Luton, Bedfordshire, United Kingdom, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Hearing Aid Market.
The global Hearing Aids market was valued at US$ 7.4 Billion in 2021, and is expected to register a CAGR of 5.2% and reach a valuation of US$ 12.9 Billion by the end of 2029.
A hearing aid is a small battery-powered electronic device that is worn in or behind the ear to improve hearing. Individuals with impaired hearing use it to amplify sounds so they can listen, communicate, and participate in daily activities. A hearing aid's amplifier, microphone, and speaker magnify sound vibrations entering the ear, perceive larger vibrations, and convert them into neural signals sent to the brain. The devices come in a variety of styles and can be customized to the user's specifications.
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The growing geriatric population around the world is one of the key factors driving the market's growth. Hearing loss is common as people age, which drives up product demand from this demographic. Furthermore, the prevalence of hearing impairments in the general population has significantly increased. Many cases, particularly those involving infants, go untreated, resulting in a variety of psychological and communication problems.
Furthermore, the introduction of aesthetically pleasing designs, as well as the release of innovative product variations such as waterproof hearing aids, are helping to drive market growth. The market's prospects are expected to improve with the adoption of digital technology and the introduction of products that combine cochlear implants and hearing aid technology to address high-frequency hearing loss. Other factors expected to drive market growth include rising noise pollution levels, an increase in birth complications and ear infections, rising disposable income, and a greater emphasis on research and development (R&D) by manufacturers.
Market Developments:
- In February 2022, Phonak, a member of sonova group, a manufacturer in hearing aids across the globe, announced new Virto Paradise line of custom-made hearing aids. These include the highly anticipated Virto P Black - the fully connected in-the-ear (ITE) hearing aid that resembles a modern headphone, and the super-discreet Virto P-Titanium - the world's only custom titanium hearing aid.
- In September 2021, Audientes, a company offering lower-cost hearing aids to low-income countries, entered into a partnership with Hearing Wellness Clinic (HWC), a chain of hearing centres in South India, to introduce its self-adjusting hearing aids to the Indian market.
- In October 2020, Starkey entered into an agreement with OrCam Technologies (Israel) to provide assistive technologies to hearing and visually impaired people.
Regional Opportunities:
Germany controls more than 25% of the European hearing aid market. Germany is Europe's largest and most capable market for implementing innovative hearing aid technologies. At the same time, the large number of qualified medical professionals provides a solid foundation for the advancement of hearing aid technology.
Due to their high disposable income, Europe leads the global hearing aids market, as a large number of customers are capable of and can afford hearing aids. Furthermore, as a result of ongoing support and medical technology advancements, the demand for hearing aids in this region has increased. Because of the large number of players present, North America is also regarded as one of the leading players in this market. As several emerging economies make strides, the Asia Pacific region is expected to drive the global hearing aids market.
Hearing Aids Market - Growing competition among key players, increasing horizontal and vertical expansion is further expected to fuel the growth of Hearing Aids Market.
Hearing Aids Market - Latest Advancement and Analysis
| Attributes | Details (Current Scenario) |
| Base-Year | 2021 |
| Historic Data | 2017-2021 |
| Market Study Available for Years | 2022-2029 |
| Forecast Units | Value (USD Million, Billion) As per Market |
| Hearing Aids Market Geographies Covered |
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| Growth Drivers: |
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| Restraints & Challenges: |
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| Largest Regional market | 25% (Europe) |
| CAGR (Hearing Aids Market) | 5.2 % (Current Market Analysis) |
| Customization Available | Yes, the report can be customized as per your need. |
Hearing Aids Market Players:
Audina Hearing Instruments, Inc., Audina Hearing Instruments, Inc., Starkey Laboratories, Inc., Demant A/S, BHM-Tech Produktionsgesellschaft GmbH, GN Hearing, Microson, Sonova Holding AG, WS Audiology A/S, Eargo Inc. and others are the key players in the Hearing Aids Market
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Hearing Aid Market: Segmentation
By Type
• Hearing Devices
- Behind-the-Ear (BTE)
- In the Ear (ITE)
- Receiver in the Canal (RIC)
- Completely in the Canal (CIC)
- Others (Invisible in the Canal, and others)
• Hearing Implants
- Cochlear Implants
- Bone Anchored Implants
By Application
- Body Area Sensor Networks
- Wireless Sensor Networks
By Technology
- Analog
- Digital
By Patient Type
- Adults
- Pediatrics
By Sales Channel
- Retail Sales
- Government Purchases
- E-commerce
Market Dynamics
Drivers
Deafness is growing increasingly prevalent all over the globe, thus it's much more important than ever to keep track of and test your hearing abilities. In infants, hearing impairment does have a major impact on language ability, learning, and community interactions. Similarly, older persons with hearing loss have a hard time keeping up with daily discussions.
Restraints
The increased price of hearing aids like implants and bone-anchored systems is a significant factor affecting future growth, especially in cost sensitive locations like Asian Region, South America, and African. Healthcare professionals, particularly in developing nations like Mexico and Brazil, have limited necessary funds to invest in advanced technology.
Opportunities
Hearing aid manufacturers have a big potential as the emphasis on patient convenience increases. Among the most crucial aspects of hearing devices is their installation. Poor fitting has an impact on the listening experience and thus can potentially worsen the condition. To get an ideal-fit hearing device, you'll need accurate measurement related to your ability to hear, the proper sort of hearing aid, as well as the device's exact form and dimensions.
Challenges
Aside from the expensive price of hearing devices, the cultural stereotypes associated with deafness is a key impediment to the market expansion of the best hearing devices. Hearing loss is often related to negative connotation, so those that struggle with it may even be hesitant to seek treatments. Many individuals assume that having a hearing aid makes them look elderly, weak, less competent, and even handicapped. Deafness will not only persist if left untreated, but it would also result in cognitive impairment, depression, and eventually insanity. Pre-conceived notions about hearing damage lead to the hearing devices sector's poor growth.
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