September 2nd, 2022 DelveInsight Business Research Releases

As per DelveInsight, the Hearing Aid Devices Market was valued at USD 7.01 billion in 2021 and growing at a CAGR of 5.47% during the forecast period (2022 to 2027); it is expected to reach USD 9.61 billion by 2027. Some of the key factors, such as the growing prevalence of hearing loss due to the growth in the geriatric population and exposure to high-frequency sounds, are anticipated to drive the demand for Hearing Aid Devices. Moreover, the technological advancement in Hearing Aid Devices, raising awareness, and government initiatives are also predicted to significantly influence the market growth in the coming years. 

Some of the leading MedTech giants operating in the Hearing Aid Devices Market include Amplifon, Audina Hearing Instruments, Inc., Sonova, Demant A/S, audifon GmbH & Co. KG, GN Store Nord A/S, Arphi Electronics Private Limited, Foshan Vohom Technology Co., Ltd., RION Co., Ltd., Eargo Inc, Elkon Pvt Ltd., Starkey Laboratories, Inc., WS Audiology Denmark A/S, Horentek Hearing Diagnostics, Bernafon, Unitron,  MDHearingAid, Istok Audio Trading LLC, AlgorKorea Co., Ltd., Microson, and others.

DelveInsight’s “ Hearing Aid Devices Market” research report provides the current and forecasted Hearing Aid Devices Market size, share, and trends analysis for the next five years, upcoming innovations in the segment, major market drivers & barriers, key competitors, and emerging devices in the domain.

Hearing aids are medical devices that are worn behind or in the ear to aid people with a hearing impairment. These devices are designed to amplify sound and comes in various design and in-built technologies. Behind-the-ear (BTE) aids, In-the-ear (ITE) aids, and Completely-in-the-Canal (CIC) aid are some of the most common Hearing Aid Devices available in the market. 

The “ Hearing Aid Devices Market” report provides an in-depth assessment of the market based on segmentation such as product type (Behind the Ear (BTE), Receiver in The Ear Canal (RIC), In The Ear (ITE), Completely In Canal (CIC), and others), technology (Analog and Digital), patient type (adult and pediatrics), and geography (North America, Europe, Asia-Pacific, and Rest of the World).

As per DelveInsight’s analysis, in the Hearing Aid Devices product segment, the Behind the Ear (BTE) segment is expected to hold the biggest market share in the coming years owing  to the several advantages associated with the BTE hearing aids, such as easy maintenance, comfortable wear, and lower cost as compared to other hearing aids available in the market.

As per DelveInsight, the Hearing Aid Devices Market is expected to grow in the coming years owing to the rising prevalence of hearing loss and deafness worldwide. As per the WHO (the data presented in 2021), around 430 million people, which is around 5% world’s population, require rehabilitation to address disabling hearing loss. Also, the prevalence of hearing loss increases with age, as around 25% of the population affected by disabling hearing loss is older than 60 years.

The rise in the old age population is also anticipated to increase the demand for hearing aid devices in the coming years. According to the National Institute of Aging (2018), approximately one in three people aged between 65 and 74 have hearing loss, and about half of the population older than 75 has difficulty hearing. The rise in the geriatric population is expected to influence Hearing Aid Devices demand in the global market significantly. Moreover, the increasing exposure to high decibel sounds is also one of the leading causes of noise-induced hearing loss, which ultimately is expected to increase the demand for hearing aid devices.

However, certain factors, such as the high cost associated with hearing aid devices and battery-associated problems, are expected to hamper the Hearing Aid Devices Market growth in the coming years. 

Interested to know more about the ongoing developments in the Global Hearing Aid Devices Market? Visit to get an in-depth insight into Hearing Aid Devices Types and Emerging Products

As per our estimate, among all the regions, Europe is anticipated to dominate the overall hearing aid devices market in the coming years. The major factor contributing to the high market growth is the growing hearing loss among the population. As per the data presented by a non-commercial organization established to increase public awareness of hearing loss (in 2020), approximately 11.1% of the population of Europe, or 58.5 million people, have hearing loss. Additionally, the commercial launch of hearing aid devices with advanced technology and the active presence of the major companies working in the Hearing Aid Devices segment, such as Sonova, Demant A/S, audifon GmbH & Co. KG, and others, is also expected to contribute to the market growth.

Moreover, the Asia-pacific region is also expected to grow at a significant pace and hold promising future potential for the companies operating in the Hearing Aid Devices segment. Some of the key factors, such as the increase in disposable income and growing government initiatives to raise awareness regarding hearing loss and its prevention, will significantly impact the Hearing Aid Devices Market. 

Interested in knowing how the Global Hearing Aid Devices Market will grow by 2027? Click to get a snapshot of Hearing Aid Devices Market Trends and Developments

Over the years, the Hearing Aid Devices Market has evolved significantly owing to the active participation of global MedTech companies and technological advancements in the domain.

As per DelveInsight, the ongoing clinical & commercial development activities and research in the domain will contribute immensely to the Hearing Aid Devices Market in the coming years.

Some of the major MedTech giants in the Hearing Aid Devices Market include Amplifon (BIT: AMP), Audina Hearing Instruments, Inc., audifon GmbH & Co. KG, GN Store Nord A/S (OTCMKTS: GNNDY), Arphi Electronics Private Limited, Foshan Vohom Technology Co., Ltd., RION Co., Ltd. (TYO: 6823), Eargo Inc (NASDAQ: EAR), Elkon Pvt Ltd., Starkey Laboratories, Inc., WS Audiology Denmark A/S, Horentek Hearing Diagnostics, Bernafon, Unitron,  MDHearingAid, Istok Audio Trading LLC, AlgorKorea Co., Ltd., Microson, Sonova (OTCMKTS: SONVY), Demant A/S (OTCMKTS: WILLF), and others.

As per DelveInsight, due to the very high growth rate and positive return, several new players are expected to enter the Hearing Aid Devices Market in the coming years. The entry of new players and the launch of emerging products will immensely drive market growth.

Learn how new players’ entries will transform the Hearing Aid Devices Market in the coming years at: Hearing Aid Devices’ Competitive Landscape

Reach out to us to get a more detailed overview of the Hearing Aid Devices Regulatory & Patent Analysis

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DelveInsight is a leading Business Consultant and Market Research firm focused exclusively on life sciences. It supports Pharma companies by providing comprehensive end-to-end solutions to improve their performance.  

Learn How the MedTech Devices Market is evolving with the ongoing clinical and commercial developments in the domain, here: MedTech and Diagnostics Market Assessment

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