Global Hearing Aids Market 2022-2029 Growth Factors, Challenges, Regional Analysis, and Major Players

2023-04-18 06:41:15

By : JSB Market Research

In : BLOG

Medical devices are quite important these days. They help with several health concerns, such as the hearing aid, which is a device to help those with hearing loss have a better sense of hearing. A hearing aid makes sound easily audible in people with difficulties and comes with amplification of sound given its three-part system: speaker, microphone, and amplifier. The global hearing aids and devices market had the highest share in 2020. This was because of an increase in the number of approvals for medical devices and technological advancements.

Along with these, government-funded initiatives accelerated the growth in the hearing aid support goods and the respective market. Several countries experienced government-funded programs, partial reimbursements, or subsidies for hearing aids and accessories. The hearing aids market in the forecast period of 2022 to 2029 is expected to grow at a CAGR of 6.9%. In 2021, the market resulted in USD 7.5 billion valuations, and the estimate by 2029 is USD 12.79 billion.

Hearing Aids Market: The Driving Forces and Opportunities

The global hearing aid market is seeing a boost because of rising incidents of hearing loss, especially in industrialized nations. As per the WHO, (World Health Organization) the population with hearing loss will cross 900 million by the year 2050. Another driving force for the hearing aids market is the increase in the elderly population. Elderly people are more prone to vascular disorders, physiological aging, chronic inflammation, generic susceptibility, and problems with noise exposure. Thus, among the geriatric population, these factors may contribute to hearing loss.

The hearing aids market globally also is advancing because of technological thriving over the last decade. Patients with hearing issues are now able to overcome hearing loss and have a better hearing experience because of digital platforms in tiny devices and smart technologies. Opportunities in the hearing aid device market are sprawling because of growth initiatives and awareness, which will cause a boom in the industry in the coming years.

Challenges and Restraints in the Global Hearing Aids Market

What impedes the growth in the targeted period for the hearing aids market is the increase in the prices of hearing aid products. Also, a lack of trained professionals can act as a hurdle here. The COVID-19 impact was also measurable for the industry because it made the ENT (eyes, nose, and throat) related services and surgeries to be affected heavily. During the pandemic, many medical procedures were postponed or canceled.

It also limited the reach to a variety of hearing aid devices and sold these products at a higher price than that prevailing in the market to meet emergency demands. But in the aftermath, the rebound effect took place and manufacturers started to concentrate on digital hearing care solutions and mobile audiometry.

Market Scope and Size for Hearing Aids Global Market

The market research report on the hearing aids market highlights the trade regulations, production analysis, new recent developments, import-export analysis, the impact of localized and domestic market players, production analysis, value chain optimization, opportunities of emerging revenue pockets, market share, strategic market growth analysis, geographic expansions, changes in market regulations, category market growths, product approvals, application niches and dominance, technological innovations, and product launches. The hearing aids market is segmented based on the type of hearing loss, device type, distribution channel, product, patient type, and technology.

Growth in hearing aids market segments will give an overview of the valuable market, industries, and strategic decisions in cornering the core market applications. Based on hearing aid devices, the market is sub-segmented into behind-the-ear, receiver, in-the-ear aids, and in-canal aids. As for implants, the sub-segments are bone-anchored and cochlear-anchored. According to device type, the segmentation is for digital as well as analog hearing aids.

The market is further distinguished based on conductive hearing loss and sensorineural hearing loss. And that technology is for digital hearing aids and conventional hearing aids. The patient-type segmentation is for adults and pediatrics. The segmentation in the distribution channel is based on public, large retail chains, others, and manufacturer-owned retail chains.

Regional Insights and Analysis for the Hearing Aids Market

The regional analysis for the hearing aids market provides insight into the market trend and size from one country to another based on device type, technology, product, type of hearing loss, distribution channel, and patient, as per the details stated above. Europe dominates the market because of the rise in the event of hearing loss. A factor of growth in the hearing aid market for Europe is the technological advancements and awareness about medical devices. The country section will offer details of factors that individually impact the market and bring changes in regulation in the domestic market. It will also give a view into current impact and future trends.

The hearing aids market research report will also showcase technical trends and case studies. The hearing aids market gives you an in-depth market analysis of the growth of healthcare expenses in every country. This is regarding capital equipment, the impact of technology in lifeline curves, the installed base of different products in hearing devices, and changes in regulatory scenarios in the medical field, and their effects on the hearing aid market.

The countries covered in the report to analyze the hearing aids market include Canada, Germany, the U.S., Mexico in North America, Argentina, Australia, India, Switzerland, South America, Thailand, France, Singapore, Belgium, Asia-Pacific, Netherlands, Saudi Arabia, U.K., Turkey, South Africa, China, U.A.E., Israel, Russia, Egypt, Spain, Middle East and Africa, Brazil, Malaysia, Europe, Italy, Japan, Philippines, South Korea. The Asia-Pacific region is to see a good amount of growth according to the forecast period 2022-2029 because of the rise in the population of elderly people.

Hearing Aids Market Major Competitors and Analysis

The report will reflect on data points such as upstream and downstream value chain analysis, Porter’s five forces analysis, and information used to drive the market scenario and forecast for individual nations. The report will also touch on global brands, their availability, and their presence, along with challenges faced because of scarce or large competition from domestic and local brands. It will also talk about domestic tariffs and their effect, and details about trade routes consider in specific countries with forecast analysis.

The data included are company financial overview, market potential, production sites and facilities, revenue generated, global presence, product launch, investment in development and research, company weaknesses and strengths, application dominance, new market initiatives, production capacities, product width, and breadth. The data available go back to figures from 2010 to 2020 as well. And the competitive landscape information details the competitors.

Some of the major players participating in the hearing aids market are::

· GN Store Nord A/S (Denmark)

· Starkey. (US)

· MED-EL Medical Electronics (Austria)

· SeboTek Hearing Systems, LLC. (US)

· Abbott (US)

· Arphi Electronics Private Limited (India)

· Cochlear Ltd. (Australia)

· Amplicon (UK)

· Microson (Spain)

· Amplifon (Italy)

· Sonova (Switzerland)

· Sound One India (India)

· Horentek (Italy)

· Demant A/S (Denmark)

· Audina Hearing Instruments, Inc. (US)

· RION CO. Ltd (Japan)

· WIDEX A/S (Denmark)

· Sivantos (Denmark)