Hearing Aids Market is projected to reach USD 13.38 billion by 2027

The global ”hearing aids market” is set to gain impetus from the increasing adoption of telehealth among audiologists to prevent patient traffic. This information is given by Fortune Business Insights™ in a new report, titled, “Hearing Aids Market Size, Share & COVID-19 Impact Analysis, By Product (Hearing Devices (Behind-the-Ear (BTE), In the Ear (ITE), Receiver in the Canal (RIC), Completely in the Canal (CIC), Others (Invisible in the Canal, etc.) and Hearing Implants (Cochlear Implants and Bone Anchored Implants)), By Patient Type (Adults and Pediatrics) By Distribution Channel (Over the Counter (OTC), Medical Channel/ Hospital Pharmacies, Private Practice/ Retail Pharmacies), and Regional Forecast, 2020-2027.” The report further states that the market size was USD 8.99 billion in 2019 and is projected to reach USD 13.38 billion by 2027, exhibiting a CAGR of 8.2% during the forecast period.

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North America	United States, Canada and Mexico
Europe	Germany, UK, France, Italy, Russia and Turkey etc.
Asia-Pacific	China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam etc.
South America	Brazil, Argentina, Columbia etc.
Middle East & Africa	Saudi Arabia, UAE, Egypt, Nigeria and South Africa

Adoption of Artificial Intelligence to Propel Market Progress

Manufacturers utilize advanced technologies to boost hearing aids’ effectiveness and attract consumers. Incorporating rechargeable batteries, the Internet of Things (IoT), and artificial intelligence (AI) are expected to propel industry development. Also, smartphone support may boost convenience and enhance hearing aids’ demand. For example, Signia announced its custom hearing device named “Insio Charge&Go AX” in October 2021. The device is powered by Bluetooth, wireless charging, and android and IOS streaming. Moreover, the rising demand for the product from the healthcare sector is likely to foster market development.  These factors may drive the hearing aids market growth.

Major Hearing Aids Market Key players covered in the report include:

• Sonovo (Stafa, Switzerland)
• Demant A/S (Denmark)
• GN Store Nord A/S (Ballerup, Denmark)
• WS Audiology (Denmark)
• Starkey (Minnesota, U.S.)
• MED-EL (Medical Electronics) (Innsbruck, Austria)
• Cochlear Ltd (Sydney, Australia)
• RION Co., Ltd. (Tokyo, Japan)
• Other prominent players

Higher Noise Exposure to Boost Growth

The rising cases of hearing loss in the industrialized countries are set to accelerate the global hearing aids market growth in the near future. The World Health Organization (WHO) declared that by 2050, the number of people living with disabling hearing loss will reach over 900 million. Apart from that, physiological aging of the ear, genetic susceptibility, higher noise exposure, vascular disorder, and chronic inflammation would also contribute to the surging demand for these aids. However, the social stigma associated with hearing loss and devices often result in patients missing their check-ups. It may hamper growth.

COVID-19 Pandemic to Affect Growth Backed by Postponement of Surgeries

The COVID-19 pandemic has taken a huge toll on the healthcare sector. Most of the hospitals are falling short of beds for coronavirus positive patients. Also, multiple elective surgeries are either being cancelled or postponed to relocate resources. The Hearing Industries Association (HIA) revealed that during the first half of 2020, the sales of hearing aids in the U.S. is set to decline by 29.7%. Our accurate reports will aid in offering detailed information about the current condition of this industry.

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