Hearing aid is a battery-powered electronic device designed to improve hearing by making sound audible to an individual with hearing loss. It is also known as hearing instruments. It is used for various pathologies including sensorineural hearing loss, single-sided deafness, and conductive hearing loss. It amplifies the sound resulting in the production of clear sound for the customer. It is generally deployed for people who suffer from hearing loss & impairment. It improves hearing by amplifying soft sounds. It contains a microphone which collects sounds from an environment and changes it to digital code. Most hearing aids are digital which are powered using a hearing aid battery.
According to the study, “Global Hearing aid Market Size study, by Product (hearing aid devices and hearing implants) Type of Hearing Loss (conductive hearing loss and sensorineural hearing loss), Type of patient (adult and pediatric) and Regional Forecasts 2018-2025” the key companies operating in the global hearing aid market areSonova, Zound Hearing, Cochlear, Sebotek Hearing systems, Widex, Audina Hearing Systems, Med-EI, Sivantos, Rion, Starkey. The key manufacturers are focusing on market expansion and consolidation and of their product portfolio. Owing to enhanced number of benefits, manufacturers are also focusing on offering advanced hearing aid devices with lithium-ion batteries.
Based on product type, hearing aid market is segmented into hearing implants products and hearing aid devices products. Hearing implants include bone-anchored systems and cochlear implants. Hearing aid devices include canal hearing aids, receiver-in-the-ear-hearing aids, in-the-ear (ITE) hearing aids, behind-the-ear hearing aids, and other hearing aid devices. The hearing aid devices segment dominates the market owing to growth in acceptance of hearing aid devices among people having hearing loss. Based on the type of hearing loss, the market is segmented into conductive hearing loss type and sensorineural hearing loss type. Based on technology, market is segmented into digital hearing aids and conventional hearing aids. The digital hearing aids segment holds the major share in the market due to their ability to offer enhanced listening experience even in noisy environments & wireless connectivity with smartphones. Base on distribution channels, the market is segmented into audiology & ENT clinics, online sales, pharmacies, and others. In addition, based on the type of patient, the market is segmented into pediatrics and adults.
The hearing aid market is driven by the high prevalence of hearing loss, followed by an increase in the launch of innovative product variations such as waterproof hearing aids, rise in geriatric population, and increase in awareness and rise in initiatives about hearing aid devices, and growth in technological advancements in hearing aids. However, the high cost of hearing aids devices and the presence of product substitutes may impact the market. Moreover, a rise in the potential offered by emerging countries is a key opportunity for the market.
Based on geography, the North-American region dominates the hearing aid market owing to an increase in the geriatric population and growth in the number of people suffering from hearing losses in the region. The Asian-Pacific and European regions are probable to witness a higher growth rate due to increase in hearing-related problems, rise in awareness among the patients, growth in the development of healthcare infrastructure & services due to rise in government funding over the forecast period. In upcoming years, it is predicted that the future of the market will be brightly caused by a rise in genetic factors, growth in cases of birth complications & ear infections, increase in noise pollution levels and rise in focus on research and development (R&D) by manufacturers during the forecast period. It is estimated that the market will be reached at US $12.1 billion by 2025.
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Ankur Gupta, Head Marketing & Communications