Pune, India, Nov. 29, 2021 (GLOBE NEWSWIRE) -- The global hearing aids market is expected to reach USD 11.02 billion by 2028, exhibiting a CAGR of 7.4% during the forecast period. The market is set to gain impetus from the increasing adoption of telehealth among audiologists to prevent patient traffic. This information is given by Fortune Business Insights™ in a report, titled, “Hearing Aids Market, 2021-2028.” The report further states that the market size was USD 6.47 billion in 2020.
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Higher Noise Exposure to Boost Growth
The rising cases of hearing loss in industrialized countries are set to accelerate the global hearing aids market growth in the near future. The World Health Organization (WHO) declared that by 2050, the number of people living with disabling hearing loss will reach over 900 million. Apart from that, physiological aging of the ear, genetic susceptibility, higher noise exposure, vascular disorder, and chronic inflammation would also contribute to the surging demand for these aids. However, the social stigma associated with hearing loss and devices often results in patients missing their check-ups. It may hamper growth.
Hearing Devices Segment to Lead Stoked by Rising Usage of Behind-the-ear Devices
Based on product, the hearing devices segment is set to hold the largest hearing aids market share and lead in the coming years. This growth is attributable to the rising usage of behind-the-ear devices as they resemble Bluetooth earphones. Also, invisible-in-the-canal and completely in the canal devices are nowadays experiencing high demand because of their ability to provide more confidence in people.
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Increasing Development of Novel Devices to Spur Growth in Europe
In 2020, North America procured USD 2.48 billion in terms of revenue. The increasing adoption of less noticeable devices to surge the aesthetic appeal would aid growth. Europe is projected to witness lucrative growth throughout the forthcoming years on account of the rising research and development activities to create advanced hearing aids. In Asia Pacific, the increasing old age population is expected to drive growth.
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Key Players Focus on Launching Unique Hearing Aids to Fulfill Unmet Needs
The global market houses several manufacturers that are mainly aiming to fulfill the unmet demand from people across the globe. To do so, they are developing novel products equipped with innovative technologies for more comfort. Below are the two latest industry developments:
- August 2020: GN Hearing launched a revolutionary new hearing aid named ReSound ONE. It has an additional microphone that can be placed inside the ear canal, enabling people to rely on these aids, while gaining the comfort of an open-fit device.
- April 2020: Phonak unveiled a new telehealth technology that contains a suit of Phonak eSolutions featuring real-time remote hearing aid fine-tuning, programming, and fitting. It also includes online hearing testing to help patients receive care amid COVID-19.
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A list of all the renowned manufacturers operating in the global market:
- Sonovo (Stafa, Switzerland)
- Demant A/S (Denmark)
- GN Store Nord A/S (Ballerup, Denmark)
- WS Audiology (Denmark)
- Starkey (Minnesota, U.S.)
- MED-EL (Medical Electronics) (Innsbruck, Austria)
- Cochlear Ltd (Sydney, Australia)
- RION Co., Ltd. (Tokyo, Japan)
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