The global “hearing aids market” size is expected to reach USD 11.02 billion by 2028, exhibiting a CAGR of 7.4 % during the forecast period. The increasing innovations in hearing technologies coupled with the trend for connected devices will have an incredible impact on the market growth during the forecast period, states Fortune Business Insights, in a report, titled “Hearing Aids Market, 2021-2028.” The market size stood at USD 6.47 billion in 2020 and USD 6.67 billion in 2021.
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Key Development:
August 2020: GN Store Nord A/S introduced a breakthrough product called ReSound One. It involves a microphone in the ear canal. The new product utilizes microphone and receiving-in-ear design (M& RIE) to collect sounds and enhance user experience.
The Report Lists the Key Players in this Market:
- Sonova (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)
- Other prominent players
Hearing Aids Highlights of the Report:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the market.
- Product Development/Innovation: Detailed insights on the upcoming technologies, RandD activities, and product launches in the market
- Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
- Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
Delayed Cochlear Implantations Procedures to Affect Business amid Coronavirus
COVID-19 had a dramatic effect on the healthcare sector. The postponement of non-compulsory surgeries due to the surge in COVID-19 patients has resulted in a significant loss for the hearing aids industry. The demand for devices such as orthopedic implants, heart valves, intraocular lenses, and audiology diagnostics devices showcases the downward curve. Furthermore, the reduced sales and production of hearing aid instruments can considerably inhibit the market’s growth. According to the British Irish Hearing Instrument Manufacturers Association, the sales of these aids decreased by 35.7% in 2020. Similarly, according to the Hearing Industries Association (HIA) statistics, unit sales of hearing devices in the U.S. declined by 18.0% in 2020. In addition, the deferment of cochlear implantations procedures has resulted in decreased sales, which, in turn, can retard the development of the global hearing aids market.
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The Hearing Devices Segment to Dominate the Market
Based on the product, the market is classified into hearing devices and hearing implants. The hearing devices segment can be further split into behind-the-ear (BTE), in the ear (ITE), receiver in the canal (RIC), completely in the canal (CIC), others (invisible in the canal). The hearing devices segment is expected to hold the largest share during the forecast period. The growth is attributed to the demand for BTE devices that resemble Bluetooth earphone devices
Based on patient type, the market is classified into adults and pediatrics. The adults are likely to exhibit rapid growth during the forecast period. The development is attributed to the rising geriatric population and increasing awareness about various hearing devices & implants.
Based on distribution channels, the market is classified into OTC, hospital pharmacies/ medical channels, and retail pharmacies/private practice. The hospital pharmacies segment is expected to account for the largest share during the forecast period.
Geographically, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
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The report on the hearing aids market covers:
- Comprehensive assessment of the market
- Esteemed ideas into the segments
- Cutting-edge trends and significant drivers
- Main regions in the industry
- Notable development
- COVID-19 impact
Technological Advancement in Hearing Devices to Intensify Market
The integration of intelligent technologies in hearing devices will boost the market growth in the forthcoming years. The emergence of digital platforms in devices will enhance the hearing experience for patients, which, in turn, will foster market growth. High-end features in devices such as high sound processing, compatibility with smartphones, Bluetooth connectivity, artificial intelligence (AI), rechargeable batteries, and tinnitus masking will spur opportunities for the market in the forthcoming years. Moreover, the introduction of innovative hearing devices by prominent will enable the market’s speedy expansion in the upcoming years. For instance, in February 2020, Starkey introduced the launch of the next-generation Livio Edge AI. The device uses artificial intelligence to analyze the surrounding sounds and make immediate adjustments for a better user experience. It also has an aesthetic appeal to it because of the miniaturized device.
Surging Geriatric Population to Foster Growth in Asia Pacific
Asia Pacific is expected to increase rapidly during the forecast period due to the increasing demand for hearing implants. The surging geriatric population will foster growth of the market in the region. According to Hear-it.org, over 3.6 million Australians suffer from hearing loss, and the figure is projected to reach 7.8 million in 2060, which is expected to surge in the forthcoming years. The market in Europe is expected to hold the largest hearing aids market share during the forecast period. The growth in the region is attributed to strong government support. The increased research and development for advanced hearing devices will promote growth in the region. The presence of numerous companies such as GN Store Nord A/S, Senovo, Demant A/S, and WS Audiology will enhance the region’s development. According to Hearing Link, about 12,000 people in the U.K. use cochlear implants. It would also propel growth.
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Table Of Contents :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Hearing loss, By Key Country
- Technological Advancement Sin Hearing Aids Market
- New Product Launches
- Key Industry Developments (Mergers, Acquisitions, and Partnerships)
- Impact of COVID-19 Pandemic
- Global Hearing Aids Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Hearing Devices
- BTE ( Behind the Ear)
- ITE (In the Ear)
- RIC (Receiver in the Canal)
- CIC (Completely in the Canal)
- Others (Invisible in the Canal, etc.)
- Hearing Implants
- Cochlear Implants
- Bone Anchored Implants
- Hearing Devices
- Market Analysis, Insights and Forecast – By Patient Type
- Adults
- Pediatrics
- Market Analysis, Insights and Forecast – By Distribution Channel
- OTC (Over the Counter)
- Medical Channel/ Hospitals Pharmacies
- Private Practice/ Retail Pharmacies
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Hearing Aids Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Product
- Hearing Devices
- BTE ( Behind the Ear)
- ITE (In the Ear)
- RIC (Receiver in the Canal)
- CIC (Completely in the Canal)
- Others (Invisible in the Canal, etc.)
- Hearing Implants
- Cochlear Implants
- Bone Anchored Implants
- Hearing Devices
- Market Analysis – By Patient Type
- Adults
- Pediatrics
- Market Analysis – By Distribution Channel
- OTC (Over the Counter)
- Medical Channel/ Hospitals Pharmacies
- Private Practice/ Retail Pharmacies
-
- Market Analysis – By Country
- U.S.
- Canada
- Market Analysis – By Country
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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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