The ‘Global Hearing Aids Market Growth, Size, Price, Share, Price Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global hearing aids market, assessing the market on the basis of its segments like product types, technology types, distribution channels, patient types, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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Hearing Aids Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 5.9%
|Growth Rate CAGR||5.9%|
|Major Players||Sonova AG, SeboTek Hearing Systems, LLC., Eargo Inc., Elkon Pvt Ltd., and RION Co,|
Ltd., among others.
The increasing prevalence of hearing loss, owing to the heightened exposure to loud noises, ototoxic medications, and head injuries, is escalating the demand for hearing aids. The cases of hearing loss are further propelled by the congenital defects among children as well as due to prolonged exposure to loud noises.
According to the World Health Organisation, there are over 1.5 billion people suffering from hearing loss around the world. Moreover, this figure is anticipated to climb to 2.5 billion by 2050. This alarming figure is likely to bolster the production capacity of hearing aids in major economies to protect deaf people from social isolation and improper communication. Hence, the global hearing aids market is likely to witness a strong growth in the forecast period.
Over the forecast period, the increasing awareness among the parents about preventing their deaf children from social anxiety, awkwardness, and lonely life is likely to spearhead the demand for hearing aids.
In terms of region, North America is likely to project strong growth owing to the escalating prevalence of hearing loss in the United States of America. According to the National Institute of Deafness and Other Communication Disorders, one out of eight people of above 12 years of age are victims of hearing loss in the United States. In this regard, the strong healthcare infrastructure, coupled with favourable government regulations in the country are anticipated to bolster the hearing aids market growth.
Hearing Aids Industry Definition and Major Segments
Hearing aids refer to a medical electronic equipment designed for people struggling from hearing loss. The product amplifies the sound of the environment so that a person can understand and communicate in a social setting. Hearing aids are made to be worn behind ears. However, this device has some practical limits, which means it can only amplify a certain amount of voice from the environment.
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Based on product type, the market can be segmented into:
- In-the-Ear Hearing Aids
- Receiver-in-the-Ear Hearing Aids
- Behind-the-Ear Hearing Aids
- Canal Hearing Aids
The market can be broadly categorised based on technology type into:
- Analogue Hearing Aids
- Digital Hearing Aids
The several distribution channels of the market are:
- Government Purchases
By patient type, the market has been segmented into:
On the basis of region, the market can be categorised into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Hearing Aids Market Trends
The key trends in the global hearing aids market include the rising healthcare expenditure across the emerging economies and the increasing standards of living. The growing awareness pertaining to the modern high-tech devices that can make life easier for those with hearing impairments is further propelling the demand for hearing aids.
The technological advancements by the major market players are likely to be the crucial trends in the market. In addition, the increasing penetration of AI and Internet of Things (IoT) are bolstering the reliability of the hearing aids. For example, in October 2021, Audibel, a leading provider of hearing technologies, announced the launch of Arc AI, a hearing aid driven by artificial intelligence. The AI algorithm incorporated in these hearing aids enables the automatic volume adjustability according to the environment.
The increasing investments aimed towards the innovation in medical devices are some of the major trends in the hearing aids market. For instance, Apple, a leading electronic equipment innovator, offers hearing aids which can be connected to iPhone or iPads. This allows the hearing aids to adjust the volume and even turn on the music.
Furthermore, the increasing incorporation of Bluetooth and Wi-Fi technology are anticipated to accelerate the growth of the market. Google company, in the year 2019, announced the introduction of a new technology which enables the hearing aid users to stream content from smartphones or other smart devices using Bluetooth.
Key Market Players
The major players in the global hearing aids market report are
- Sonova AG
- SeboTek Hearing Systems, LLC.
- Eargo Inc.
- Elkon Pvt Ltd.
- RION Co,Ltd.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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