The global ear health market is projected to reach USD 1.9 billion by 2026 from USD 1.4 billion in 2021, at a CAGR of 6.3% during the forecast period. Growth in this market is largely driven by the growing geriatric population, high prevalence of ear diseases, rising incidence of noise-induced hearing loss, and shift in consumer preference towards plant-based supplements. Moreover, untapped emerging markets in developing countries are creating lucrative opportunities for the market players. The ear health market is segmented into ear health devices, tinnitus & ear impairment care supplements, and ear infection treatment medications.
The global ear health market is fragmented with the presence of many regional and global players like Sonova Holdings AG (Switzerland), Olympus Corp. (Japan), William Demant Holdings A/S (Denmark), Cochlear Limited (Australia), and Stryker Corporation (US) are the major players in this market. These companies are majorly focusing on the strategies such as agreements, collaborations, partnerships, and service launches in order to remain competitive and further increase their share in the market. Some of the prominent players in the market namely, Johnson & Johnson (US), Novartis (Switzerland), Karl Storz GMBH & Co. KG (Germany), Medtronic Plc (Ireland), Oscar Remedies Pvt Ltd. (India), and InnerScopr Hearing Technologies (US).
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Sonova Holdings AG dominated the ear health market in 2020. The company's leading position can be attributed to its comprehensive suite of products and solutions used in the diagnosis, treatment, post treatment care and monitoring of patients. Its high focus on R&D enables the company to rapidly innovate and develop products that suit the current market demands. The company distributes its ear health to various end users, such as hospitals, home care settings, ambulatory care centers, etc. The company has a wide geographical presence encompassing the Americas, Europe, the Middle East, Africa, and the Asia Pacific.
Olympus Corp is the second-largest player in the ear health market. It offers a wide range of ear health systems. The company offers a variety of products related to ear health, such as implants, surgical devices, etc from its extensive portfolio. The company has a strong network encompassing 129 subsidiaries and 4 affiliated worldwide. Its subsidiaries and representative offices are present in the US, China, the UK, Germany, the Netherlands, France, Spain, Russia, Argentina, Brazil, India, and Australia.
Ear Health Market by Product (Ear Health Devices (Diagnostic Devices, Surgical Devices, Hearing Aids, Hearing Implants, CO2 Lasers), Ear Health Supplements, Ear Infection Drug Treatment), and Region - Global Forecast to 2026
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