Luton, Bedfordshire, United Kingdom, Dec. 05, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Hearing Aids Market.
The global hearing aids market is expected to grow at a 7.1% CAGR from 2022 to 2029. It is expected to grow from USD 7.7 billion in 2020 to more than USD 14.3 billion by 2029.
Market Overview
Hearing aids are small, wearable electronic devices that help people hear sounds better and understand speech more clearly, resulting in an overall improvement in communication ability. It can help people hear better in both quiet and noisy environments.
A microphone, an amplifier, and a speaker are the three basic components of a hearing aid. A microphone in the hearing aid receives sound and converts it to electrical signals, which are then sent to an amplifier. The amplifier boosts the power of the signals before sending them to the ear via a speaker.
The high prevalence of hearing loss, the growing geriatric population, technological advancements leading to new product launches, reforms supporting sales of OTC hearing aids, and favorable reimbursement policies are expected to drive demand for hearing aid systems. Furthermore, there is a steady increase in demand for cochlear implants, particularly among children. Many medical professionals advocate for early cochlear implant implantation to assist people with hearing loss. This factor is expected to contribute to the industry's growth.
Many people believe that wearing a hearing aid makes them look older, weaker, less capable, or even disabled. Untreated hearing loss not only persists, but it also leads to cognitive decline, social disengagement, despair, and, eventually, dementia.
Furthermore, the widespread use of lithium-ion batteries in hearing aids will drive market trends even further. With the introduction of 3D printing systems in hearing aid production, the market for hearing aids is expected to grow in the coming years.
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Growth Drivers in the Hearing Aids Market
- Increase in the prevalence of hearing loss
- Rising geriatric population
- Growing awareness regarding treatment options
- Facilitative government initiatives
Challenges
- High cost of hearing aids & lack of reimbursement
- Lack of knowledge regarding hearing loss & hearing aids in developing regions
Hearing Aids Market Competitive Landscape
From large healthcare companies to small ones, many companies are actively working in the Global Hearing Aids Market. These key players include Sonova Group (Switzerland), Demant A/S (Denmark), GN Store Nord A/S (Denmark), Cochlear Ltd. (Australia), RION Co., Ltd. (Japan), Starkey (US), Nurotron Biotechnology Co., Ltd. (China), MED-EL (Austria), Audina Hearing Instruments, Inc. (US), Elkon Pvt. Ltd. (India), WS Audiology A/S (Denmark), Eargo, Inc. (US), Horentek (Italy), ZOUNDS Hearing Inc. (US), SeboTek Hearing Systems, LLC. (US).
- August 19, 2022: Sonova to Acquire Chinese Retail Hearing Chain, HYSOUND Group, with Over 200 Clinics
- January 2022, Soundwave Hearing, LLC announced the launch of its new hearing aid and mobile app, which are revolutionizing self-fitting hearing aid technology.
- January 2022, Starkey launched the Evolv AI hearing aid series with a full spectrum of hearing aid types and expanding on their holistic approach to enhanced hearing.
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Technology Trends in the Hearing Aids market
- Rechargeable hearing aids
- Wireless connectivity
- App-based fine-tuning and remote consultations
- Own Voice Processing
- Health and wellness monitors
- Fall detectors and GPS location
- Reducing the risks of comorbidity
- Language Translation
- 3D Printing
- Improved speech clarity
- Background noise
- Tinnitus therapies
- Directional & Open 360° Sound with Movement
- Automatic Environment Detection & Adjustments
Future of Hearing Aids market
The introduction of AI and machine learning (ML) in hearing aids bring the vision for everyone to enjoy better hearing without limitations to fruition. If we look at how trends will affect hearing aids in the future, two factors stand out.
- Speed:5G networks are super-fast and the two-way Internet connection protocol means that hearing aids may be able to connect to the internet without a smartphone as a medium for processing.
- Power: As microchips become smaller and more efficient, the trend is toward lower energy use.
Upcoming Trends
- Artificial Intelligence and Active Language Translation
- Updated Bluetooth
- More Earbud Than Hearing Aid?
- Improved user safety via built-in 3D sensors
- Better audio technology
- New stylish designs
Hearing Aids Market Segmentation Insights
By Product: Hearing Devices Segment to Dominate Market in Upcoming Years
- Hearing Devices
- Behind the Ear (BTE)
- In the Ear (ITE)
- In-the-Canal (ITC)
- Invisible-in-Canal (IIC)
- Receiver in the Canal (RIC)
- Completely in the Canal (CIC)
- Extended-Wear Hearing Aids
- Hearing Implants
- Cochlear Implants
- Bone Anchored Implants
The hearing devices segment will dominate the market throughout the forecast period. By 2030, the behind-the-ear (BTE) segment is expected to exceed USD 3.5 billion. BTE products include features such as extended battery life, multiple settings, and directional microphones.
With the world's aging population, the Cochlear implants segment is also expected to grow rapidly in the coming years.
The bone-anchored hearing aid market, on the other hand, is expected to grow at a moderate rate during the forecast period.
By Patient Type
- Adults
- Pediatrics
The adult patient segment is expected to be worth USD 10.5 billion by 2030. Growing hearing loss and an increase in unmet clinical needs among adult patients are expected to drive segment growth. According to the report, nearly 28 million adults in the United States could benefit from using hearing aids. As a result, the growing adult patient population suffering from hearing loss, combined with a large addressable market, will drive up product demand.
By Distribution channel
- OTC (Over the Counter)
- Medical Channel/ Hospitals Pharmacies
- Private Practice/ Retail Pharmacies
In 2021, the hospital pharmacies segment held the largest share of the hearing aids market. In 2021, the hospital pharmacies segment held the largest market share. Favorable health reimbursement for hearing implant surgeries, as well as the increasing penetration of hearing implants, may drive growth in this segment.
By Technology
- Conventional Hearing Aids
- Digital Hearing Aids
Digital hearing aids are expected to have a 98.9% market share by technology, and this trend is expected to continue throughout the forecast period.
By Type Hearing loss
- Sensorineural Hearing Loss
- Conductive Hearing Loss
In 2021, the sensorineural hearing loss segment accounted for more than 40% of the global hearing aid market. The growing geriatric population around the world is attributed to segmental growth.
Impact of the COVID-19 Crisis
The pandemic had a negative impact on overall sales of hearing aid assistance products due to the postponement of surgeries such as the cochlear implantation procedure, which is one of the most important surgeries to treat hearing issues. This resulted in a drop in hearing aid sales from major manufacturers.
Demant's hearing segment, for example, is expected to decline by 13% in 2020. Similarly, the hearing segment of the GN group experienced a 25.6% decrease in 2020 when compared to previous years.
Despite these challenges, the hearing aid industry and other medical sectors are slowly regaining traction as the COVID-19 situation becomes more normalized around the world.
Regional Insights
The hearing aids market in North America is expected to exceed USD 3.5 billion by 2030. The aging population, the growing patient population with hearing impairment, and new product launches by prominent players are the primary contributors to market share.
Germany controls more than a quarter of the European hearing aid market.
Germany is Europe's most populous and capable market for implementing cutting-edge hearing aid technologies. At the same time, a large number of qualified medical professionals provides a solid foundation for hearing aid technology advancement.
Favorable government initiatives to improve medical device access are expected to increase hearing aid system sales in the United States.
In the United States, approximately 15% of adults aged 18 and up have hearing problems. Regardless, only one-fifth of those who could benefit from hearing aids use them.
Japan's market is expected to grow at a 5.1% CAGR through 2031.
FAQS
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