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Hearing Aids Market – Industry Share Analysis, Key Players and Future Prospect

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Hearing Aids Market – Industry Share Analysis, Key Players and Future Prospect

June 13
12:05 2022
Hearing Aids Market - Industry Share Analysis, Key Players and Future Prospect
Sonova Group (Switzerland), Demant A/S (Denmark), GN Store Nord A/S (Denmark), Cochlear Ltd. (Australia), RION Co., Ltd. (Japan), Starkey (US), Nurotron Biotechnology Co., Ltd. (China), MED-EL (Austria), Audina Hearing Instruments, Inc. (US), Elkon Pvt. Ltd. (India), WS Audiology A/S (Denmark), Eargo, Inc. (US)
In July 2020, Cochlear Ltd. (Australia) received US FDA approval for its Cochlear Nucleus Kanso 2 Sound Processor, Nucleus 7 Sound Processor for Nucleus 22 Implant recipients, and Custom Sound Pro fitting software.

The Research Report on “Hearing Aids Market by Product Type [Aids (Receiver,Behind the Ear, In the Canal, In the Ear Aids), Implants (Cochlear, Bone-anchored)], Type of Hearing Loss (Sensorineural, Conductive), Patient Type (Adults, Pediatrics), Region (2022 – 2026); projected to reach USD 10.2 billion by 2026, at a CAGR of 6.4%.

Growing prevalence of hearing loss;

Globally, the rising incidence of hearing loss has made it extremely important to monitor and examine hearing functions. In children, untreated hearing loss negatively impacts language development, learning, and social engagement. Similarly, older adults with hearing loss often have difficulty following day-to-day conversations. For people entering their retirement years, untreated hearing loss has been linked to several physical and psychological issues, ranging from cognitive decline and depression to an increased risk of trips and falls.

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Industry Segmentation In Detailed:

In 2020, hearing aid devices accounted for the largest share of the hearing aids market, by product;

The hearing aids market is segmented into hearing aid devices and hearing implants based on product. The hearing aid devices segment accounted for the largest share of the hearing aids market in 2020, mainly due to the introduction of novel and advanced products by several players and the rising geriatric population.

In 2020, sensorineural hearing loss segment accounted for the largest share, by type of hearing loss;

The hearing aids market is segmented into sensorineural hearing loss and conductive hearing loss based on type of hearing loss. In 2020, the sensorineural hearing loss segment accounted for the largest share. Growing geriatric patient pool is driving the growth of this segment. The higher susceptibility of the elderly population to sensorineural hearing loss makes geriatrics a key segment of the overall patient pool.

Adult patients segment accounted for the highest CAGR;

The hearing aids market is segmented into adults and pediatrics based on patient type. The adult patients segment accounted for the highest growth rate during the forecast period. The higher susceptibility to hearing loss makes adults a key segment of the overall patient pool. As a result, the growth of this population segment will ensure a continued and intensified demand for hearing aids.

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Leading Key Players and Analysis:

Sonova Group (Switzerland), Demant A/S (Denmark), GN Store Nord A/S (Denmark), Cochlear Ltd. (Australia), RION Co., Ltd. (Japan), Starkey (US), Nurotron Biotechnology Co., Ltd. (China), MED-EL (Austria), Audina Hearing Instruments, Inc. (US), Elkon Pvt. Ltd. (India), WS Audiology A/S (Denmark), Eargo, Inc. (US), Horentek (Italy), ZOUNDS Hearing Inc. (US), SeboTek Hearing Systems, LLC. (US), Arphi Electronics Private Limited (India), IN4 Technology Corporation (China), BHM-Tech Produktionsgesellschaft mbH (Austria), Nano Hearing Aids (US), LORECa s.r.o. (Turkey), Earlens Corporation (US), Austar Hearing Science and Technology (Xiamen) Co., Ltd. (China), Lively Hearing Corporation (US), audifon GmbH & Co. KG (Germany), and Foshan Vohom Technology Co., Ltd. (China) are leading key players.

Geographical Analysis in Detailed:

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 European hearing aids market’s growth can be attributed to the increasing life expectancy, rising geriatric population, and the subsequent increase in the prevalence of hearing loss.

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