According to the latest report by IMARC Group, titled “Hearing Aid Market Share: Global Industry Trends, Size, Growth, Opportunity and Forecast 2021-2026” the global hearing aid market reached a value of US$ 8.7 Billion in 2020. Looking forward, IMARC Group expects the 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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A hearing aid represents a small electronic device used to wear in or behind an ear. It enhances hearing so that a person with hearing loss can listen, communicate, and participate more fully in regular work. A hearing aid comprises of several essential components, such as a microphone, amplifier, and speaker. These components aid in magnifying sound vibrations entering the ear, perceiving more significant vibrations, and converting them into neural signals. The hearing devices are widely available in various designs and are customized according to the requirements of the customer.
The growing geriatric population across the globe is increasing the risk of hearing loss, which is primarily driving the hearing aid market. Besides this, a significant rise in the number of cases, especially that of infants, remains untreated, resulting in several psychological and speaking disabilities, thereby augmenting the market growth. In line with this, the introduction of aesthetically appealing products and the launch of innovative product variants, including waterproof hearing aids, are also propelling the product demand. Additionally, the increasing noise pollution levels, rising cases of birth complications and ear infections, and extensive research and development (R&D) activities by manufacturers are anticipated to bolster the hearing aid market in the coming years.
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:
- Sonova Holding AG (SWX: SOON)
- William Demant Holding A/S (CPH: DEMANT)
- Widex A/S
- Sivantos Group
- GN Store Nord A/S (CPH: GN)
- Cochlear Ltd (ASX: COH)
- SeboTek Hearing Systems LLC
- ReSound Group
- AGX Hearing
- Audina Hearing Instruments
- Glaxosmithkline (LON: GSK)
- Benson Hearing
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:
- Hearing Devices
- Hearing Implants
Breakup by Hearing Loss:
- Sensorineural Hearing Loss
- Conductive Hearing Loss
Breakup by Patient Type:
Breakup by Technology Type:
Breakup by End-User:
- ENT Clinics and Audiology Centres
Breakup by Region:
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Industry Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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