Impact of COVID-19 on Hearing Aids Market Share, Size, Competition, Status by 2020-2025

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Market Forecast

The Global Hearing Aids Market is expected to cross USD 10.2 Billion by 2025 at a CAGR of 7%.The technological advancements and launch of new products are expected to fuel the global hearing aids market.Technological advancements for the development of products by hearing aids manufacturers which along with improved hearing experience also have sleek appearance promoting the use of hearing aids.Increasing incidence of hearing loss. For instance, it is estimated that as of March 2019, there were around 466 million people with disabling hearing loss worldwide and the number is expected to reach 900 million by 2050

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Launch of new products

Increasing geriatric population

Rising awareness about hearing loss treatment

Market Restraints

Low penetration of hearing aids

Product recalls

Segmentation

By Product

Devices: The largest segment of the market. For instance, in 2016, around 3.65 million hearing aids were dispensed in the US.Implants: The fastest-growing segment due to technological advancements.Accessories: The segment includes products such as batteries, hearing aid domes, and wireless streaming devices, amongst others, which are required for maintenance and enhancing the experience of hearing aids.

By Product Type

Wired: Wired technology is replaced by wireless technology, and thus the contribution of this segment to total market share is expected to further decline during the forecast period.Wireless: The largest and fastest segment, as wireless hearing aids provide the ease of use and better efficiency. In 2018, the wireless hearing aids contributed around 91.6% of the total hearing aids sold in the US.

By Type of Hearing Loss

Sensorineural: The incidence of sensorineural hearing loss increases with age. For instance, around 5/100000 people are aged between 20 to 30 years, and 16/100000 are aged between 50 to 60 years.Conductive: It occurs when there is a problem in the transfer of sound waves along the path from the outer ear to the inner ear.Others: This segment includes a mixed type of hearing loss and auditory processing disorders.

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By Technology Type

Digital Hearing Aids: The largest and fastest-growing segment. Currently, around 90% of the total hearing aids sold in the US are digital.Analog Hearing Aids: Due to drawbacks like single listening mode, large in size, and lack of automatic adjustment for best sound quality determination amongst others, the market share of this segment is expected to further decline during the forecast period.

By Distribution Channel

Retail Stores: The largest segment, retail stores are usually the primary distribution points.

E-Commerce: The second largest segment.

Others: This segment includes research centers and senior citizen centers.

By Region

Europe: The largest regional market due to factors such as the rising incidence of hearing loss and sophisticated healthcare infrastructure.Americas: Holds the second largest market share due to high healthcare expenditure and the presence of key market players.Asia-Pacific: The fastest-growing regional market, due to increasing awareness regarding the use of hearing aids and increasing population affected by hearing disorders.Middle East & Africa: The smallest market due to limited healthcare infrastructure and lack of awareness regarding hearing impairment treatment options.

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Key Players

Sonova (Switzerland) - The group operates through its brands Phonak, Advanced Bionics, Unitron, and Hansaton

Cochlear Ltd (Australia)

GN Store Nord A/S (Denmark)

Sivantos Pte. Ltd (Singapore)

Arphi Electronics Private Limited (India)

Demant A/S (Denmark)

Starkey (US)

WIDEX INDIA PRIVATE LIMITED (Denmark)

Zounds Hearing (US)

SeboTek Hearing Systems, LLC (US)

Audina Hearing Instruments, Inc. (US)

Microson (Spain)

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