Pune India, Jan. 13, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the digital hearing aids market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the digital hearing aids market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the type, type of hearing loss, distribution channel, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global digital hearing aids market are Abbott, Amplifon, SeboTek Hearing Systems, LLC., Microson, Starkey, WIDEX A/S, MED-EL Medical Electronics, Audina Hearing Instruments, Inc., Demant A/S, Cochlear Ltd., Microson, Arphi Electronics Private Limited, Sonova, Horentek, SeboTek Hearing Systems, LLC., among others. To achieve a substantial market share in the worldwide digital hearing aids market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Unlike analogue programmable aids, digital aids produce an exact duplicate of sound waves by converting them into digital signals. As the healthcare sector in developing economies is turning towards privatization, the healthcare infrastructure in such countries is going through rapid development. Increased awareness among people regarding health is also playing a vital role in rising the demand for the devices and their diagnostic services. In the global digital hearing aids market, sales and revenue have increased exponentially due to increasing consumer demands, industrialization, consumer awareness, and technical improvements. By the year 2028, approximately 5% of the world's population will suffer from disabling hearing loss. In addition, by 2050, more than 900 million people will suffer from disabling hearing loss, or one out of every ten. Due to the prevalence of hearing disorders and hearing loss problems among the population, a large number of hearing devices are being sold. Currently, organizations in the digital hearing aid market concentrate primarily on research and development, as well as product launches, which is creating new growth of opportunities for the market. The digital hearing aids market is witnessing huge growth due to the rising demand for hearing aids but there are some factors which are hampering the growth of the market such as unawareness and ignorance regarding hearing aids and a lack of trained professionals. It is necessary to guide the staff as well as the patients about the proper usage of these devices in order to prevent any kind of future conflict arising due to a lack of knowledge about the devices.
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Scope of Digital Hearing Aids Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Technology, Type of Hearing Loss, Distribution Channel and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Abbott, Amplifon, SeboTek Hearing Systems, LLC., Microson, Starkey, WIDEX A/S, MED-EL Medical Electronics, Audina Hearing Instruments, Inc., Demant A/S, Cochlear Ltd., Microson, Arphi Electronics Private Limited, Sonova, Horentek, SeboTek Hearing Systems, LLC., among others. |
Segmentation Analysis
Digital is expected to be the fastest-growing segment in 2022.
The type segment is digital and conventional. The digital segment is expected to witness the highest growth rate during the forecast period. In addition to enhanced sound quality due to selective amplification, reduction of feedback normally associated with conventional hearing aids, comfortable listening experience, and automatic adaptation to changing listening environments without manual volume adjustment are some of the benefits of digital hearing aids, which are boosting the growth of the market.
Sensorineural is expected to be the fastest-growing segment in 2022.
The type of hearing loss segment includes single-walled and double-walled. The sensorineural segment is expected to witness the highest growth rate during the forecast period. With the rising prevalence of sensorineural hearing loss and the growing geriatric population driving the growth of the segment, digital hearing aids are an effective way for the geriatric patient pool to overcome mild to moderate SNHS for both ears. A cochlear implant is an option for people with profound hearing loss who cannot benefit from hearing aids.
Retail stores are expected to be the fastest-growing segment in 2022.
The end-user segment includes e-commerce, retail stores and others. The retail store segment is expected to witness the highest growth rate during the forecast period. There is a large revenue share for retail sales, which is also expected to grow at the highest rate over the forecast period. OTC hearing aids have contributed heavily to retail sales growth. In addition to a large number of retail stores, manufacturing companies are increasingly entering retail sales, and retail sales margins are high, all contributing to the growth of retail sales.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the digital hearing aids market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The European region witnessed a major share. Due to the high prevalence of hearing loss, robust healthcare infrastructure, and greater awareness and adoption of hearing aid devices in the region, Europe dominates the market for digital hearing aids and is expected to continue to dominate the market over the forecast period. Moreover, technological advancement in the digital hearing aid sector boosts the regional market growth.
Country Analysis
- Germany
Germany's digital hearing aids market size was valued at USD 0.89 billion in 2022 and is expected to reach USD 1.6 billion by 2030, at a CAGR of 7.8% from 2023 to 2030.
Germany's digital hearing aid market is driven primarily by government reimbursement plans to promote the adoption of hearing aids. The German government offers subsidies to its citizens to encourage the adoption of hearing aids.
- China
China’s digital hearing aids market size was valued at USD 0.57 billion in 2022 and is expected to reach USD 1.02 billion by 2030, at a CAGR of 7.6% from 2023 to 2030.
Rising concerns about the health and geriatric population in the country boost the demand for digital hearing aids in the country, In the forecast period, advancements in medical technology and awareness of innovative devices are expected to create new opportunities for the country’s digital hearing aid market.
- India
India's digital hearing aids market size was valued at USD 0.44 billion in 2022 and is expected to reach USD 0.78 billion by 2030, at a CAGR of 7.5% from 2023 to 2030.
Approximately 63 million Indians are suffering from Significant Auditory Impairment, a hearing impairment that holds a 6.3% share of the Indian population, which results in the rising demand for digital hearing aids in the country.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising demand for digital hearing aids among the geriatric population and technological advancements by major key players, propelling the growth of the market across the countries.
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