New York, USA, May 01, 2023 (GLOBE NEWSWIRE) -- Hearing Aids Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), Hearing Aids Market Information By Product, Product Type, Hearing Loss, Technology Type and Distribution Channel - Forecast to 2030, the market size was valued at USD 9.68 billion in 2021 and is projected to grow from USD 10.23 billion in 2022 to USD 15.32 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8% during the forecast period (2022 - 2030).
Market Scope
According to the scope of the study, hearing aids are sound-amplifying devices used to treat hearing loss. These devices can be distinguished by their designs, amplification technologies, and specific characteristics. The market is anticipated to grow gradually because to the increasing prevalence of hearing loss and the need for technologically advanced goods.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 15.32 Billion |
| CAGR | 8% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Distribution Channel and Technology Type |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing Prevalence of Hearing Loss |
| Rising number of hearing device users |
Hearing Aids Market Competitive Landscape:
The notable players of the market are
- Sonova (Switzerland)
- Cochlear Ltd (Australia)
- GN Store Nord A/S (Denmark)
- Sivantos Pte. Ltd (Singapore)
- Arphi Electronics Private Limited (India)
- Demant A/S (Denmark)
- Starkey (US)
- WIDEX INDIA PRIVATE LIMITED (Denmark)
- Zounds Hearing (US)
- SeboTek Hearing Systems, LLC (US)
- Audina Hearing Instruments, Inc. (US)
- Microson (Spain)
Hearing Aids Market Trends:
Market Drivers
The incidence of hearing loss is rising, new products are being introduced, there are more senior people, and more people are becoming aware of how to treat hearing loss, all of which are contributing to the growth of the worldwide hearing aids market. The hearing aids market is anticipated to grow as a result of technical advancements made by manufacturers of hearing aids in the creation of products that not only improve hearing but also have a stylish appearance. Moreover, the market is anticipated to benefit from technical developments in hearing aid equipment, such as the ability to wirelessly connect devices with smartphones.
Also, there is a progressive rise in demand for cochlear implants, particularly among youngsters. The early placement of cochlear implants to correct hearing loss is encouraged by many healthcare professionals. This element is likely to encourage industrial expansion. In addition, long-term inflammation, vascular problems, exposure to noise, a hereditary predisposition, and natural aging of the ear can all result in hearing loss. This aspect might result in an increase in the number of people with hearing loss around the world, which would increase sales of these devices.
Hearing aid technology has advanced greatly in the last ten years. Smart technology integration and the introduction of digital platforms in the tiny device have assisted patients in overcoming obstacles and enhancing their hearing experiences. The market is being expanded using digital gadgets. The potential of the hearing aid has been maximized by features like smartphone compatibility, Bluetooth connectivity, high sound processing, artificial intelligence (AI), rechargeable batteries, and the most recent tinnitus masking technology.
Market Restraints:
The high expense of hearing aids, including cochlear implants and bone-anchored devices, is a significant barrier to market development, especially in countries where people value affordability. Also, staff members must undergo extensive training in the safe use and upkeep of bone-anchored devices and cochlear implants. It takes a lot of research and development to create hearing aids with cutting-edge technology. As a result, both the manufacturing cost and the ultimate price charged to customers increase dramatically.
COVID-19 Analysis
The COVID-19 epidemic has led to an increase in the use of remote monitoring. The crisis has ushered in a new era in hearing healthcare that demands a radical reevaluation of how audiology services are provided. Low- and no-touch services are now needed for audiology patients (who are typically at the highest risk for COVID-19 morbidity and mortality due to their advanced age). In order to remotely diagnose, advise, fine-tune, and track hearing aid devices, hearing aid manufacturers have also started to stress the usage of mobile audiometry and digital hearing care solutions.
Browse In-depth Market Research Report (111 Pages) on Hearing Aids: https://www.marketresearchfuture.com/reports/hearing-aids-market-8364
Hearing Aids Market Segmentation
By Product
The implants segment is the fastest-growing market over the review period.
By Product Type
Due to technical developments and product debuts, wireless is the fastest-growing market.
By Hearing Loss
The increasing prevalence of hearing loss is responsible for the segment's rise.
By Technology
Due to its advantages over analog counterparts, the digital hearing aids category is predicted to be both the largest shareholder and the fastest-growing section.
By Distribution Channel
Due to consumers’ ease of access to products, the E-commerce industry is predicted to be the fastest-growing segment.
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Hearing Aids Market Regional Insight
Europe is probably the greatest market because to the rising prevalence of hearing loss and advanced healthcare system. Due to substantial government funding and expanded research for creating cutting-edge hearing equipment, Europe is predicted to have the second-largest share of the market. The well-established healthcare industry, the rising prevalence of hearing problems, and the speedy expansion of the European hearing aids market can all be connected to the early adoption of technologically sophisticated hearing aids.
Due to growing awareness of hearing aid usage and an increase in the population affected by hearing loss, the market in the Asia-Pacific region is anticipated to grow at the fastest rate. Additional factors will also contribute to regional expansion in the ensuing years, including a large patient pool, an aging population, and rising healthcare infrastructure as a result of private sector engagement in research finance and services.
Another significant area throughout the evaluation period is the North American market. Some of the main reasons for this region's dominant position in the worldwide market are the rising number of hearing device sales, high acceptance of less conspicuous devices for greater aesthetic appeal, and new product introductions.
The rest of the world, which includes the GCC nations, Africa, Brazil, and others, has significant development potential and is expected to prosper. The worldwide market is anticipated to develop as a result of many reasons, including the increasing prevalence of hearing loss and greater awareness.
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