The global Hearing Care Devices market was valued at $7,535.58 million in 2021, and is projected to reach $12,529.2 million by 2030, registering a CAGR of 5.08% from 2021 to 2030. Hearing care devices restore hearing function in patients suffering from hearing impairment. Some of these devices (mainly implants) could even restore hearing function in profoundly deaf individuals. Hearing aids are small yet powerful electronic devices designed to discreetly assist hearing. Powered by batteries, hearing aids include three essential parts: the microphone, amplifier, and speaker. A cochlear implant is a small, complex electronic device that can help to provide a sense of sound to a person who is profoundly deaf or severely hard-of-hearing. The implant consists of an external portion that sits behind the ear and a second portion that is surgically placed under the skin.
High incidence of hearing disorders, new technological advancements in hearing systems, growth in geriatric population, and increase in binaural fitting rate are expected to drive the global hearing care devices market.
In addition, improved healthcare infrastructure and rise in overall healthcare expenditure across different countries around the globe are some of the factors that augment the growth of hearing care devices. Moreover, growth in trend for customized implants is also a major factor that drives the hearing care devices market
.
However, high cost of the devices and rise in drop-out rate of the patients are expected to impede the market growth. The growth opportunities in emerging countries of Asia-Pacific and LAMEA are expected to provide numerous opportunities for market growth during the forecast period.
The global hearing care devices market is highly competitive and is lucrative in nature. The key market players have adopted various developmental strategies, such as product launch &approval, strategic acquisitions, and mergers to strengthen their market position.
The hearing care devices market in this report is studied on the basis of product, type of hearing loss, end user, and region. On the basis of product, the market is divided into hearing aids and hearing implants. Hearing aids is further divided into type and technology. On the basis of type of hearing aids, it is further divided into behind-the-ear (BTE) aids, in-the-ear aids, receiver-in-the-ear (RITE), and canal hearing aids. On the basis of technology of hearing aids, it is further divided into analog hearing aids and digital hearing aids. On the basis of hearing implants, the market is classified into cochlear implants, bone-anchored hearing systems, auditory brainstem implants, and middle ear implants. On the basis of type of hearing loss, the market is bifurcated into sensorineural hearing loss and conductive hearing loss. On the basis of end user, the market is segregated into hospitals &clinics, home setting, and ambulatory surgical centers (ASCs). On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of product, the hearing aids segment currently dominates the global hearing care devices market and is expected to continue during the forecast period owing to rising burden of hearing loss, technological advancements in hearing aids, and rising awareness.
On the basis of type of hearing loss, the conductive hearing loss segment dominated the global hearing care devices market in 2020 and is anticipated to be dominant in the market owing to technological developments in the medical treatments like extraction of earwax, antibiotics or surgical procedures.
On the basis of end user, the home-use segment dominated the global hearing care devices market in 2020 and is anticipated to be dominant in the market owing to rise in the demand for home hearing test and hearing aids.
Region wise, North America dominated the market in 2020, owing to rise in prevalence of nasal and hearing disorders, high adoption rate of technologically advanced devices, and presence of highly sophisticated healthcare infrastructure, favorable reimbursement framework, and increased patient awareness about the availability of treatment options for hearing disorders. However, Asia-Pacific is expected to witness considerable market growth during the forecast period, owing to growing demand for sophisticated hearing care devices, large number of healthcare reforms, high prevalence of hearing disorders, and increased focus of key players for developing technologically advanced cost-effective devices.
The major players operating in the global hearing care devices market are American Hearing Aids, Amplifon, Cochlear Ltd., GN Store Nord A/S, Intricon Corporation, Med-El, Sonova, Starkey, William Demant Holding A/S, and WS Audiology. These players have adopted product launch, collaboration, and merger & acquisition as their key developmental strategies.
High incidence of hearing disorders, new technological advancements in hearing systems, growth in geriatric population, and increase in binaural fitting rate are expected to drive the global hearing care devices market.
In addition, improved healthcare infrastructure and rise in overall healthcare expenditure across different countries around the globe are some of the factors that augment the growth of hearing care devices. Moreover, growth in trend for customized implants is also a major factor that drives the hearing care devices market
.
However, high cost of the devices and rise in drop-out rate of the patients are expected to impede the market growth. The growth opportunities in emerging countries of Asia-Pacific and LAMEA are expected to provide numerous opportunities for market growth during the forecast period.
The global hearing care devices market is highly competitive and is lucrative in nature. The key market players have adopted various developmental strategies, such as product launch &approval, strategic acquisitions, and mergers to strengthen their market position.
The hearing care devices market in this report is studied on the basis of product, type of hearing loss, end user, and region. On the basis of product, the market is divided into hearing aids and hearing implants. Hearing aids is further divided into type and technology. On the basis of type of hearing aids, it is further divided into behind-the-ear (BTE) aids, in-the-ear aids, receiver-in-the-ear (RITE), and canal hearing aids. On the basis of technology of hearing aids, it is further divided into analog hearing aids and digital hearing aids. On the basis of hearing implants, the market is classified into cochlear implants, bone-anchored hearing systems, auditory brainstem implants, and middle ear implants. On the basis of type of hearing loss, the market is bifurcated into sensorineural hearing loss and conductive hearing loss. On the basis of end user, the market is segregated into hospitals &clinics, home setting, and ambulatory surgical centers (ASCs). On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of product, the hearing aids segment currently dominates the global hearing care devices market and is expected to continue during the forecast period owing to rising burden of hearing loss, technological advancements in hearing aids, and rising awareness.
On the basis of type of hearing loss, the conductive hearing loss segment dominated the global hearing care devices market in 2020 and is anticipated to be dominant in the market owing to technological developments in the medical treatments like extraction of earwax, antibiotics or surgical procedures.
On the basis of end user, the home-use segment dominated the global hearing care devices market in 2020 and is anticipated to be dominant in the market owing to rise in the demand for home hearing test and hearing aids.
Region wise, North America dominated the market in 2020, owing to rise in prevalence of nasal and hearing disorders, high adoption rate of technologically advanced devices, and presence of highly sophisticated healthcare infrastructure, favorable reimbursement framework, and increased patient awareness about the availability of treatment options for hearing disorders. However, Asia-Pacific is expected to witness considerable market growth during the forecast period, owing to growing demand for sophisticated hearing care devices, large number of healthcare reforms, high prevalence of hearing disorders, and increased focus of key players for developing technologically advanced cost-effective devices.
The major players operating in the global hearing care devices market are American Hearing Aids, Amplifon, Cochlear Ltd., GN Store Nord A/S, Intricon Corporation, Med-El, Sonova, Starkey, William Demant Holding A/S, and WS Audiology. These players have adopted product launch, collaboration, and merger & acquisition as their key developmental strategies.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides in-depth analysis of the global hearing care devices market size along with the current trends and future estimations to elucidate the imminent investment pockets.
- It offers market analysis from 2021 to 2030, which is expected to enable the stakeholders to capitalize on the prevailing opportunities in the market.
- A comprehensive analysis on region assists to understand the regional market and facilitate the strategic business planning and determine prevailing opportunities.
- The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook of the global hearing care devices market growth.
Key Market Segments
By End User
- Hospitals Clinics
- Ambulatory Surgical Centers (ASCs)
- Home-use
By Product
- Hearing Aids
- Hearing Implants
By Type of hearing loss
- Sensorineural Hearing Loss
- Conductive Hearing Loss
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of LAMEA
- LAMEA
- Brazil
- Saudi Arabia
- South Korea
- Rest of LAMEA
Key Market Players
- American Hearing Aids
- amplifon
- Cochlear Ltd
- GN Store Nord A/S
- IntriCon Corporation
- med-electronics, inc.
- SONOVA.
- William Demant Holding A/S
- starkey hearing technologies
- WS Audiology
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: HEARING CARE DEVICES MARKET, BY PRODUCT
CHAPTER 5: HEARING CARE DEVICES MARKET, BY TYPE OF HEARING LOSS
CHAPTER 6: HEARING CARE DEVICES MARKET, BY END USER
CHAPTER 7: HEARING CARE DEVICES MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
The Hearing Care Devices Market size was valued at $7.5 billion in 2020, and is estimated to reach $12.5 billion by 2030, growing at a CAGR of 5.08% from 2021 to 2030. Hearing care devices restore hearing function in patients suffering from hearing impairment. The market has witnessed significant growth in the recent past due to development of new types of hearing aids and implants.Growth in geriatric population susceptible to hearing disorders, rise in prevalence of hearing loss, and increase in binaural fitting rate are expected to drive the market growth. Moreover, rise in adoption of technically advanced hearing care devices, such as cochlear implants supplement the market growth. However, high cost of the devices and surge in drop-out rates of the patients are anticipated to hamper the market growth.
The Hearing Care Devices Market growth is projected to dominate the market owing to its rise in demand and prevalence of hearing disorders. High cost of treatment is the major concern for majority of people with hearing loss living in low- or middle-income countries, which leaves them with little or no access to hearing care. Therefore, hearing care device manufacturers have potential growth opportunities in the developing economies of the world. This has led to increased demand for hearing care devices. Therefore, increase in incidence of disorders is expected to drive the growth of hearing care devices market.
Hearing loss has become the most common disorder in patients, especially in industrialized countries. According to the WHO, the number of people living with disabling hearing loss is anticipated to reach over 900 million by 2050. Besides, chronic inflammation, vascular disorder, noise exposure, genetic susceptibility, and physiological aging of the ear may also cause hearing loss among people. This may lead to an increased number of hearing impairment patient populations globally, thereby increasing sales of these devices.
In the past decade, there has been a tremendous advancement in the field of hearing aids. The incorporation of smart technologies and the emergence of digital platforms in the mini device have helped overcome multiple patients' difficulties and have improved their hearing experience. Digital hearing aids are being introduced to the market. Features such as smartphone compatibility, Bluetooth connectivity, high sound processing, AI, rechargeable batteries, and the latest tinnitus masking have leveraged the hearing device's potential to no bounds.
The hearing healthcare devices market in this report is studied on the basis of product, type of hearing loss, end user, and region. On the basis of product, the market is divided into hearing aids and hearing implants. Hearing aids is further divided into type and technology. On the basis of type of hearing aids, it is further divided into behind-the-ear (BTE) aids, in-the-ear aids, receiver-in-the-ear (RITE), and canal hearing aids. On the basis of technology of hearing aids, it is further divided into analog hearing aids, and digital hearing aids. On the basis of hearing implants, the market is classified into cochlear implants, bone-anchored hearing systems, auditory brainstem implants, and middle ear implants.
Among these, the hearing aids segment currently dominates the global hearing care devices industry and is expected to continue during the forecast period owing to the rising burden of hearing loss, technological advancements in hearing aids, and rising awareness.
On the basis of type of hearing loss, sensorineural hearing loss, and conductive hearing loss. The conductive hearing loss segment dominated the global Hearing Care Devices market in 2020 and is anticipated to be dominant in the market owing to technological developments in the medical treatments like extraction of earwax, antibiotics or surgical procedures.
On the basis of end user, the market is segregated into hospitals and clinics, home setting, and ambulatory surgical centers (ASCs). The home-use segment currently dominates the global Hearing Care Devices market and is expected to continue during the forecast period owing to the rise in the demand for home hearing test and hearing aids.
North America accounted for a majority of the global Hearing Care Devices market share in 2020 and is anticipated to rise in prevalence of nasal and hearing disorders, high adoption rate of technologically advanced devices, and presence of highly sophisticated healthcare infrastructure, favorable reimbursement framework, and increased patient awareness about the availability of treatment options for hearing disorders. However, Asia-Pacific region is expected to witness considerable market growth during the forecast period, due to growing demand for sophisticated hearing care devices, large number of healthcare reforms, high prevalence of hearing disorders, and increased focus of key players for developing technologically advanced cost-effective devices. Moreover, India and Japan are expected to grow at high CAGR in the Asia-Pacific Hearing Care Devices market.
According to Onkar Sumant, Manager, Healthcare, 'growth in incidence of hearing disorders, technological advancements, rise in geriatric population, and increase in binaural fitting rate drive the growth of the hearing care devices market'.
KEY FINDINGS OF STUDY
- By product, the hearing aids segment currently dominates the global Hearing Care Devices market and is expected to continue during the forecast period owing to rising burden of hearing loss, technological advancements in hearing aids, and rising awareness.
- By type of hearing loss, the conductive hearing loss segment dominated the global Hearing Care Devices market in 2020 and is anticipated to be dominant in the market owing to technological developments in the medical treatments like extraction of earwax, antibiotics or surgical procedures.
- By end user, the home-use segment currently dominates the global Hearing Care Devices market and is expected to continue during the forecast period owing to demand for home hearing test and hearing aids.
Companies Mentioned
- American Hearing Aids
- amplifon
- Cochlear Ltd
- GN Store Nord A/S
- IntriCon Corporation
- med-electronics, inc.
- SONOVA.
- William Demant Holding A/S
- starkey hearing technologies
- WS Audiology
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 235 |
| Published | March 2022 |
| Forecast Period | 2021 - 2030 |
| Estimated Market Value ( USD | $ 7535.58 million |
| Forecasted Market Value ( USD | $ 12529.2 million |
| Compound Annual Growth Rate | 5.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
