In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. Primary sources were mainly industry experts from the core and related industries and preferred suppliers, manufacturers, distributors, service providers, technology developers, researchers, and organizations related to all segments of this industry’s value chain.
In the secondary research process, various secondary sources such as annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, gold-standard & silver-standard websites, regulatory bodies, and databases (such as D&B Hoovers, Bloomberg Business, and Factiva) were referred to identify and collect information for this study.
The hearing aid device segment accounted for the largest share of the hearing aids market in 2020. Factors such as the increasing number of product approvals, rising geriatric population, and increasing technological advancements in hearing aid devices are boosting the market growth of this segment.
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In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, to obtain and verify the critical qualitative and quantitative information as well as assess future prospects.
The hearing aids market is segmented into sensorineural hearing loss and conductive hearing loss. In 2020, the sensorineural hearing loss segment accounted for the highest growth rate. Factors such as the increase in the number of product approvals and the high prevalence of sensorineural hearing loss, coupled with the growing geriatric patient pool are contributing to the growth of this segment.
The global hearing aids market is segmented into five major regions-North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, Europe accounted for the largest share of the hearing aids market.
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Globally, the rising incidence of hearing loss has made it extremely important to monitor and examine hearing functions. In children, untreated hearing loss negatively impacts language development, learning, and social engagement.
Similarly, older adults with hearing loss often have difficulty following day-to-day conversations. For people entering their retirement years, untreated hearing loss has been linked to several physical and psychological issues, ranging from cognitive decline and depression to an increased risk of trips and falls.