Hearing Aid Devices And Equipment Market Sees 12% Growth Rate With Increased Earphone Usage – The Business Research Company – PR Newswire UK
The hearing aid market sees growth to $14bn this year with drivers including the increase in hearing issues among the youth with prolonged exposure to head/earphones.
LONDON, March 29, 2022 /PRNewswire/ — The usage of headphones or earphones is increasing and is expected to promote the growth of hearing aid devices and equipment in the forecast period. Headphones and earphones are used for a variety of purposes, including listening to music, watching movies, and conversing on the phone – particularly among younger generations. Also, people have begun to use Bluetooth gadgets to communicate while performing any task or while driving. This is resulting in a considerable increase in hearing issues among the young population, thereby fueling the growth of the hearing aid market.
The global hearing aid devices and equipment market size is expected to grow from $12.3 billion in 2021 to $13.8 billion in 2022 at a compound annual growth rate (CAGR) of 12.2%. The global hearing aid equipment market size is expected to grow to $21.08 billion in 2026 at a CAGR of 11.2%.
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Hearing Aid Devices And Equipment Market Segmentation
The hearing aid devices and equipment market is segmented by product into receiver-in-the-ear hearing aids (RTE), behind-the-ear hearing (BTE) aids, in-the-ear hearing (ITE) aids, in-the-canal hearing (ITC) aids, and completely-in-the-canal hearing (CIC) aids. The RTE hearing aids market is the largest segment of the hearing aid devices and equipment market by product, accounting for 73.3% of the total market in 2021. The ITE aids market is expected to be the fastest-growing segment in hearing aid devices and equipment market is segmented by product, going forward at a CAGR of 6.1% during 2021-2026 period.
The market is also segmented by distribution channel into audiology and ENT clinics, pharmacies, online sales, others, by technology into conventional hearing aid, digital hearing aid, by patient into adult, pediatrics, and by type of hearing loss into conductive hearing loss, sensorineural hearing loss.
Regional Hearing Aid Devices And Equipment Industry Growth Analysis
North America has the largest hearing aid devices and equipment market share, accounting for 33.4% of the global market in 2021. It is followed by Asia Pacific, Western Europe and the other regions.
The hearing aid devices and equipment market in North America is supported by rising disposable incomes which leads to higher spending on hearing aid devices and equipment, a high prevalence of hearing loss disabilities and a high share of the geriatric population who are prone to hearing impairment. In the USA alone, 30 million people suffer from hearing loss disabilities.
Going forward, the fastest growing regions in the hearing aid devices and equipment market will be Asia Pacific and the North America, where growth will be at CAGRs of 6.0% and 5.9% respectively from 2021-2026.
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