Hearing Aids Market is Expected to Reach $10.2 billion | MarketsandMarkets.

Chicago, March 29, 2023 (GLOBE NEWSWIRE) -- The hearing aids industry is likely to experience significant growth in the near future. This growth is driven by the increasing demand for hearing aids, driven by the aging population and the need to address hearing loss, as well as advances in technology that are making hearing aids more accessible and effective. There are several trends that are likely to shape the hearing aids industry in the near future, including an increased focus on consumer experience, the emergence of personalized hearing aids, and the growth of connected hearing aids. Additionally, as hearing aids become more advanced, the cost of these devices is likely to decrease, making them more affordable for consumers.

Hearing Aids market in terms of revenue was estimated to be worth $7.5 billion in 2021 and is poised to reach $10.2 billion by 2026, growing at a CAGR of 6.4% from 2021 to 2026 according to a latest report published by MarketsandMarkets™. The growing prevalence of hearing loss, growth in the geriatric population, the increasing adoption of smart hearing aids due to the rising incidence of noise-induced hearing loss, and technological advancements in hearing aids are the major factors driving the hearing aids market's growth.

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Hearing Aids Market Scope:

Based on product, the hearing aids market is segmented into hearing aid devices and hearing implants. In 2020, the hearing aid devices segment accounted for the largest share of the hearing aids market, mainly due to the rising geriatric population, increasing technological advancements in hearing aid devices, and the increasing number of product approvals.

Based on the type of hearing loss, the hearing aids market is segmented into sensorineural hearing loss and conductive hearing loss. In 2020, the sensorineural hearing loss segment accounted for the largest share of the hearing aids market. The large share of this segment can mainly be attributed to the high prevalence of sensorineural hearing loss, coupled with the growing geriatric patient pool and an increase in the number of product approvals.

Based on patient type, the hearing aids market is segmented into adults and pediatrics. In 2020, the adult patients segment accounted for the largest share of 88.4% of the hearing aids market, mainly due to the high and growing incidence of hearing loss among the adult population and the growing geriatric patient pool.

The global hearing aids market is segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. Europe accounted for the largest regional market for hearing aids in 2020.  The large share of Europe in this market can be attributed to the increasing incidence of hearing disorders, rising geriatric population, well-established healthcare industry, and the rapid adoption of technologically advanced hearing aids.

Key Market Players:

The major players in this market are 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), Arphi Electronics Private Limited (India), IN4 Technology Corporation (China), BHM-Tech Produktionsgesellschaft mbH (Austria), Nano Hearing Aids (US), LORECa s.r.o. (Turkey), Earlens Corporation (US), Austar Hearing Science and Technology (Xiamen) Co., Ltd. (China), Lively Hearing Corporation (US), audifon GmbH & Co. KG (Germany), and Foshan Vohom Technology Co., Ltd. (China).

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Hypothetic Challenges of Hearing Aids Market in Near Future:

• Increased competition from big tech companies: Big tech companies such as Apple, Google, and Amazon are beginning to enter the hearing aids market, and this could lead to increased competition for established hearing aid manufacturers.
• Heightened consumer expectation for quality and features: Consumers, especially those in the younger generations, expect more from their hearing aids. They are looking for hearing aids with higher-quality sound, longer battery life, and more features, such as Bluetooth connectivity and noise cancelling.
• Cost of components: With the cost of components needed to make hearing aids continuing to rise, manufacturers may need to raise prices to cover this cost, which could lead to fewer people being able to afford them.
• Regulatory changes: Regulatory changes in the medical device industry could affect the hearing aids market, and manufacturers may need to adjust their products to comply with new regulations.
• Growing popularity of DIY hearing aids: There is a trend towards more people using DIY hearing aids, which could lead to a decrease in sales of traditional hearing aids.

Top 3 Use Cases of Hearing Aids Market:

• Assistive Listening Devices: Hearing aids can be used in conjunction with assistive listening devices (ALDs) to improve speech understanding in noisy environments and increase the sound level of audio devices such as televisions and radios.
• Balance and Vertigo: Hearing aids can also be used to improve balance and reduce the effects of vertigo, a condition caused by an inner ear disorder.
• Tinnitus Management: Hearing aids can be used to manage tinnitus, a condition characterized by ringing, hissing, or other sounds that originate within the ear itself. Hearing aids can be programmed to provide sound therapy to help minimize the effects of tinnitus.

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Recent Developments:

• In February 2021, GN Hearing (Denmark) launched ReSound Key, a hearing aid line-up that provides greater access to its proven and award-winning hearing technology worldwide.
• In October 2020, Starkey (US) partnered with OrCam Technologies (Israel) to provide assistive technologies to hearing and visually impaired people. This partnership enhanced OrCam's ability to apply the advanced computer vision and machine learning methods that they had developed to transmit the visual world through audio, in collaboration with Starkey's Livio Edge AI hearing aids.

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