London, May 19, 2023 (GLOBE NEWSWIRE) -- A growing number of cases of conductive hearing loss, sensorineural hearing loss, and mixed hearing loss is predominantly driving the expansion of the global hearing aids market. With a consistently expanding aging population, and improved diagnostics in various in-born conditions, the market is poised to demonstrate promising performance in the years to come. A strong factor that restricts sales is the reluctance of those in a mild-to-moderate hearing loss stage to buy hearing aid devices, says a new study of Fairfield Market Research, on the global hearing aids industry analysis. Technological innovations in hearing aid devices like AI-enabled devices, and smart devices further elevate the scope of growth for the market, says the report. “Innovations like Cochlear implants will gain stronger ground and research finds it particular to childhood hearing loss cases,” remarks an analyst at Fairfield.
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Insights into Segmentation Analysis
Based on products, the behind-the-ear (BTE) hearing aids segment currently contributes the largest share of the overall market revenue. BTE devices remain popular for their comfortable fit, and connectivity to external sound sources, as well as Bluetooth devices, and wireless devices. Innovations like mini BTE play a crucial role in raising the attractiveness of this segment in the hearing aids market. On the other hand, the canal hearing aids segment is expected to demonstrate the fastest rate of growth in demand during the next few years as these devices are discreet, and technologically advanced. The ability of canal hearing devices to cancel multiple external voices and reduce tinnitus will also account for the optimistic outlook of this segment in the near future.
Insights into Regional Analysis
North America remains the prime market for sales of hearing aids as the region continues to witness considerably high prevalence of loss of hearing, and other hearing disabilities. Better rates of diagnosis, faster consulting, and higher awareness about the benefits of hearing aid devices collectively drive the growth of North America’s hearing aids market. The region’s sophisticated healthcare infrastructure, and favorable reimbursement scenario further complement the pace of expansion of the market here.
The US especially has been reflecting the highest sales of hearing aids and this can be attributable to a notably high instances of innate loss of hearing in new born, or at least one hearing trouble. Sales will further rise high with a growing number of the American adolescents being diagnosed with loss of hearing in one or both ears. On the other hand, Canada is also expected to develop a lucrative market for manufacturers of hearing aid devices as the country has an exceptionally high number of cases of hearing loss, and tinnitus. On the contrary, advanced technology hearing aid devices is still a challenge facing patients in developing economies. The penetration is remarkably low, which will influence the pace of market progress in the long run.
Key Industry Players
The big five in the worldwide hearing aids market are GN Hearing A/S, Sonova Group, Demant A/S, Starkey Hearing Technologies, and WS Audiology. Besides, some of the other prominent players that are potentially considered for profiling in the report will include SeboTek Hearing Systems, LLC, Cochlear Limited., Audina Hearing Instruments, Inc., Horentek Hearing Diagnostics S R L, RION Co., Ltd., Arphi Electronics Private Limited, and Microson S.A.
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Global Hearing Aids Market is Segmented as Below:
By Product
- Behind-the-Ear
- In-the-Ear
- In-the-Canal
- Receiver in the Canal
- Hearing Implants
- Others
Patient Type
- Pediatrics
- Adults
By Technology
- Conventional
- Digital
By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
Leading Companies
- Audina Hearing Instruments, Inc.
- Amplifon
- Cochlear Ltd
- Demant A/S
- SeboTek Hearing Systems, LLC
- Sonovo Holding AG
- Widex A/S
- Others
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