Dublin, Nov. 07, 2024 (GLOBE NEWSWIRE) -- The "Hearing Aid Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030" report has been added to ResearchAndMarkets.com's offering.
The global hearing aid devices market was valued at USD 6.69 billion in 2023, growing at a CAGR of 5.45% during the forecast period from 2024 to 2030, to reach USD 9.20 billion by 2030.
The rising burden of hearing loss is a major factor boosting the hearing aid market. Additionally, the rise in exposure to high-intensity sounds, often from environmental noise or occupational hazards, contributes to an increase in noise-induced hearing loss, which will further propel the hearing aid devices market.
Furthermore, increasing awareness and screening programs regarding hearing loss and increasing surge in product development activities are some of the key factors boosting the hearing aid devices market during the forecast period from 2024 to 2030.
Hearing Aid Devices Market Segment Analysis:
In the technology segment of hearing aid devices market the digital device are expected to hold a significant share in 2023. Digital hearing aids are significantly boosting the overall market for hearing aid devices by driving technological innovation, enhancing user experience, and expanding the range of functionalities available to users. Their advanced technology allows for superior sound processing compared to analog devices, providing clearer and more customizable hearing experiences. By converting sound waves into digital signals, digital hearing aids enable precise manipulation of sound frequencies, reducing background noise and improving speech clarity. This adaptability caters to a diverse range of hearing needs and environments, making hearing aids more effective and appealing to a broader audience. The inclusion of features such as noise reduction, directional microphones, and connectivity options like Bluetooth enhances the functionality of digital hearing aids, further driving their adoption.
Additionally, digital hearing aids often offer integration with smartphones and other devices, allowing users to control settings and stream audio directly, which adds convenience and modernity to the user experience. The increased awareness of these advanced features, coupled with greater public acceptance and improved insurance coverage, is accelerating market growth. As technology continues to advance, digital hearing aids are becoming more accessible and affordable, thus attracting a larger segment of the population and contributing to a robust and expanding market for hearing aid devices.
Additionally, an increase in product development activities are also anticipated to augment the digital hearing aid market growth. For instance, in Feburary 2024, GN, a global leader in hearing aid innovation, announced the expansion of its ReSound Nexia family, offering enhanced options for individuals with hearing loss to benefit from advanced technology and next-generation Bluetooth connectivity.
Therefore, owing to the above-mentioned factors, the digital hearing aid category is expected to generate considerable revenue thereby pushing the overall growth of the global hearing aid devices market during the forecast period.
Key Takeaways From the Hearing Aid Devices Market Report Study:
- Market size analysis for current hearing aid devices size (2023), and market forecast for 6 years (2024 to 2030)
- Top key product/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
- Key companies dominating the hearing aid devices market.
- Various opportunities available for the other competitors in the hearing aid devices market space.
- What are the top-performing segments in 2023? How these segments will perform in 2030?
- Which are the top-performing regions and countries in the current hearing aid devices market scenario?
- Which are the regions and countries where companies should have concentrated on opportunities for hearing aid devices market growth in the coming future?
Asia-Pacific is expected to dominate the overall Hearing Aid Devices market:
Asia-Pacific is expected to account for the highest proportion of the hearing aid devices market in 2023, out of all regions. This can be ascribed to the increasing prevalence of hearing loss, increase government initiatives coupled with increased awareness programs for hearing disorders, and the presence of key market players engaged in merges, acquisition, product launches, and other market activities across the region are expected to escalate the market of hearing aid devices during the forecast period.
Furthermore, as per the recent data and stats provided by the Australian Government Department of Health and Aged Care (2024), it was estimated that the number of individuals with hearing impairment was expected to double, reaching an estimated 7.8 million by 2060.
For instance, according a survey report published by the Ministry of Health and Family Welfare (Government of India), in 2021, disabling hearing loss affected 2.9% of the population in the India. Additionally, as per the recent data provided by the National Council of Aging (2024), approximately, 136.5 million people in Australia, China, Japan, and New Zealand had some kind of hearing loss.
The increasing number of product development activities in the region is further going to accelerate the growth of the hearing aid devices market. For example, in April 2023, Rexton announced the launch of the breakthrough BiCore B-Li M Rugged, the most resilient Behind-The-Ear (BTE) hearing aid it had ever made. The company also expanded its BiCore portfolio with three new BTE hearing aids - the BiCore BTE M, BiCore BTE P, and BiCore BTE HP - offering durable and reliable solutions to a wider range of consumers.
Therefore, the above-mentioned factors are expected to bolster the growth of the hearing aid devices market in the Asia-Pacific during the forecast period.
Hearing Aid Devices Market Key Players:
Some of the key market players operating in the hearing aid devices market include Amplifon, Audina Hearing Instruments, Sonova, Demant, audifon, GN Store Nord, Arphi Electronics, Foshan Vohom Technology Co., RION Co., Eargo, Elkon Pvt Ltd., Starkey Laboratories, Inc., WS Audiology Denmark, Horentek Hearing Diagnostics, Bernafon, Unitron, MDHearingAid, Istok Audio Trading, AlgorKorea Co., Ltd., Microson and others.
Key Topics Covered:
1. Hearing Aid Devices Market Report Introduction
1.1. Scope of the Study
1.2. Market Segmentation
1.3. Market Assumption
2. Hearing Aid Devices Market Executive Summary
2.1. Market at Glance
3. Competitive Landscape
4. Regulatory Analysis
4.1. The United States
4.2. Europe
4.3. Japan
4.4. China
5. Hearing Aid Devices Market Key Factors Analysis
5.1. Hearing Aid Devices Market Drivers
5.1.1. Rising burden of hearing loss
5.1.2. Rise in exposure to high intensity sounds leading to increase noise-induced hearing loss
5.1.3. Increasing awareness and screening programs related to hearing loss
5.1.4. Increase in product development activities by key market players across the globe
5.2. Hearing Aid Devices Market Restraints and Challenges
5.2.1. Reduced battery life, requiring regular charging or replacement of hearing aid devices
5.2.2. Improper use or inadequate cleaning of hearing aids leading to ear infections or skin irritation in the ear canal
5.3. Hearing Aid Devices Market Opportunities
5.3.1. Ongoing technological advancement such as improved sound processing, wireless connectivity, and integration with digital devices
6. Hearing Aid Devices Market Porter's Five Forces Analysis
7. Hearing Aid Devices Market Assessment
7.1. By Product Type
7.1.1. Behind the Ear (BTE)
7.1.2. Receiver in the Ear Canal (RIC)
7.1.3. In the Ear (ITE)
7.1.4. Completely in Canal (CIC)
7.1.5. Others
7.2. By Technology
7.2.1. Analog
7.2.2. Digital
7.3. By Patient Type
7.3.1. Adult
7.3.2. Paediatrics
7.4. By Geography
8. Hearing Aid Devices Market Company and Product Profiles
- Amplifon
- Audina Hearing Instruments, Inc.
- Sonova
- Demant
- audifon
- GN Store Nord
- Arphi Electronics Private Limited
- Foshan Vohom Technology Co., Ltd.
- RION Co., Ltd.
- Eargo
- Elkon
- Starkey Laboratories, Inc.
- WS Audiology Denmark
- Horentek Hearing Diagnostics
- Bernafon
- Unitron
- MDHearingAid
- Istok Audio Trading
- AlgorKorea Co., Ltd.
- Microson
For more information about this report visit https://www.researchandmarkets.com/r/wywqhu
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
