The global Hearing Aids market size is expected to be worth around US$ 8.3 billion by 2028, according to a new report by Vision Research Reports.
The global Hearing Aids market size was valued at US$ 6.3 billion in 2020 and is anticipated to grow at a CAGR of 5.6% during forecast period 2021 to 2028.
Increasing adoption of hearing aids, growing awareness about technologically advanced products for treatment of auditory loss, and rising prevalence of auditory loss are some of the factors contributing to the market growth over the forecast period.
Behind-the-ear hearing aids was the largest product type segment in 2018 and is expected to grow at a lucrative rate over the forecast period. This is because they are easy to handle and clean and are more preferred by younger population. Moreover, they can fit into various ear molds and don't need device replacement as the child grows. With technological advances, new products such as the Mini BTE have been developed, which are smaller in size and provide more comfort.
The digital technology dominated the market in 2018 and is expected to retain its position over the forecast period. Digital technology hearing aids are technologically advanced and can be programmed according to the external environment to amplify sound and reduce noise, thus providing an enhanced auditory experience.
Behind-the-ear (BTE) products dominated the market in 2020. Canal devices are anticipated to emerge as the fastest-growing products with a CAGR of 8.7% in terms of revenue and are expected to remain the same over the forecast period.
BTE hearing aids consist of a small curved case that comfortably fits behind the ear. Modification of these products is possible by connecting them to external sound sources, such as infrared listening systems and auditory training equipment. Various BTE models are Bluetooth compatible and they enable better wireless connectivity, thus driving the market.
These devices also provide a higher sound amplification owing to a strong amplifier and a large battery. Furthermore, behind-the-ear (BTE) devices are easy to handle and clean and are more preferred by the younger population as they can fit into various ear molds. Moreover, they don’t need device replacement as the child grows. With technological advances, new products such as the Mini BTE are developed, which are smaller in size and provide more comfort. These factors are responsible for the growth of these BTE products in the hearing aids market.
Canal devices are discreet devices, which is one of the critical success factors for their rapid growth. Wearing hearing aids comes with a stigma therefore, young adults prefer canal devices over other devices. Additionally, these devices are technologically advanced and significantly cancels external voices and reduce tinnitus. The above-mentioned factors are responsible for the growth of canal devices in the coming years.
Digital devices dominated the market with a revenue of USD 4.9 billion in 2020 and are anticipated to expand at the fastest CAGR over the forecast period. The analog devices are on the verge of getting obsolete with a slower growth rate as compared to their digital counterparts.
Despite this, manufacturers continue to produce analog hearing aids owing to low cost and reluctance of a handful of users to switch to digital ones. Analog devices work on the principle of increasing the intensity of continuous sound waves. A uniform amplification of all sounds such as speech and noise takes place in these products. A few analog devices are programmable owing to the presence of an embedded microchip that allows the programming of different settings for different listening environments.
A digital device converts acoustic sound waves into digital form and facilitates the exact duplication of sound. The digital signal is then reconverted to a processed analog acoustic signal tailored as per the listener’s requirement. Computer chips in digital hearing aids help analyze speech and other surrounding noises. Also, these products provide multiple program memories. These added features of these auditory aids are expected to drive its demand over the forecast period.
Retail sales dominated the market with a revenue of USD 3.9 billion in 2020 and are also expected to expand at the fastest CAGR over the forecast period. Implementation of OTC hearing aids acts as one of the pivotal factors for a large share of retail sales. E-commerce and government purchase of these devices is expected to grow at a lucrative rate over the forecast period.
Retail stores dominated the market owing to a large number of retail stores, a rising number of manufacturing companies entering retail sales, and a high sales margin. Retail sales of these products are further segmented into company-owned retail sales and independent retail stores. Independent retail stores dominated the retail store's sales channel owing to the low-entry barriers for new retail outlets, high-profit margin, and high level of interaction with customers. Key players operating in independent retail sales include Walmart, Costco, and CVS.
E-commerce sales are considered as a lucrative sales channel for hearing aids. The E-commerce sales channel is expected to develop at a revenue-based CAGR of 4.8 % over the forecast period. The Internet plays a significant role in making a purchase decision and acquiring information about hearing aids, especially for young adults and millennials. These players help the wearer to get screened for auditory loss and acquire more information on technology. Their website also helps the wearer to make product and price comparison, thus helping in making a purchase decision.
These e-commerce sales channels also help to increase the affordability and availability of hearing aids in the global market, by providing premium payment plans to wearers. They help increase the sales volume by avoiding retail and wholesale markup costs and providing the lowest possible cost to their customers.
Europe dominated the market in 2020 with a revenue of USD 2.2 billion and is expected to grow at a lucrative rate over the forecast period. This is attributed to an increase in the prevalence of deafness and rising awareness about technological advancements. Asia Pacific is anticipated to exhibit the fastest CAGR over the forecast period.
Phonak; Benson Hearing; GN Store Nord A/S; Starkey; MED-EL; William Demant Holding A/S; Medtronic; Widex USA, Inc.; and Sivantos Pte LTD. The market is dominated by leading six companies: Sonova, William Demant, Sivantos, GN ReSound, Starkey Technologies, and Widex,
Product Type Outlook
Technology Type Outlook
The Hearing Aids market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Hearing Aids market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Hearing Aids market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Hearing Aids market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Hearing Aids market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Hearing Aids capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Hearing Aids by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Hearing Aids market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Hearing Aids market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Hearing Aids market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Hearing Aids industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Hearing Aids market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Hearing Aids market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Hearing Aids market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Hearing Aids market. These factors have benefited the growth of the global market for Hearing Aids. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Hearing Aids. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Hearing Aids are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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