The Hearing Aids market is expected to register a CAGR of nearly 5. 58% during the forecast period, with a revenue of approximately USD 7,461. 17 million in 2020, and it is expected to reach USD 10,816.
New York, July 01, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hearing Aids Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06062841/?utm_source=GNW
28 million by 2026.
COVID-19 negatively impacted the hearing aids market. The pandemic caused added challenges for hospital patients who are deaf or hard of hearing. The increased use of masks has negatively impacted those who rely on lip-reading and facial expressions to communicate. Due to social distancing, many hospitals have restricted interpreters and visitors, and they are instead offering patients video conferencing with hearing aids to overcome the limitations of the market growth. Furthermore, there are limitations associated with treatments, which restricted the growth of the studied market.
The propelling factors for the growth of the hearing aids market include the rising burden of hearing loss, technological advancements in hearing aids, rising awareness and Initiatives about Hearing Aid Devices?. In the United States, hearing loss is more likely to be caused, owing to genetic defects. For instance, according to the United Nations data of World Population Prospects for 2019, the number of people over the age of 65 years would increase from 9% in 2019 to more than 16% of the total world’s population by 2050.
In developing countries, preventable medical issues are often the major factors for hearing loss, especially infections, such as rubella or syphilis, which can lead to congenital hearing loss. For instance, as per the data published by the World Health Organization, in 2020, around 5% of the world’s population has disabling hearing loss. Additionally, it is also estimated that by 2050 over 900 million people or one in every ten people will have disabling hearing loss. Thus, the increasing prevalence of hearing disorders and hearing loss problems among the population led to the sales of a large number of hearing devices in the market.
Growing noise pollution throughout the world has also a significant impact on the hearing abilities of people. Noise emission in heavy-duty industries, as well as public carnivals, is expected to damage the hearing capacity of adults, thereby, resulting in the increasing demand for hearing aids devices.
There are various opportunities, like the incorporation of lithium-ion batteries in hearing aids, which help in propelling this market’s growth. Furthermore, technological developments related to the products that combine cochlear implants and hearing aid technology to overcome the high-frequency hearing loss in patients, are also found creating new opportunities for the players in the market. For instance, in 2020, GN Hearing launched ReSound ONE, that solves one of the most enduring challenges for people with hearing loss. This solution places an additional microphone inside the ear canal with a microphone and receiver-in-ear design (M&RIE) that uses the unique shape of every individual’s ear to collect sound.
Key Market Trends
The Behind the Ear (BTE) Segment is Expected to Grow at a Good Rate Over the Forecast Period
The behind-the-ear hearing aid device segment held a significant market share, in terms of revenue, owing to better connectivity, high efficiency, and easy usage. It is also considered to be ideal for most people with hearing problems. BTE products, because of their wide range of applications and wider target patients, are expected to grow at a high rate over the forecast period.
However, there is a decline in the production of hearing aids, which is projected to hamper the segment’s growth. Wearing masks have become common practice during the COVID-19 pandemic. For people who use behind-the-ear (BTE) hearing aids, however, this may be uncomfortable. Thus, the pandemic has a negative impact on the segment studied.
BTE aids are used by people of all ages, and they are suitable for almost all types of hearing loss. The devices are available in various sizes, from small devices to large high-powered instruments, which are streamlined and barely visible.
Continuous advancements in the product are also helping in driving the market’s growth. In 2018, Hansaton launched rechargeable BTE Hearing System. The model has a lithium-ion battery that guarantees users 24 hours of battery runtime.
Hence, due to the increasing number of hearing disorders and the advantages associated with BTE, the market is expected to witness growth at a rapid pace over the forecast period.
Asia-Pacific is Expected to Have a Better Growth Rate Over the Forecast Period
The deaf community around the region is affected especially hard by the COVID-19 pandemic. Coronavirus lockdown has made life especially tough for the region’s hearing-impaired population. Thus, in countries, such as India, in 2020, the World Health Organisation (WHO) uploaded a course called Introduction to COVID-19 in Indian Sign Language (ISL) that offers authentic information on all matters related to the pandemic.
The Asia-Pacific region is expected to experience the fastest growth rate for hearing aid devices over the forecast period. There are factors, such as high noise pollution levels in countries, such as India, China, Japan, and other Asian countries that have a major impact on the growth of this market. According to hearit.org, among people living in the Delhi area in India, the overall prevalence of hearing loss was 26.9% among persons aged 5 years and over, in 2019.
Furthermore, South Korea and China are among the key destinations where most of the manufacturing outsourcing is happening due to low manufacturing cost, superior manufacturing expertise, and a strong presence of trained professionals.
Other contributing factors, such as a large patient pool, an upsurge in the aging population, and increasing healthcare infrastructure due to the involvement of private companies in research funding and services, will also boost the regional growth over upcoming years.
The leading manufacturers of the hearing aids market are focused on market consolidation and expansion of their product portfolios. Due to the increased number of benefits, companies are also found focusing on providing advanced hearing aid devices with lithium-ion batteries. Companies offering advanced hearing aid devices are driving the market’s growth. For instance, 3D app from GN Hearing allows users to communicate with their hearing care professional and receive an adjustment without an office visit.
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