New York, USA, May 25, 2022 (GLOBE NEWSWIRE) -- Hearing Aids Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Hearing Aids Market Information By Product, Product Type, Type of Hearing Loss, Technology Type, Distribution Channel, and Region - Forecast till 2030", the market will touch USD 15.32 Billion by 2030 at a 8% CAGR.
Market Synopsis
A hearing aid is a device designed to help people who are unable to hear due to various factors. Customers' need for hearing aids is fueled by recent technological advancements in the hearing aid device, which is driving up the market demand for hearing aids. Hearing loss has become the most frequent ailment among patients, particularly in developed nations. Hearing loss can also be caused by chronic inflammation, vascular disorders, noise exposure, hereditary predisposition, and physiological aging of the ear. This aspect may lead to an increase in hard-of-hearing patients worldwide, resulting in increased device sales.
Hearing aid technology has advanced dramatically in the last decade. Innovative technologies and the introduction of digital platforms in the tiny device have assisted various patients in overcoming their issues and improving their hearing experience. The market is being introduced to digital gadgets. Smartphone compatibility, high sound processing, artificial intelligence (AI), Bluetooth connectivity, rechargeable batteries, and the most recent tinnitus masking have pushed the hearing device's capabilities to new heights.
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Report Scope:
| Report Attribute | Details |
| Market Size | USD 15.32 Billion |
| CAGR | 8% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, Product Type, Type of Hearing Loss, Technology Type, Distribution Channel |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing incidence of hearing loss |
| Launch of new products and Rising awareness about hearing loss treatment |
Hearing Aids Market Competitive Landscape:
The formidable companies in the hearing aids market are:
- Arphi Electronics Private Limited (India)
- Zounds Hearing (US)
- SeboTek Hearing Systems, LLC (US)
- Audina Hearing Instruments, Inc. (US)
- Sonova (Switzerland)
- Sivantos Pte. Ltd (Singapore)
- GN Store Nord A/S (Denmark)
- Cochlear Ltd (Australia)
- WIDEX INDIA PRIVATE LIMITED (Denmark)
- Microson (Spain)
- Demant A/S (Denmark)
- Starkey (US)
Hearing Aids Market USP Covered:
Market Drivers:
The debut of new products in the sector, increased knowledge about hearing loss treatment, the growing elderly population worldwide, and the growing incidence of hearing loss are all driving the hearing aids market forward. The developing economies of South Korea, Malaysia, India, Vietnam, Israel, the United Arab Emirates, and Saudi Arabia have created an attractive potential for market players in the hearing aids sector. Furthermore, the worldwide market offers more potential opportunities due to lower regulatory obstacles, advances in healthcare infrastructure, increased healthcare expenditure, and a growing patient population.
Market Restraints:
Due to low hearing aid penetration and product recalls, the hearing aids market may encounter restrictions. Furthermore, due to the increasing cost of hearing aid technologies such as bone-anchored systems and cochlear implants, the Hearing Aids Industry may experience market restrictions. This market limitation could occur in certain regions like Latin America, Asia, and Africa. Due to a dearth of educated or skilled experts to execute successful ENT operations in various countries, the worldwide hearing aids sector may encounter hurdles. The hearing aids market may face additional obstacles due to the presence of a big target patient population.
Hearing Aids Market COVID 19 Analysis
The current COVID-19 pandemic has altered how medical care is delivered in several countries. Due to a lack of capacity and resources, many critical visits linked to patient health have been canceled. As a result, the hearing aids industry was impacted for a long time. However, leading players and manufacturers in the Hearing Aids Market played an essential part in offering new deals and promotional strategies to boost the industry's growth. Furthermore, the global market is expected to have a greater market value for the projection period. The hospital pharmacies category held the most significant proportion of the market. Hearing more favorable implant reimbursements and the rapid expansion of hearing implants may help this category flourish.
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Hearing Aids Market Segmentation
By Product
Due to advancements in the technological realm, the implant segment is the fastest growing.
By Product Type
The wireless segment has led the wired segment for the research period and is predicted to yield a more excellent Hearing Aids Industry Share. The declination of the wiring segment is seen in the forecast period.
By Technology Type
For the projected period, digital hearing aids are expected to be the fastest-growing segment. Digital hearing devices accounted for over 90% of all hearing aids sold in the United States.
By Type of Hearing Loss
The risk of sensorineural hearing loss increases with age. The conductive form of hearing loss, on the other hand, happens when there is a problem with sound waves passing from the outer to the inner ear. Auditory processing disorders and combined hearing loss types are two further segments.
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By Distribution Channel
As retail outlets are the principal distribution point, they are predicted to generate the most Hearing Aids Industry Size during the study period. Furthermore, the e-commerce segment is expected to be the second-largest for the research period.
Hearing Aids Market Regional Insights
The European market is predicted to generate the most value in the hearing aids sector due to more efficient healthcare infrastructure and hearing loss prevalence. Due to substantial government backing and expanded research for producing better hearing equipment, Europe is expected to be the second-largest market share. Furthermore, the Middle East and Africa region is recognized as having the smallest hearing aids market due to a lack of information regarding hearing impairment treatment options and limited healthcare infrastructure.
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Increased hearing device sales and the strong acceptance of less visible devices for more visual beauty and new product introductions are some of the key factors attributed to this region's important position in the global market. Due to the increasing prevalence of hearing implants and the growing elderly population, Asia-Pacific is expected to have the most significant CAGR during the projection period.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
