Pune, India, March 30, 2022 (GLOBE NEWSWIRE) -- The US hearing aids market size was USD 3.31 billion in 2021. The market is projected to grow from USD 3.46 billion in 2022 to USD 5.86 billion in 2029 at a CAGR of 7.8% during the 2022-2029 period. This vital information is presented by Fortune Business Insights™, in its report, titled, “US Hearing Aids Market, 2022-2029.” Factors such as widening applications, technological advancements, and rising focus on restoring hearing devices will boost the growth of the market during the forecast period. Additionally, rising insurance coverage and increasing product launches will increase the footprint of the market.
Key Industry Development
January 2021: W/S audiology launched Signia Active Pro earbud-styled hearing aids that will possess a higher-tech audiological advantage. This product further boasts Bluetooth connectivity, the ability to receive phone calls among a range of other features, and is aimed at increasing utility for its consumers.
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Worldwide US Hearing Aids Market Report 2022 - 2028 contains methodical and highlight point data in regards to US Hearing Aids Market. The report contains brief Introduction, Market investigation by types , applications and regions. Report additionally contains top Manufacturers Profiles (Name of the maker, Business Overview, Type and Applications and Sales, Price, Revenue, Gross Margin and Market Share). Report likewise give worldwide and local Sales Channel, Distributors, Traders and Dealers with US Hearing Aids Market Analysis Value And next four Years gauge esteem.
Report Scope & Segmentation :
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 7.8% |
| 2029 Value Projection | USD 5.86 billion |
| Base Year | 2022 |
| Market Size in 2022 | USD 3.46 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 88 |
| Segments covered | By Product, By Age, By Distribution Channel |
| Growth Drivers | The increasing insurance coverage, coupled with new product launches by key players, would support market growth during the forecast period. |
| The increasing aging population in the U.S. susceptible to auditory loss is likely to support market growth. |
Market Growth Drivers:
- Factors, such as rising demand for cost-effective products, rising cases regarding hearing losses, and increasing consumer pool, will boost the US hearing aids market growth during the forecast period. Additionally, increasing geriatric population, favorable regulatory policies, and rising government initiatives will increase the footprint of the market. Also, increasing adoption of technologically advanced devices will fuel the growth of the market.
- However, higher costs of devices will limit the growth of the market during the forecast period. Additionally, lack of favorable reimbursement policies will hinder the growth of the market.
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Segments
Based on product, the market is divided into hearing devices and hearing implants. The hearing devices segment can be further broken down into behind the ear (BTE), in the ear (ITE), receiver in the canal (RIC), completely in the canal (CIC), and others (invisible in the canal).
By age, the market is segmented into adult and pediatric.
With respect to distribution channel, the market is fragmented into government services, manufacturer-owned retail networks, national retailers, independent retailers/small chains, and online retailers.
Competitive Landscape
The sector of the U.S. hearing aids is extremely competitive due to the presence of many well-established and emerging players. In its current scope, Sonova and Demant A/S were leading the US hearing aids market share in 2021 and accounted for a majority of the revenue. Other players are focused on expanding their market share by employing strategic tactics, including mergers & acquisitions, collaborations, and introducing novel products in their portfolio. For example, in May 2021, Sonova announced acquiring the consumer audio division of Sennheiser for strengthening its portfolio and integrating wider applications for consumers. Others players, including Cochlear Ltd, WS Audiology, and Starkey held a considerable market share by increasing their offerings in the space.
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The Report Lists the Key Companies in the Global Market
- Sonova (Switzerland)
- Demant A/S (Denmark)
- GN Store Nord A/S (Denmark)
- Cochlear Ltd (Australia)
- WS Audiology (Denmark)
- RION Co., Ltd. (Japan)
- Starkey (U.S.)
- MED-EL (Medical Electronics) (Austria)
Table of Contents
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments - Acquisitions, Mergers, and Partnerships
- Penetration of Hearing Aids for Key Countries
- New Product Launches
- Epidemiology of Hearing Loss - USA
- Prevalence of Hearing Loss, by States, U.S, 2021
- Number of Audiologists, Hearing Aid Specialists, Retail Outlets
- Partnerships Between Manufacturers and Third party Referral Companies/ Vendors
- Impact of COVID-19 on the U.S. Hearing Aids & Implants Market
ToC Continued..
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