(PharmaNewsWire.Com, November 10, 2022 ) Major Growth Growth Driving Factors:
The hearing aids market is driven by factors such as the growing incidence and prevalence of hearing loss condition and the increasing adoption of smart hearing aids. However, due to high maintenance costs of hearing aids and expensive surgical procedures, the adoption of hearing aids is impacted.
Projected Surge in Revenue Generation:
The global hearing aids market is projected to reach USD 10.2 billion by 2026 from USD 7.5 billion in 2021, at a CAGR of 6.4%.
The hearing aid devices segment accounted for the largest share of the hearing aids market, by product segment, in 2020
On the basis of product, the hearing aids market is segmented into hearing aid devices and hearing implants. The increasing technological advancements in hearing aid devices is expected to propel market growth of hearing aid devices segment.
Sensorineural hearing loss segment accounted for the largest share of the hearing aids market, by type of hearing loss segment, in 2020
On the basis of type of hearing loss, the hearing aids market is segmented into sensorineural hearing loss and conductive hearing loss. The large share of sensorineural hearing loss segment can be attributed to the high incidence and prevalence of sensorineural hearing loss condition. Approximately 23% of hearing-impaired individuals aged above 65 years suffer from sensorineural hearing loss (SNHL) globally (Source: Timothy C. Hain, Sensorineural Hearing Loss Article, 2021).
According to the American Academy of Audiology (2020), it is estimated that the annual incidence of sudden sensorineural hearing loss is 1 in 5,000 people or about 4,000 new cases per year in the US. The condition most commonly affects people aged between 30 and 60 years. The higher susceptibility of the elderly population to sensorineural hearing loss makes geriatrics a key segment of the overall patient pool.
The adult patients segment accounted for the largest share of the hearing aids market, by patient type segment, in 2020
Based on patient type, the hearing aids market is segmented into adults and pediatrics. In 2020, the adult patients segment accounted for the largest share of the hearing aids market. The growing incidence of hearing loss among the adult population is driving this segments growth.
Geographical Growth Dynamics:
Europe is the largest regional market for hearing aids market
The global hearing aids market is segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, Europe accounted for the largest share of the hearing aids market. The rising geriatric population and the subsequent increase in the prevalence of hearing loss are the key factors driving the adoption of hearing aids in the region. The growth in the healthcare expenditure in the region is expected to result in the higher adoption of advanced hearing aids.
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