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(Medical-NewsWire.com, May 09, 2022 ) The Hearing Aids Market is bound to reach US$ 12.9 Bn at a CAGR of 5.2% between 2021-2031. The current scenario is such that on-demand healthcare storage is being asked for. Cloud computing thus curtails operational expenses and capital as it simplifies sharing medical records, creates and maintains telehealth apps, and automates backend operations. This would be the scene with the healthcare vertical in the upcoming period.
The increasing prevalence of hearing loss, growing geriatric population, and continuous research & development for innovative hearing aids are some of the factors that will drive the global market at a CAGR of 5.2% to reach US$ 12.9 Bn by 2031. Furthermore, government support & assistance in procuring hearing aids and growing awareness about hearing devices and implants are also other demanding factors adding to market expansion.
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Demand for hearing aids is also increasing with the decrease in cost, thus providing access to a larger population. The predominant cause price drop is increasing number of emerging players in the market. Hearing technology today offers better hearing aids with advanced features and functionality. Reduction of wind noise is one of the major features incorporated by hearing aids manufacturers. Also, manufacturers are focusing on launching hearing aids with advanced software (smart hearing aids) to help users program these aids according to their needs.
For instance, in January 2020, Phonak (Sonova) introduced the next generation aid- Phonak Naida Marvel, which can be connected directly to Android or iOS smartphones and other Bluetooth devices. Also, users can enjoy hands-free calls, TV, music, e-books, and podcasts.
Livio Edge AI (Starkey), Phonak Audčo paradise (Sonova), Oticon More (Oticon, Inc.), ReSound LiNx Quattro (GN Group), and MOMENT RIC 10 (WS Audiology A/S) are some of the commercially available smart hearing aids in the market.
Audina Hearing Instruments, Inc.
Audina Hearing Instruments, Inc.
Starkey Laboratories, Inc.
BHM-Tech Produktionsgesellschaft GmbH
Sonova Holding AG
WS Audiology A/S
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Key Takeaways from Market Study
Behind-The-Ear (BTE) hearing aids are patient/user-friendly, have easy maintenance, low cost, and a better fit, which makes this the highest shareholder with 82.3% market share in 2021.
Digital hearing aids is a leading segment by technology, accounting for 98.9% of the global market share in 2021.
Audiology clinics are expanding at a pace way faster than ENT clinics or online stores, and are expected to hold nearly 50% of the global market share.
With increasing hearing loss prevalence, large number of key players’ presence, and technological advancements, North America and Europe together hold a market share of more than 70% in the global market.
“Increasing prevalence of hearing impairment, favourable reimbursement policies, and introduction of technologically advanced hearing aids are expected to drive market growth over the decade,” says an analyst of PMR.
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Oticon Inc., in January 2021, introduced Oticon More, the first-ever hearing aid with an on-board deep neural network (DNN) to provide patients with mild-to-severe hearing loss with a more complete, balanced, and effortless listening experience.
Similarly, Starkey, in February 2020, introduced the first AI-enabled hearing aid- Livio Edge AI. With a simple double tap, Edge Mode brings the power of artificial intelligence to one’s fingertips.
Key manufacturers of hearing aids are thus contributing highly to market growth by introducing new and novel products by gaining FDA approval, in order to improve their presence in the market and gain a significant market share.
What Does the Report Cover?
This report offers a unique perspective and actionable insights on the hearing aids market in its latest study, presenting historical demand assessment of 2016 – 2020 and projections for 2021 – 2031.
The research study is based on product (behind-the-ear (BTE) hearing aids, receiver-in-the-ear (RIE) hearing aids, in-the-ear (ITE) hearing aids, in-the canal (ITC hearing aids), and completely-in-the canal (CIC) hearing aids), technology (conventional hearing aids and digital hearing aids), and end user (audiology clinics, ENT clinics, and online stores), across seven key regions of the world.
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