Hearing aids market size is expected to grow by USD 3.72 billion,

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Luton, Bedfordshire, UK, September 22, 2022 (GLOBE NEWSWIRE) — Accuracy Consultancy, the market research and consultancy wing of Improve Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Hearing Aids Market.

The global hearing aids market was valued at US$7.4 billion in 2021 and is projected 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. People who are hard of hearing use it to amplify sounds so they can listen, communicate and participate in daily activities. A hearing aid’s amplifier, microphone, and speaker amplify sound vibrations entering the ear, picking up larger vibrations, and converting them into neural signals sent to the brain. Devices are available in a variety of styles and can be customized to user specifications.

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One of the major drivers of market growth is the growing geriatric population globally. Hearing loss is common as people age, increasing the demand for products from this demographic. Additionally, the prevalence of hearing loss in the general population has increased dramatically. Many cases, especially those involving infants, go untreated, resulting in various psychological and communication issues.

Furthermore, the introduction of aesthetic designs, as well as the release of innovative product variants such as waterproof hearing aids, is helping to drive the growth of the market. The market outlook is expected to improve with the adoption of digital technology and the introduction of products that combine cochlear implants and hearing aid technology to treat high frequency hearing loss. Other factors that are expected to drive the growth of the market include rising levels of noise pollution, an increase in birth complications and ear infections, rising disposable income, and a greater emphasis on research and development. development (R&D) by manufacturers.

Market developments:

  • In February 2022, Phonak, part of the sonova group, a global hearing aid manufacturer, announced the new Virto Paradise line of custom hearing aids. These include the highly anticipated Virto P Black – the fully connected in-the-ear (ITE) hearing aid that looks like a modern headset, and the highly discreet Virto P-Titanium – the world’s only custom titanium hearing aid.
  • In September 2021, Audientes, a company providing lower-cost hearing aids to low-income countries, partnered with Hearing Wellness Clinic (HWC), a chain of hearing centers in South India, to showcase its hearing aids self-adjusting to the Indian market.
  • In October 2020, Starkey entered into an agreement with OrCam Technologies (Israel) to provide assistive technologies for the hearing and visually impaired.

Regional Opportunities:

Germany controls more than 25% of the European hearing aid market. Germany is Europe’s largest and most capable market for the implementation of innovative hearing aid technologies. At the same time, the large number of qualified healthcare professionals provides a solid foundation for the advancement of hearing aid technology.

Due to its high disposable income, Europe leads the global hearing aid market as a large number of customers are able and can afford to purchase hearing aids. Also, with continued support and advancements in medical technology, the demand for hearing aids in this region has increased. Due to the large number of players present, North America is also considered as one of the major players in this market. As several emerging economies are advancing, the Asia-Pacific region is expected to drive the global hearing aid market.

hearing aids market – Growing competition among key players, increasing horizontal and vertical expansion is further expected to fuel the growth of the hearing aids market.

Hearing Aids Market – Latest Advances and Analysis

Attributes Details (current scenario)
base year 2021
Historical data 2017-2021
Market research available for years 2022-2029
Forecast units Value (millions USD, billions) by market
Hearing Aids Market Geographies Covered

  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East and Africa

Customize as needed

Growth drivers:
  • Increase in the prevalence of hearing problems
  • Increase in technological advances in hearing aids
Constraints and challenges:
  • The high cost of hearing aids as well as problems with hearing aids.
The largest regional market 25% (Europe)
CAGR (Hearing Aids Market) 5.2 % (Analysis of the current market)
Personalization available Yes, the report can be customized according to your needs.

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 major players in the hearing aids market

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Hearing aids 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 app

  • Body area sensor networks
  • Wireless sensor networks

By technology

By type of patient

By sales channel

  • Retail sales
  • Government purchases
  • E-commerce

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.

Constraints

The rising 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.

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.

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.

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