BRUSSELS,BELGIUM, Aug. 23, 2022 (GLOBE NEWSWIRE) --
Description:
Hearing loss is the reduction in one’s ability to hear certain sounds. According to the World Health Organization (WHO), about 15% of the world’s population is affected by hearing loss. Over 5% of the world’s population (~466 million people) has disabling hearing loss and this number is expected to be over 900 million by 2050 people.
Underserved Low and Middle-Income Countries Offer Ample Opportunities for Growth in Hearing Aids Market
The hearing aids market in low- and middle-income countries remain largely untapped as people often have little or no access to audiological services. The prevalence rate of disabling hearing loss in regions such as South Asia, Asia Pacific, and Sub-Saharan Africa is almost four times that of higher-income regions. As per WHO, the global hearing aid production meets only around 3% of the need in these countries. However, growing awareness about hearing aids and rising affluence in these regions is expected to open up substantial growth opportunities.
“As per WHO, approximately 90% of the people with disabling hearing loss live in low- and middle-income countries. A large population base, growing awareness & spending power, and a strong focus of hearing manufacturers on increasing access to hearing care in low- and middle-income countries, especially for children is expected to open growth opportunities in low- and middle-income countries."-Director, Leading Hearing Aids Device Manufacturer, United States
Digital Solutions Offered by Key Market Players Spurs Adoption of Hearing Aids Market
The leading players operating in the hearing aids market are increasingly offering digital solutions that congregate the healthcare providers and the consumers in real-time through all stages of the hearing journey. The digitally networked solutions provide consumers a higher degree of control and autonomy as they get access to online-based histories, customer support, remote adjustments, and optimization under real-life conditions. The digital solutions allow audiologists to directly capture data on the specific audiological situation of the user and provide immediate assistance. Moreover, users get more targeted advice due to continuous data monitoring and statistical analysis of their listening situations.
For instance,
- The Sonova brand Phonak offers myPhonak app, which gives users an enhanced and personalized hearing experience. Remote support, fitting and control, a hearing diary, and advanced customization options such as noise reduction and speech focus are some of the highlights of the platform.
Explore Detailed Insights on Hearing Aids Market with TOC & Sample Deliverables @ https://meditechinsights.com/global-hearing-aids-market/
| Report Attribute | Report Details |
| Growth Rate (Global) | CAGR of 5% by 2021-2026 |
| Forecast Period | 2021-2026 |
| Base Year | 2021 |
| Quantitative Units | Revenue in USD and CAGR from 2021 to 2026 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors & Trends |
| Key Players Profiled | Sonova Group, Demant, Starkey, Cochlear, GN Store Nord, MED-EL, RION, SeboTek Hearing Systems, Audifon, Audina Hearing Instruments |
Technological Advancements are Driving the Global Hearing Aids Market
The global hearing aids market is technology-driven and is marked by constant product enhancements and innovations. For instance,
- In July 2022, Audientes A/S announced the addition of a new product to its portfolio with Companion by Audientes. Companion by Audientes is a situational hearing device in the advanced hearables category. It is a new consumer electronics device, which also includes Bluetooth streaming functionality.
Geographic Overview: China is Expected to be a Major Growth Engine
Hearing-aid usage in China is on the rise. A rising aging population, increasing cases of hearing loss, growing awareness regarding hearing loss & its treatment options among consumers, continuous training of audiologists/experts who can treat hearing loss problems by hearing aid manufacturers, availability and acceptability of more advanced and sophisticated hearing aid products, economic growth, expanding basic health insurance coverage, and presence of key players in the country are some of the key factors that are expected to drive the chinese hearing aid market.
According to the World Health Organization (WHO), in China alone, the number of people with hearing loss has been steadily increasing from 74 million in 2008 to 96 million in 2018.
Citing the lucrative prospects of the Chinese market, several players are striving to establish their foothold in the market. For instance,
- In June 2022, Demant completed the full acquisition of ShengWang, the Chinese hearing aid chain of some 500 stores. The acquisition provides Demant full ownership of the leading network of hearing aid clinics in China.
Organic and Inorganic Growth Strategies Adopted by Players to Establish Their Market Foothold
The hearing aids market is marked by the presence of both established and new market players. Players operating in this market have adopted both organic and inorganic growth strategies such as acquisitions, and new product launches to garner higher market share. For instance,
- In April 2022, medical device and consumer electronics manufacturer, Nuheara Limited entered into a global trademark license agreement for use of certain HP trademarks on Nuheara’s hearing aids, personal sound amplification devices, and accessories.
Future Outlook of Hearing Aids Market
The hearing aids market is expected to gain further momentum in the upcoming years due to the hearing aid sales recovery from Covid-19 pandemic, potential implementation of the ‘Over-the-Counter Hearing Aid Act’, aging population, technological advancements in hearing aid devices, better awareness & healthcare reimbursement coverage in high-income countries, and potential opportunities in under-penetrated low- and middle-income countries.
Competitive Landscape Analysis: Hearing Aids Market
The global hearing aids market is marked by the presence of established market players such as Sonova Group, Demant, Starkey, Cochlear, GN Store Nord, MED-EL, RION, SeboTek Hearing Systems, audifon, Audina Hearing Instruments, among others.
Get a Customized Research Report on Hearing Aids Market @ https://meditechinsights.com/global-hearing-aids-market/
About Medi-Tech Insights:
Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have successfully completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.
Contact Us:
Ruta Halde
Associate, Medi-Tech Insights
+32 498 86 80 79
info@meditechinsights.com
https://meditechinsights.com/
