Rising prevalence of hearing loss owing to the surging geriatric population is one of the prominent factors driving the hearing aid market. According to the World Health Organization's (WHO) April 2021 study, around 2.5 billion people are anticipated to have some degree of hearing loss, and roughly 700 million individuals would require hearing rehabilitation by 2050. Additionally, the rising usage of hearing aids, and rising awareness of technologically advanced equipment for the treatment of deafness and hearing impairment, thus burgeoning the adoption of hearing aids. Besides this, the industry is a highly technologically driven market that has witnessed the advent of unique products such as smart linked hearing aids, invisible hearing aids, and AI- and Bluetooth-enabled hearing aids that can be connected to Android or iOS by the market players are some of the factors driving the growth of hearing aid market.

However, the WHO data indicates the prevalence of hearing impairment and risk all around the world. According to WHO, almost 1 billion young individuals are in danger of permanent, avoidable hearing loss as a result of risky listening habits. As a result, the demand for hearing aid devices is likely to rise over time.

According to Marketlook Consulting’s research report “Global Hearing Aid Market Analysis, 2021”, the Global Hearing Aid market is anticipated to grow at a CAGR of 6.4% during 2022-29 The market would reach USD 15.5 Bn by 2029.

Based on product type, hearing aid devices acquired a significant market share in 2021. AC filter in Hearing Aid helps to trap known allergens and impurities like dust, smoke, pet, hair, household chemicals and benzene etc., and also eliminates unpleasant odor thus, keeping indoor air fresh. HEPA+AC filters in Hearing Aid trap up to 99.97% of small particles 0.3 microns and higher as well as most larger particles, especially spores and benefit people who have allergies.

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“Global Hearing Aid Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Hearing Aid providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.      

North America Dominated the Market

Based on Leading regions, North America dominated the global hearing aid market in 2021 and is projected to maintain its dominance during the forecasted period 2022-29 due to the region's high prevalence of hearing loss, the presence of a solid healthcare system, and increased knowledge and acceptance of hearing aid devices. According to Statistics Canada's October 2021 report, hearing loss and tinnitus were extremely frequent in Canadian adults, particularly in men, and 60% of Canadians aged 19 to 79 years reported a hearing health issue: audiometrically measured hearing loss, tinnitus (previous year), or both problems. Moreover, the strong adoption of less noticeable devices for greater aesthetic appeal and new product launches, as well as the rising volume of hearing device sales. are projected to fuel the demand for Hearing Aid in the forthcoming period as stated in Marketlook Consulting research report “Global Hearing Aid Market Analysis, 2021”.

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According to Marketlook Consulting’, the key players with a considerable market share in the global Hearing Aid market are Audina Hearing Instruments, Inc., Horentek, MED-EL Medical Electronics, Amplifon, Sound One India, Cochlear Ltd., Arphi Electronics Private Limited, Abbott, Sonova, RION CO. Ltd.

Market Segmentation:

1. By Product Type (Hearing Implants, Hearing Aid Devices)
2. By Hearing Loss Type (Sensorineural Hearing Loss, Conductive Hearing Loss)
3. By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa)
4. By Company (Audina Hearing Instruments, Inc., Horentek, MED-EL Medical Electronics, Amplifon, Sound One India, Cochlear Ltd., Arphi Electronics Private Limited, Abbott, Sonova, RION CO. Ltd)

Key questions answered in the Study:

1. What are the current and future trends of the hearing aid industry?
2. How the industry has been evolving in terms of product type and hearing loss?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Hearing Aid industry?
5. What is the customer orientation, purchase behaviour, and expectations from the Hearing Aid firms across various regions?

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