According to the research report titled ‘Global Hearing Aid Market (2021 Edition) - Analysis By Hearing Devices (BTE, ITE, RIC, ITC and CIC), Type of Hearing Loss, Technology, Patient Type, By Region, By Country: Market Insights and Forecast with Impact of COVID-19 (2021-2026)’, available with MarketStudyReport, global hearing aid market was valued at USD 10.3 billion in the year 2020 and is expected to attain significant gains during the forecast timespan 2021-2027.
 

Rising prevalence of hearing loss due to expanding geriatric population, increasing awareness regarding its treatment through campaigns, and technological advancements are largely driving the global hearing aid market growth.
 

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Talking about the COVID-19 pandemic, the industry experienced a major decline in the product demand due to delays of non-compulsory procedures to prioritize the treatment of rapidly increasing COVID-19 patients. The decreased hearing aid sales and production are likely to hamper the industry growth in the coming years.
 

The market Is fragmented on the basis of hearing devices (behind the ear, in-the-ear, receiver in the ear canal, in-the-canal, others), type of hearing loss (conductive, and sensorineural), technology (analog and digital), and patient type (pediatric and adult).
 

Among these, behind the ear (BTE) type segment account for major portion of worldwide hearing aid market share, attributable to its economical price. These hearing aids are in high demand in both developing and under-developed nations.
 

From a regional perspective, the market size spans across Americas (U.S., Canada, Brazil), Europe (UK, Germany), and Asia Pacific (Japan, China, India). All these geographies are assessed with respect to important metrics like consumption value & volume, and growth rate over the forecast period.
 

Considering the competitive landscape, Med-El, Starkey Hearing Technologies, WS Audiology A/S, Eargo Inc., RION Co. Ltd., Cochlear Ltd., Demant A/S, Amplifon SPA, GN Store Nord A/S, and Sonova Holding AG are the major competitors in the global hearing aid industry. Their financials and strategies are explicated to help businesses in beneficial decisions for the upcoming years.