Newark, New Castle, USA, Jan. 31, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, “Hearing Aids Market by Product (Hearing Devices and Hearing Implants), by Patient Type (Adults and Pediatrics), and by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies) - Global Outlook & Forecast 2022-2030 " published by Growth Plus Reports, the Hearing Aids market is expected to grow at a CAGR of 7.80% from 2021 to reach US$ 19.62 billion by 2030. The global hearing aids market is primarily driven by rising hearing loss prevalence, an aging population, and technological advancement. Furthermore, the introduction of new products and rising awareness about hearing aids treatment are propelling the global hearing aids market. Furthermore, rising government initiatives and investment in research & development are also fueling the global hearing aids market forward.
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A hearing aid is a specialized medical electronic device worn behind or in the ear as a therapeutic treatment for hearing loss. Conductive hearing loss is caused by problems with the middle ear, eardrum, or ear canal. Usually, surgery or other invasive surgery can make things better. Hearing aids amplify sounds, allowing people with hearing loss to better listen, communicate, and participate in daily activities.
Growth Drivers
Increasing technological advancement and the introduction of novel products are contributing to the global hearing aids market growth. The introduction of new technology such as artificial intelligence, noise cancellation, and custom or personalized devices provides better features and compatibility. This in turn is increasing the demand for hearing aids and thereby propelling the growth of the overall market. In October 2022 Sony Electronics introduced its first novel over-the-counter hearing aids device in the United States. The launch was aimed at re-imagining the hearing device space with a focus on innovation, accessibility, and personalization
The global hearing aids market has been analyzed from four different perspectives – Product, Patient Type, Distribution Channel, and Region
Excerpts from ‘by Product’
The global hearing aids market based on products has been segmented into:
- Hearing Devices
- Hearing Implants
The hearing devices are further categorized into Behind-the-Ear (BTE), In the Ear (ITE), Receiver in the Canal (RIC), Completely in the Canal (CIC), and Others. Whereas Hearing Implants are sub-segmented into Cochlear Implants and Bone Anchored Implants. Behind the ear (BTE) hearing devices segment is dominating the global hearing aids market owing to the introduction of novel products, increasing adoption behind the ear (BTE) hearing devices, and rising cases of hearing loss & deafness.
Excerpts From ‘by Patient Type’
The global hearing aids market based on the application has been segmented into:
- Adults
- Pediatrics
Adults segment dominating the global hearing aids market. The high share adults’ segment is attributed to the growing prevalence of hearing loss among adults due to aging, trauma, and increased excessive use of sound systems. Nearly 50% of people between the ages of 12 and 35, or 1.1 billion young people, are at risk of developing hearing loss, according to a statement made by the World Health Organization in February 2019. This is due to prolonged and excessive exposure to loud sounds, including music that people listen to through personal audio devices.
Excerpts from ‘by Region Segmentation
The global hearing aids market has been segmented into:
- North America
- Europe
- Asia Pacific
- Rest of the World
The global hearing aids market is dominated by North America, followed by Asia Pacific. The large share of North America in the global market is attributed to the region's rising hearing loss prevalence, favorable reimbursement policies, and developed infrastructure. The North America hearing aids market is also being driven by rising regulatory approval for novel hearing aids and technological advancement. In August 2022, The United States Food and Drug Administration issued a final regulation to enable access to hearing aids, potentially lowering prices for millions of Americans. This move is expected to create a new category of over-the-counter (OTC) hearing devices, allowing customers with perceived mild to moderate hearing impairment to buy hearing aids directly from shops or internet sellers without requiring a medical evaluation, prescription, or fitting modification by an audiologist. Asia Pacific is expected to show the highest growth during the forecast period owing to its large elderly population, rising use of cutting-edge technology, and expanding medical device start-up industry.
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Excerpts from ‘Competitive Landscape’
The prominent players operating in the global hearing aids market are:
- Benson Hearing
- Cochlear Ltd
- Demant A/S
- GN Store Nord A/S
- MED-EL
- Medtronic
- Phonak
- RION Co., Ltd.
- Sonova
- Starkey
- Widex USA, Inc.
- William Demant Holding A/S
- WS Audiology
VALUE PROPOSITIONS RELATED TO THE REPORT:
- Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
- Comprehensive quantitative and qualitative insights at segment and sub-segment level
- Covid 19 impact trends and perspective
- Granular insights at global/regional/country level
- Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on 'Strategic Developments' registered by leading players of the market
CUSTOMIZATION OPTIONS:
- Distributor Landscape Assessment
- Pricing Intelligence
- Customer Base Assessment
- Investment & Initiatives Analysis
- 'Business Profile' of Key Players
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