NEWARK, Del, March 29, 2023 (GLOBE NEWSWIRE) -- The worldwide market for Bluetooth hearing aids is projected to amass a revenue of US$ 5.1 billion by 2033, driven by a robust CAGR of 8.8% from 2023 to 2033. The Bluetooth hearing aids market will further achieve a valuation of US$ 2.2 billion in 2023. Continuous improvements in technology, shifting consumer needs, and advantages associated with Bluetooth hearing aids will abet the growth of the market during the projection period. Advancements in audio-logical devices have resulted in the introduction of Bluetooth hearing aids. The progressive technology of these devices ensures compatibility with various systems, is water resistant, and can be found in compact sizes with greater sound clarity. These aspects bolster the demand for Bluetooth hearing aids.
Historically, the Bluetooth hearing aids market recorded a CAGR of about 7.5% from 2018 to 2022 and is expected to grow rapidly during the forecast period. This growth can be attributed to the increasing demand for invisible and water-resistant hearing aids as a result of greater participation in various leisure activities. Due to these consumer needs, manufacturers are compelled to incorporate novel and innovative features into these Bluetooth hearing aids which, in turn, creates lucrative opportunities for the overall market. Additionally, an upsurge in demand for smart devices as opposed to conventional ones is expected to augur well for the Bluetooth hearing aid market.
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Recent years have witnessed the integration of artificial intelligence (AI) into hearing aid technology. The use of AI has enabled manufacturers to offer a plethora of novel features to consumers. Hearing aids that are empowered by AI have the ability to sense the user’s surroundings and learn which noise the user wants to focus on while also blocking out any unpleasant background noises. This trend has opened up enormous potential within the Bluetooth hearing aids market. However, factors like the high buzzing and amplification pose a major concern for the market and will likely hinder its overall growth in the following decade.
Key Takeaways:
- The United States of America will account for 14.2% of the global Bluetooth hearing aids market share in 2033.
- The Bluetooth hearing aids market in China will register a 10% CAGR owing to high demand from the older section of the population.
- By product type, the behind-the-ear segment will hold the largest portion- 34.3% of the market share in the assessment period.
- Based on the sales channel, the online retail segment will gain rapid traction owing to the convenience offered by the category.
Competitive Landscape
Starkey Laboratories Inc., GN Resound, Union Hearing Aid, Beltone, Siemens Healthcare, Union Hearing Aid, and Eartone Hearing Aid, among others, are some of the dominant participants in the Bluetooth hearing aids market profiled in the full version of the report.
In a competitive market, significant players are concentrating on product innovation, development, and the launch of these novel products. These businesses also employ tactics to strengthen their e-commerce presence and also outsource their manufacturing to gain a competitive advantage. In recent developments, Starkey Laboratories Inc., launched Livio AI, a behind-the-ear hearing aid that is empowered by AI to provide better sound quality.
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Global Bluetooth Hearing Aids Market by Category
By Product Type:
- In-the-Ear Hearing Aids (ITE)
- In-the-Canal Hearing Aids (ITC)
- Behind-the-Ear Hearing Aids (BTE)
- Completely-in-the-Canal Hearing Aids (CIC)
- Receiver-in-the-Ear Hearing Aids (RIE)
By Application:
- Hospitals
- Clinics/ Medical Centers
- Individual
By End Users:
- Adults
- Kids
By Sales Channel:
- Wholesalers/ Distributors
- Online Retailers
- Multi-Brand Stores
- Specialty Stores
- Hypermarkets/ Supermarkets
- ENT Clinics & Audiology Centers
- Other Sales Channel
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa (MEA)
More Insights into Bluetooth Hearing Aids Market
FMI delivers an impartial and honest analysis of the global Bluetooth hearing aids market, providing historical data from 2018 to 2022 and forecast statistics for 2023 to 2033. The market report presents an analysis of the market drivers, opportunities, challenges, and trends. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type, application, end-user, sales channel, and region.
According to FMI estimations, based on segmentation, the adult user will generate higher demand for the Bluetooth hearing aids market. This is due to a surge in hearing disabilities among adults. In terms of the product type, the behind-the-year segment will account for 34.3% of the market share due to better wireless connectivity and other benefits offered by this type. Based on the country, the Bluetooth hearing aids market in the United States of America will exhibit notable growth. It is projected that the market in this country will account for about 14.2% of the overall market share by 2033. Increasing investments in research efforts and a high standard of life will push the market to grow at a CAGR of 3.9% in this country. China and Germany are two other countries that will significantly aid the growth of the Bluetooth hearing aids market.
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Table of Content
1. Executive Summary | Bluetooth Hearing Aids Market
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Product Evolution Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Taxonomy
2.2. Market Definition
3. Key Market Trends
3.1. Key Trends In the Market
3.2. Product Innovation Trends
3.3. Future Prospects of Audiology Devices Industry
3.3.1. Factors Fuelling Growth
3.3.2. Influx of Brands
3.3.3. Innovative Distribution & Marketing Strategies
Report Preview: https://www.futuremarketinsights.com/reports/bluetooth-hearing-aid-market
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