The world’s first Healthable™ hearing aid namely Livio AI was reinvented by Starkey Hearing Technologies in August 2018. This updated hearing aid will run on AI and integrated sensors and is the first device to trace cognitive health and physical activity as measured by hearing aid for utilizing in social situations. Such innovations are likely to bode well for the global hearing aids market predicts Fortune Business Insights in their recent report titled, “Hearing Aids Market Size, Share & Industry Analysis, By Product (Hearing Devices, Hearing Implants), By Patient Type (Adult, Pediatric), By Distribution Channel (OTC (Over the Counter), Medical Channel/ Hospital Pharmacies, Private Practice/ Retail Pharmacies) and Regional Forecast, 2019-2026.”
According to the report, the market was valued at USD 8.39 Billion in 2018 and is anticipated to reach USD 14.45 Billion by the end of 2026. The forecast period is set from 2019 to 2026 and the market is expected to rise at a CAGR of 7.2%.
Fortune Business Insights puts light on some of the players operating in the global hearing aid market. These include:
- Sivantos Pte. Ltd.
- Cochlear Ltd.
- GN Store Nord A/S
- Widex A/S
Hearing Devices Segment to Lead Market due to Cost-Efficient Feature
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. It also lists the profile of the companies operating in the hearing aid market with key insights that will help these vendors strategize for better revenue generation in the forecast duration.
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. Such flexibility of the device and at reasonable prices are two important factors anticipated to promote the growth of this segment in the coming years.
- Hearing Devices
- BTE (Behind the Ear)
- ITE (In the Ear)
- RIC (Receiver in the Cannel)
- CIC (Completely in the Cannel)
- Others (Invisible in the Cannel, etc.)
- Hearing Implants
- Cochlear Implants
- Bone Anchored Implants
By Patient Type
By Distribution Channel
- Retail Stores
- Online Pharmacies
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Rest of the World
Rising Geriatric Population and Rise in Hearing Problems to Help North America Dominate Market
In 2018, North America earned a revenue of USD 3.19 billion. Thus, the report states North America to emerge as one of the dominant regions in the global hearing aids market. A study conducted in 2018 by the Population Reference Bureau, the number of people aged 65 and above is expected to rise from 52 million in 2018 to 95 million by the end of 2060. This is accounted for an estimate of 23.0% of the population of North America at that time. The rise in the geriatric population, coupled with increase in per capita expenditure on health, and rise in awareness about hearing aids will help this region generate attractive revenue in the coming years.
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