Pune, India, July 12, 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, “U.S. 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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Report Scope:
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 7.8% |
| 2029 Value Projection | USD 5.86 billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 3.46 billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 88 |
Market Growth Drivers
Increasing Prevalence of Hearing Loss Disorders & Favorable Regulatory Policies to Augment Market Growth
Factors, such as rising demand for cost-effective products, rising cases regarding hearing losses, and increasing consumer pool, will boost the U.S. 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.
Report Coverage
The market report for the U.S. hearing aids contains critical components of the market that includes leading companies, leading products and applications from all segments and sub-segments, and the latest market opportunities. Additionally, factors such as ongoing market trends and industry developments are also mentioned in the report. Factors that are expected to impact the market in a positive/negative manner are also presented.
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Market Segmentations:
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.
| Segmentation | By Product
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By Age
| |
By Distribution Channel
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Competitive Landscape
Diversified Portfolio & Product Development to Help Maintain Top Position for Sonova and Demant A/S
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 U.S. 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 U.S. Hearing Aids 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
- U.S. Hearing Aids 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
- U.S. Hearing Aids Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Hearing Aids
- BTE (Behind-the-Ear)
- ITE (In-the-Ear)
- RIC (Receiver in Canal)
- CIC (Completely in Canal)
- Others (Invisible in Canal, etc.)
- Hearing Implants
- Cochlear Implants
- Bone Anchored Implants
- Hearing Aids
- Market Analysis, Insights and Forecast – By Age
- Adult
- Pediatric
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- Market Analysis, Insights and Forecast – By Distribution Channel
- Competitive Analysis
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- Government Services
- Manufacturer Owned Retail Networks
- National Retailers
- Independent Retailers/Small Chains
- Online Retailers
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- Key Industry Developments
- U.S. Market Share Analysis (2021)
- Company Profiles (Overview, Product, SWOT Analysis, Recent Developments, Strategies, financials (Based on Availability))
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- Sonova
- Demant A/S
- GN Store Nord A/S
- Cochlear Ltd
- WS Audiology
- RION Co., Ltd.
- Starkey
- MED-EL (Medical Electronics)
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ToC Continued…
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