According to the latest report by Fortune Business Insights, the hearing aids market was valued at USD 8.38 Billion in 2018 and is anticipated to reach USD 14.45 Billion by the end of 2026. The market is expected to rise at a CAGR of 7.2%.
In 2018, Starkey Hearing Technologies changed the way hearing aids are manufactured when it introduced Livio AI. The updated hearing aid uses artificial intelligence (AI) and integrated sensors, and it was the first device to trace cognitive health and physical activity as measured by hearing aid for utilizing in social situations. Innovations like helped boost the hearing aids market, according to the report.
The report is based on primary and secondary research methods and provides an in-depth global hearing aids market analysis. The report covers all important aspects of the market such as growth drivers, restraints, trends, and opportunities, says a press release.
As per the report, the hearing devices segment is currently dominating the market because of its numerous advantages. These include flexibility for patients with both mild and moderate hearing loss, easily removable, cost-effective, and can be used during sports activities as well.
The rising prevalence of hearing disorders is a major factor behind the growth of hearing aids market. An estimated 900 million people worldwide are likely to suffer from hearing loss by the end of 2050, according to a study conducted by the World Health Organization (WHO) in 2019.
Another factor promoting the market growth is the rise in the geriatric population. Besides this, governments are taking initiatives such as health benefit programs, awareness programs, setting up more ENT clinics, and others and this is also anticipated to boost the global market in the coming years.
However, term use of hearing aids may cause moisture in the ears or ear wax, and feedback problems. Moreover, the wrong size hearing aid may also result in handling problems. Therefore, manufacturers are focusing on production of a cleaning kit in order to maintain the cleanliness of these hearing devices. This may create lucrative growth opportunities for the market in the forecast period.
The report states North America to emerge as one of the dominant regions in the global hearing aids market.
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In Europe, the number of aging populations in countries like Germany, France, and UK are expected to promote the market in Europe and help this region grow significantly in the forecast period. On the other side, the surge in disposable incomes of people across Asia Pacific is estimated to boost the hearing aids market in China and India. The rise in awareness about hearing disorders and the availability of cures and devices for improving hearing ability will help the market in the region grow rapidly
Key Companies Covered in Hearing Aids Market Research Report are Sivantos Pte. Ltd., Cochlear Ltd., Sonova, Starkey, MED-EL, Medtronic, GN Store Nord A/S, Widex A/S, among others