Pune, India, Aug. 16, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global U.S. Hearing Aids Market Size was valued at USD 3.87 billion in 2022 and is projected to grow from USD 4.10 billion in 2023 to USD 7.01 billion by 2030, exhibiting a CAGR of 8.0% during the forecast period.
Hearing implants are designed in such a way that they can be worn behind or in the ear to dramatically improve the hearing ability of patients suffering from hearing loss. The number of patients suffering from hearing loss and hearing impairment in the U.S. is one of the key factors boosting the production of these devices.
Some of the key market players are focused on introducing innovative technologies to make cutting-edge hearing devices. The U.S. government is also showing its support through favorable regulatory policies, thereby augmenting the market's growth. Moreover, growing introduction of insurance policies that cover the cost of hearing implant procedures and new product launches by reputed companies will support the U.S. hearing aids market growth during the forecast period.
This information is provided by Fortune Business Insights™ in its research report titled U.S. Hearing Aids Market, 2023-2030.
Key Industry Development-
- October 2022 – WS Audiology, in collaboration with Sony Electronics, introduced its first OTC hearing aids in the U.S. market.
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Key Takeaways –
- Increasing Initiatives by U.S. Government and Market Players to Drive Market Growth
- Increasing Adoption of Technologically Advanced Devices in the U.S.
- Rising Geriatric Population to Help Adult Segment Hold Dominant Market Position
- The hearing devices segment is expected to hold a major market share during the projected period.
Discover the Leading Players Featured in the Report-
- Sonova (Switzerland)
- Demant A/S (Denmark)
- Starkey (U.S.)
- GN Store Nord A/S (Denmark)
- Cochlear Ltd (Australia)
- WS Audiology (Denmark)
- RION Co., Ltd. (Japan)
- MED-EL (Medical Electronics) (Austria)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 8.0% |
| 2030 Value Projection | USD 7.01 Billion |
| Base Year | 2022 |
| U.S. Hearing Aids Market Size in 2022 | USD 3.87 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 88 |
| Segments covered | Product, Patient Type and Distribution Channel |
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Drivers & Restraints:
U.S. Government and Market Players Take Initiatives to Boost Adoption of Hearing Aids
A rising percentage of the population in the U.S. is suffering from hearing loss and hearing impairment every year. The high demand for low-cost implants to manage hearing loss among the patient population is predicted to drive the U.S. market.
According to the WHO, auditory loss is one of the most common disorders, especially in developed nations. The WHO report further states that nearly 14-15% of the total population in the U.S., or 48 million citizens, suffer from some degree of hearing loss. These factors will expand the U.S. market.
However, factors, such as high cost of manufacturing hearing implants and dearth of reimbursement policies that can cover the cost of hearing aid procedures might restrain the market growth.
Segmentation:
By Product
- Hearing Devices
- BTE (Behind the Ear)
- ITE (In the Ear)
- RIC (Receiver in the Canal)
- CIC (Completely in the Canal)
- Others
- Hearing Implants
- Cochlear Implants
- Boe Anchored Implants
By Patient Type
- Adult
- Pediatric
By Distribution Channel
- OTC (Over the Counter)
- Medical Channel
- Private Practices
Report Coverage:
The research report analyzes the industry in detail. It focuses on various key areas, such as leading companies, products, and patient type. Apart from this, the report offers valuable insights into the latest market trends and highlights top industry developments. Besides the factors mentioned above, the report covers many factors that have helped the U.S. hearing aids market share grow in recent years.
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Competitive Landscape:
Diverse Product Ranges of Demant A/S and Sonova Will Dominate U.S. Market
The U.S. hearing aids market has a vast presence of reputed manufacturers, with a few of them dominating the overall market. Sonova, Demant A/S, and WS Audiology are some of these prominent companies in the U.S. market.
The extensive product ranges offered by these companies and their efforts to increase the penetration of their products in the U.S. are contributing to the growing market share of these firms.
FAQs
How big is the U.S. Hearing Aids Market?
U.S. Hearing Aids Market size was USD 3.87 billion in 2022. It is expected to reach USD 7.01 billion in 2030.
How fast is the U.S. Hearing Aids Market growing?
The U.S. Hearing Aids Market will exhibit a CAGR of 8.0% during the forecast period, 2023-2030.
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