Global Hearing Aids Market size was valued at USD 6890 Million in the year 2020 and is anticipated to value at USD 10707 Million till 2027 witnessing a CAGR rate of 6.5% during the forecast period 2021-2027. owing to increasing prevalence of hearing loss coupled with rising geriatric population are the major factors that are driving the growth of the hearing aids market. For instance, approximately 15% of American adults (37.5 Mn) aged 18 and over report some trouble hearing and more than 90 percent of deaf children are born to hearing parents. Moreover, increasing trend for customized implants and rapid advancements in technology in hearing aids fuels the growth of the market over the forecast period. However, high cost of hearing aids devices and availability of product substitutes may hinder the growth of the market. The report gives comprehensive outlook on hearing aids across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report on gives historical, current, and future market sizes (US$ Mn) on the basis of product type, type of hearing loss, technology, patient type, distribution channel, and region. This report studies market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, the report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed the market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the global hearing aids market report include suppliers, manufacturers, marketers, policy makers, and healthcare service providers engaged in global hearing aids products.
Global hearing aids market is surging owing to product launchings by the market players and strategic collaborations among them to strengthen their position in the market. For instance, in March 2019, Semtech Corporation and Sonova, a developer of hearing care solutions, announced a jointly developed advanced radio system. The ultra-small integrated circuit (IC) is said to be a main component for a new generation of hearing aids, enabling support for multiple radio protocols in the 2.4GHz band, as well as effective operation on very low power, according to the announcement.