The global hearing aids market is growing at 6.1% CAGR during 2021-2027 owing to the mounting innovations in hearing technologies along with the rising trend for connected devices that will have a huge impact on the global hearing aids market.

The COVID-19 outbreak has resulted in the decline in the sales of hearing aids owing to postponement or cancellation of elective surgeries. Moreover, the postponement of cochlear implantable procedures has reduced the sales of the hearing aids market. However, post-COVID-19, the market will bounce back as there are certain reports that suggest that there is sudden hearing loss among patients, thereby the need for treatment for hearing loss would increase the demand for hearing aid devices. The increased adoption of tele-audiology globally owing to the COVID-19 pandemic has boosted the growth of the hearing aid market.

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Based on the product, the behind-the-ear hearing aid device dominates the market owing to increased connectivity, high efficiency, and easy usage, thereby ideal for most people with hearing problems. Furthermore, there is less problem in feedback owing to the huge distance between receiver and microphone. However, people using behind-the-ear feel uncomfortable as they need to wear a mask also during the COVID-19 outbreak, resulting in a decline in the production of hearing aids.

Europe dominates the hearing market owing to increased government support and R&D activities for developing hearing aids. Moreover, the presence of major industry players like GN Store Nord A/s, Demant A/s, and WS Audiology will propel the growth in the region.

In November 2021, Widex USA Inc. has introduced rechargeable behind-the-ear hearing aid and offers PureSound, LED indicator, telecoil, and direct streaming to iPhone and Android. Thus providing more versatile fittings and a unique natural sound experience.

In May 2021, Sonova Holding A known for hearing aids and cochlear implants has acquired Sennheiser Consumer electronic division for €200 million, thereby having a massive boost to the company’s lineup and providing a new direction for its consumer market.

The industry players in the hearing aids industry: Sonova Holding AG, Benson Hearing, GN Store Nord A/S, MED-EL, Starkey Hearing Technologies, William Demant Holding A/S, Widex USA, Inc., Medtronic plc, Zounds Hearing Inc., and Sivantos Group.

Source: VynZ Research