aged between 30 and 60 years. The higher susceptibility of the elderly population to sensorineural hearing loss makes geriatrics a key segment of the overall patient pool.

The adult patients segment accounted for the largest share of the hearing aids market, by patient type segment.

Based on patient type, the hearing aids market is segmented into adults and pediatrics. The adult patients segment accounted for the largest share of the hearing aids market. The growing incidence of hearing loss among the adult population is driving this segments growth.

Europe is the largest regional market for hearing aids market

The global hearing aids market is segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. Europe accounted for the largest share of the hearing aids market. The rising geriatric population and the subsequent increase in the prevalence of hearing loss are the key factors driving the adoption of hearing aids in the region. The growth in the healthcare expenditure in the region is expected to result in the higher adoption of advanced hearing aids.

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The major players operating in this market are Sonova Group (Switzerland), Demant A/S (Denmark), GN Store Nord A/S (Denmark), Cochlear Ltd. (Australia), RION Co., Ltd. (Japan), Starkey (US), Nurotron Biotechnology Co., Ltd. (China), MED-EL (Austria), Audina Hearing Instruments, Inc. (US), Elkon Pvt. Ltd. (India), WS Audiology A/S (Denmark), Eargo, Inc. (US), Horentek (Italy), ZOUNDS Hearing Inc. (US), SeboTek Hearing Systems, LLC. (US), Arphi Electronics Private Limited (India), IN4 Technology Corporation (China), BHM-Tech Produktionsgesellschaft mbH (Austria), Nano Hearing Aids (US), LORECa s.r.o. (Turkey), Earlens Corporation (US), Austar Hearing Science and Technology (Xiamen) Co., Ltd. (China), Lively Hearing Corporation (US), audifon GmbH & Co. KG (Germany), and Foshan Vohom Technology Co., Ltd. (China).

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