Those with hearing loss can benefit from hearing aids, which are sound amplifiers. Those with hearing loss can listen, communicate, and fully engage in daily activities thanks to the sound amplification it provides. Those with hearing loss brought on by harm to the tiny sensory cells in the inner ear known as hair cells may benefit from hearing aids.
The market for hearing aids is anticipated to reach US$ 10,107.8 million in 2022 and grow at a 6.9% CAGR over the seven five years (2023-2030).
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Throughout the course of the projected period, an increasing number of people are anticipated to have hearing loss.
Throughout the forecast period, it is anticipated that the prevalence of hearing issues such as ear infections, hearing loss, and others will rise. For instance, the World Health Organization (WHO) estimates that approximately 1 billion young individuals were at risk of permanent and preventable hearing loss in April 2021 as a result of dangerous listening habits. Moreover, 80% of people with significant hearing loss, according to the same source, resided in low- and middle-income nations. As a person ages, their chances of developing hearing loss rise. A debilitating hearing loss affects 25% of persons over the age of 60.
Throughout the forecast period, it is anticipated that rising technical improvements in hearing aid devices will drive market expansion.
One of the key reasons driving the growth of the global hearing aids market is the increasing technical improvements in hearing aid devices. For instance, Widex USA Inc., a provider of hearing solutions, introduced My Sound in June 2021. My Sound is an artificial intelligence (AI)-based system that enables user-driven sound customisation. Widex users’ cloud-based user data is used by AI technology to generate accurate profile recommendations based on the person’s current activities.
Global Hearing Aids Market: Coronavirus Effects (COVID-19) Pandemic
The healthcare industry is being badly impacted by the COVID-19 epidemic. People are dealing with pandemic-related issues such a lack of hearing aid batteries, restricted access to services for programming or fixing hearing aids, and the suspension of speech therapy sessions. The majority of hearing aid services, particularly those provided by audiologists (including auditory verbal therapy, cochlear implants, cochlear implant repair, cochlear implant accessories, and cochlear implant mapping), are not covered by medical emergencies services and were therefore not easily accessible to those who were hard of hearing during the pandemic. The COVID-19 epidemic has also had an effect on hearing aid sales. Also, major industry competitors have reported a decline in hearing aid device sales. For instance, according to statistics from the Hearing Industries Association (HIA), the United States’ unit sales of hearing equipment decreased by 18.0% in 2020 compared to 2019 in January 2021.
Major developments in the global market for hearing aids
Signia, a W/S Audiology brand, announced the availability of its HandsFree, Auto EchoShield, and Own Voice Processing (OVP) 2.0 feature enhancements to its ground-breaking Augmented Xperience (AX) hearing aid platform in May 2022. These features work in concert to enhance hearing performance in a variety of situations.
The Virto Paradise range of personalised hearing aids was introduced by Phonak in February 2022. Phonak is a member of the sonova group, a global maker of hearing aids. They include the eagerly awaited Virto P Black, the world’s only unique titanium in-the-ear (ITE) hearing aid that is fully linked and looks like a modern headphone, and the incredibly discrete Virto P-Titanium.
International Hearing Aids Market: Limitations
The expense of hearing assist devices is one of the key reasons limiting the growth of the global market for hearing aids, along with problems with the devices like battery and maintenance problems. According to Healthy Hearing, a U.S. directory of hearing clinics, the cost of a hearing aid in June 2021 may be anywhere between $1,000 to more than $6,000 per device, depending on the technology it uses.
Starkey Laboratories, Inc., GN Hearing, Oticon, Demant A/S, Cochlear Ltd., Eargo Inc., WS Audiology A/S, RION Co., Ltd., MED-EL (Medical Electronics), Amplifon S.p.A, Audina Hearing Instruments, Inc., Sonic Innovations, Inc., Zounds, and Sonova are among the major players operating in the global hearing aids market.
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|The market size value in 2023|
Table of Contents with Major Points:
- Key Findings
- Definitions and Assumptions
- Definition of Hearing Aids Market
- Market Dynamics
- Trends and Developments
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Hearing Aids Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Data Sources
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