According to the report titled ‘Hearing Aids Market Size By Product (Behind-the-Ear (BTE), Completely-in-the-Canal/Invisible-in-Canal (CIC/IIC), In-the-Canal (ITC), In-the-Ear (ITE)), By Patient (Adult, Pediatric), COVID19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027,’ available with MarketStudyReport, global hearing aids market is expected to gain massive returns during the period 2021-2027.
 

Surging hearing impairment cases in the world, coupled with technological advancements in devices to accommodate consumer demands are factors propelling the growth of global hearing aids market.

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Moreover, the rise in the proportion of the geriatric population leading to higher chances of hearing disorders and increasing incidences of stress & noise-induced hearing ailments are further accelerating the industry development. 

Besides this, prominent players in the market are emphasizing on product innovations to expand their portfolios and fulfill the growing customer demand for the devices which is creating lucrative opportunities in this domain. 

Based on product type, the in-the-ear (ITE) segment of worldwide hearing aids industry is anticipated to be valued at USD 1,138 million by 2027, due to the various benefits these devices, becoming consumer preference.

In terms of patient category, the pediatric segment was valued at USD 600 million in the year 2020 and is estimated to exhibit exponential growth during the predicted timeline given the soaring cases of hearing impairment among children.

From a regional standpoint, Middle East & Africa industry was valued at USD 174 million in the year 2020 and is poised to witness robust growth during the assessment timeframe, owing to the escalating number of people suffering from hearing impairment in the region. 

The competitive landscape of global hearing aids market is defined by companies such as AS Audio-Service GmbH, WS Audiology, Audina Hearing Instruments Inc., Demant A/S, Starkey Hearing Technologies, EarTechnic, Sonova Holding AG, HearUSA, GN Store Nord A/S, and Hansaton Akustik GmbH among others.