Hearing aid market size will reach around $19.5 billion by

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Ottawa, June 27, 2022 (GLOBE NEWSWIRE) — The world listening device for the hearing impaireds market size was valued at $10.69 billion in 2021. Hearing aid companies have also begun to focus on wearable audiometry and electronic hearing care solutions for maintenance, advice and monitoring at distance from hearing aids. The outbreak of the COVID-19 outbreak has altered healthcare delivery around the world. The added strain caused by the rising COVID-19 hospitalization rate had led to the re-profiling of several hospitals and wards to care for COVID-19 patients. As a result, many elective procedures have been canceled or delayed around the world to conserve or divert limited capacity and resources to caring for COVID-19 patients.

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The reallocation of critical care expenditures has had a disproportionate effect on the availability of ENT-related procedures and treatments. As a result of the COVID-19 pandemic, more and more people are opting for the monitoring system. The crises have ushered in a new era in hearing care that requires a radical re-examination of audiology service delivery. Audiology clients who are at greatest risk of COVID-19 severity well into old age now require low-touch, non-contact therapies.

Report Highlights

Market and value network analysis for three business outcomes has been proposed in this research. This section summarizes the main points to remember.

  • hearing aids and auditory: This analysis revealed that this market is mature overall, with certain submarkets, notably the implants and hearing aids submarkets, showing strong potential for growth. People with hearing loss, but also increasingly people without hearing loss who wish to benefit from the possibilities of continuous in-ear monitoring and assistance, are its target end users. Incumbent hearing aid manufacturers, as well as major consumer electronics manufacturers, are competitors.
  • Big Data Analytics Platforms: This analysis revealed that this is a strong growth market in several sectors, with the banking sector expected to be the most profitable. Patients and doctors for healthcare applications, as well as data providers and investors, who want to access data-driven business insights, are some of its target end users. Similar features and capabilities are offered by competitors, including open source platforms.
  • Body Sensor Network Security Mechanisms: This research revealed that, like big data analytics systems, this is an industry with great potential. Patients and physicians are end users, as are device and software vendors, public health professionals, and insurance companies. The term “competitor” is not well defined. Its target audience is end users.

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Report scope

Report attributes Details
Market size in 2021 $10.69 billion
Revenue forecasts by 2030 $19.5 billion
CAGR 6.91% from 2022 to 2030
base year 2021
forecast year 2022 to 2030
Key players Demant A/S, Starkey Laboratories, Inc., Cochlear Ltd., RION Co., Ltd, Microson, GN Store Nord A/S, Sonova Group

Market dynamics

Drivers

Deafness is becoming more and more prevalent all over the world, so it is much more important than ever to track and test your hearing abilities. In infants, hearing loss has a major impact on language ability, learning and community interactions. Similarly, hearing-impaired older people find it difficult to follow everyday discussions. Untreated hearing loss has in fact been linked to a variety of physiological problems in older adults, ranging from cognitive impairment and depression to a higher risk of falls.

Constraints

The increase in price of hearing aids such as implants and bone anchored systems is a significant factor affecting future growth, especially in cost-sensitive regions such as the Asian region, South America and Africa. Healthcare professionals, especially in developing countries like Mexico and Brazil, have limited necessary funds to invest in advanced technologies. In addition, employees must receive intensive training in the safe handling and maintenance of cochlear implant systems and bone anchored systems. To construct technologically sophisticated cochlear implants, extensive research and development is required. As a result, the cost of production and the calculated value to customers both increase significantly. As a result, clients must pay a higher price for surgical interventional treatments and associated screening procedures.

Opportunities

Hearing aid manufacturers have great potential as the focus shifts to patient comfort. Among the most crucial aspects of hearing aids is their installation. A poor fit impacts the listening experience and can therefore potentially make the situation worse. To get a perfectly fitting hearing aid, you’ll need accurate measurements related to your ability to hear, the appropriate type of hearing aid, and the exact shape and dimensions of the device. It is essential to consult an expert to help you choose the right type of hearing aid for your hearing problems in order to acquire a suitable hearing aid. Hearing aids are a technology-driven industry that has seen the introduction of advanced equipment such as hidden hearing aids and interconnected smart hearing aids.

Challenges

Along with the high price of hearing aids, cultural stereotypes associated with deafness are a major barrier to expanding the market for the best hearing aids. Hearing loss is often associated with negative connotations, so those who suffer from it may even be hesitant to seek treatment. Many people assume that having a hearing aid makes them look older, weak, less competent and even disabled. Not only will deafness persist if left untreated, but it would also lead to cognitive impairment, depression, and eventually insanity. Misconceptions about hearing damage drive the slow growth of the hearing aid industry. Several countries are indeed experiencing a shortage of competent doctors responsible for carrying out ENT treatments such as cochlear implantation. This is a considerably greater concern in developing countries and regions. Given the presence of a large group of targeted patients, the lack of qualified ENT specialists in these countries is expected to limit the number of ENT surgeries performed each year, especially cochlear implant. This is a significant impediment to the expansion of the general hearing aid market.

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RECENT DEVELOPMENTS

  • Starkey (US) and OrCam Technologies (Israel) partnered in October 2020 to provide assistive devices for the deaf/visually impaired. In combination with Starkey’s Livio Edge AI hearing aids, OrCam was able to use the sophisticated machine learning algorithms that were created to relay the visual world through audio.
  • The Cochlear Nucleus Kanso 2 Sound Processor, Nucleus 7 Sound Processor for Transplant Patients Nucleus 22 and Customized Audio Pro fit app were approved by the US FDA in July 2020.
  • GN Hearing (Danish) announced ReSound Key in early February 2021, a range of hearing aids that expands global access to the company’s acclaimed and award-winning listening equipment.

Market segmentation

By type

  • Hearing aids
    • Behind-the-ear (BTE)
    • In the ear (ITE)
    • Receiver in channel (RIC)
    • Completely in the Canal (CIC)
    • Others (Invisible in the Channel, and others)
  • Hearing implants
    • Cochlear implants
    • Bone anchored implants

By request

  • Body area sensor networks
  • Wireless sensor networks

By technology

By type of patient

By sales channel

  • Retail sales
  • Government purchases
  • E-commerce

By geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa (MEA)

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