(MENAFN- EIN Presswire) Hearing Aids Market Research Summary
The global market for hearing aids was valued at around USD 6.1 billion in 2019, according to a report by Market.us.
NEW YORK CITY, NEW YORK, UNITED STATES, January 19, 2023 /einpresswire.com / -- Hearing aids are a type of medical device used to improve hearing impairment. The market for hearing aids is expected to grow significantly in the coming years as an increasing number of people suffer from hearing loss due to aging, noise pollution and other factors. This article will provide an overview of the state of the global hearing aids market , its key players, and opportunities for growth.
The global market for hearing aids was valued at around USD 6.1 billion in 2019, according to a report by Market.us. This figure is expected to reach more than USD 9 billion by 2027, growing at a CAGR of 4.1% over this period. The rising prevalence of age-related hearing loss and the introduction of new technology such as wireless connectivity with smartphones are some key drivers behind this growth.
Market growth can be attributed in part to increasing use of hearing aids, increasing awareness about technologically advanced devices for treating hearing impairment and deafness, and an increasing number of people with hearing loss as a result of aging. This market is highly technologically driven and has seen new products such as smart-linked hearing aids, invisible aids, and AI and Bluetooth-enabled aids that can connect to Android and iOS.
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In August 2021, Phonak launched the first waterproof rechargeable hearing aid, Audeo Life. Hearing aid companies are improving the patient experience with new technology and features, which will fuel market growth over the next few years. In the United States, 15% of people aged 18 or older suffer from hearing loss. In October 2021, FDA proposed a new low-cost category of over-the-counter hearing aids. This creates a new revenue stream that will allow businesses to gain a foothold in OTC hearing aids.
Key Industry Development In Hearing Aids Market
The hearing aid market has seen significant growth in the past decade due to advances in technology and increased awareness of hearing loss among both consumers and healthcare providers. A key development in the industry is an increase in digital hearing aids, which offer greater sound quality and improved user experience compared to traditional analog hearing aids.
Since 2010, sales of digital hearing aids have nearly doubled, accounting for more than 80 percent of all hearing aid sales. This growth can be attributed to better sound quality offered by digital models, as well as improved features such as Bluetooth connectivity and smartphone app integration. Digital hearing aids also tend to be smaller and lighter than their analog counterparts, making them more comfortable for users to wear over extended periods of time.
More recently, manufacturers are beginning to integrate artificial intelligence into their products, allowing devices to automatically adjust settings based on environmental conditions or user preferences.
Impact of Technology
The growing impact of technology on the hearing aids market is undeniable. Advancing technology has made possible a range of hearing solutions that are more sophisticated and effective than ever before. These solutions often incorporate developments in digital signal processing, wireless communication, miniaturization, and artificial intelligence to create advanced hearing aids that provide users with better sound quality, comfort and convenience.
In addition to this, technology has enabled hearing aid manufacturers to produce devices for different types of hearing loss and level of severity. This includes both over-the-counter (OTC) devices and custom-fit models that are tailored specifically to an individual's unique needs. The availability of these specialized products has allowed for improved accessibility in the market, making it easier for those with hearing impairments to find a device that suits their requirements perfectly.
Hearing Aids and Accessories Market Report Scope & Segmentation
By type, the market is segmented into Hearing Aids, and Accessories. By application, the market is divided into Mild hearing loss, Moderate hearing loss, and Severe hearing loss.
Based on geography, market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. Major players profiled in the report include Sonova, William Demant, ReSound, Starkey, Widex, Hansaton, Beltone, Interton, Audina, Banglijian, Coselgi, Audio Service, AST Hearing, and Lisound.
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Conclusion: Future Outlook
The Hearing Aids Market has seen vast growth in recent years as more people become aware of the need for hearing aids and advancements continue to be made in the technology. The hearing aid industry is expected to grow even further in the coming years, driven by factors such as an aging population, increasing awareness of hearing loss, availability of advanced technology and increased affordability. This article provides an overview of the current state of the Hearing Aids Market, its major players, emerging trends and key opportunities that can help shape future development.
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