Newark, July 24, 2023 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global hearing aids market is expected to grow from USD 10.30 Billion in 2022 to USD 19.41 Billion by 2032, at a CAGR of 6.54% during the forecast period 2023-2032.
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The market is growing as the geriatric population, especially people aged 65 and more, are growing significantly; also, the baby boomer generation is reaching retirement age. There is also a surge in noise pollution, fueling the prevalence of hearing loss. Also, there is an increase in wealth among the larger middle class in the developed and developing economies, which has increased their purchasing power. These factors are eventually driving the growth of the hearing aid market.
Competitive Strategy
To enhance their market position in the global hearing aids market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In December 2022: Sonova announced the completion of the acquisition of Hysound Group, which is a leading chain of audiological care clinics in China, with nearly 200 clinics all across the country. This acquisition significantly broadened Sonova’s store coverage and direct consumer access to the hearing aid market in China.
Report Scope and Segmentation-
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Forecast CAGR | 6.54% |
| 2032 Value Projection | USD 19.41 Billion |
| Market Size in 2023 | USD 10.30 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 236 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Product, Patient Type and Distribution Channel |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Hearing Aids Market Growth Drivers | Need for hearing aid products |
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Market Growth & Trends
Premium hearing devices offer additional features like custom sound and self-adjustable settings. Over-the-counter hearing aids, on the other side, are not that customizable; hence, everyone is not considered good candidates for OTC. Based on one of the studies, the use of hearing aids helps in reducing the risk of depression. Untreated hearing loss decreases the quality of life. Also, it has been found that people suffering from mild hearing loss have three times more chances of having a history of falling compared to people with no hearing loss. The study also shows that the use of hearing aids helps in improving balance. All these factors are driving the growth of the hearing aid market. However, it has been found that around 80% of people suffering from hearing loss still do not use hearing aids. Based on the Centers for Disease Control and Prevention (CDC), in 2021, around 14.4% of US adults aged 18 years and more are suffering from hearing loss. On the basis of gender, around 15.5% of the male adults and 13.3% of the female adults were suffering from hearing loss. In the US, the hearing aid sector has several devices which cater to the patient's requirements based on their varying hearing loss. The audiologists and ENT specialists prescribe such devices on the basis of the severity of hearing loss and preference of the patient/customer.
Key Findings
• In 2022, the hearing aid devices segment dominated the market with the largest market share of 78.65% and market revenue of USD 8.10 Billion.
The product segment is divided into hearing aid devices and hearing implants. In 2022, the hearing aid devices segment dominated the market with the largest market share of 78.65% and market revenue of USD 8.10 billion. It is because, conventionally, behind-the-ear (BTE) hearing aid has been the largest used hearing aid. Its new mini designs are also available in the market.
• In 2022, the adults segment dominated the market with the largest market share of 82.54% and market revenue of USD 8.50 billion.
The patient type segment is divided into adults and pediatrics. In 2022, the adults segment dominated the market with the largest market share of 82.54% and market revenue of USD 8.50 billion. This factor is due to the growing demand for over-the-counter hearing aids as they are more accessible and affordable to people. These are more useful for people aged 18 and above who generally suffer from mild to moderate hearing impairment.
• In 2022, the Audiology and ENT Clinics segment dominated the market with the largest market share of 51.22% and market revenue of USD 5.28 Billion.
The distribution channel segment is divided into Audiology and ENT Clinics, hospitals and pharmacies. In 2022, the Audiology and ENT Clinics segment dominated the market with the largest market share of 51.22% and market revenue of USD 5.28 Billion. Audiologists and ENT clinics evaluate and tackle hearing problems. Audiologists and ENT clinics assess the hearing and, based on that, advise people on their options.
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Regional Segment Analysis of the Hearing Aids Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The Europe region occurred as the largest market for the global hearing aids industry, with a market share of 38.23% and a market value of around USD 3.94 billion in 2022. There are favourable reimbursement policies in the region. Some countries, such as the UK and Denmark, cover the cost of hearing aids and related services. There are many reimbursement rates for end users, like accessories, hearing aid, examination, fitting of the hearing aid, and follow-up, among others.
Key players operating in the global hearing aids market are:
• Sonova
• Demant A/S
• Phonak
• GN Store Nord A/S
• Widex USA, Inc.
• Benson Hearing
• WS Audiology
• Starkey
• MED-EL (Medical Electronics)
• Cochlear Ltd
• RION Co., Ltd.
• Sivantos Pte LTD
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global hearing aids market based on below mentioned segments:
Global Hearing Aids Market by Product:
• Hearing Aid Devices
• Hearing Implants
Global Hearing Aids Market by Patient Type:
• Adults
• Pediatrics
Global Hearing Aids Market by Distribution Channel:
• Audiology and ENT Clinics
• Hospitals
• Pharmacies
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About the report:
The global hearing aids market is analysed based on value (USD Billion) and volume (Units). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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