Global Hearing Aids Market Size, Growth, Opportunity and Forecast 2022-2030

"The global hearing aid market is estimated to be worth ~USD 7 billion by the end of  2021 and is expected to grow at a CAGR of ~8% during the forecast period 2022-2030. This can be attributed to some key factors, such as the increasing adoption rate of these devices, the increasing awareness of technologically advanced deafness treatment equipment, and the increasing prevalence of hearing loss due to the growing elderly population. 

 

Governments in developed and developing economies are emphasizing early detection of deafness and providing people with hearing aids. As the health sectors of emerging economies move towards privatization, the health infrastructure of these countries is developing rapidly. People’s education and health awareness are also playing an important role in increasing the demand for these devices and their diagnostic services. 

 Countries around the world are focusing on reducing deafness, which in turn has led to various initiatives aimed at raising awareness and providing patients with free care. Governments around the world provide grants, subsidies and funds to prevent and control hearing impairment. 

 

For example, Australia’s New South Wales (NSW) Infant Hearing and Testing Program (SWISH) aims to identify deaf babies born in New South Wales. These measures are expected to further promote global demand for these devices. In addition, in August 2017, President Trump signed the Over-the-Counter (OTC) Hearing Aid Act, which aims to increase the use of these devices in patients without a prescription. The promulgation of this law is expected to actively promote the growth of the United States, which is an important region in the global hearing aid market.

 

PRODUCT TYPE INFORMATION: 

Behind the ear (BTE) products dominate the market in 2020. Channel equipment is expected to become the fastest growing product, with a compound annual growth rate of 8% in terms of revenue and forecast period. BTE hearing aids include a compact curved case that fits comfortably behind the ear. These products can be modified by connecting them to external sound sources, such as infrared hearing systems and ear training devices. Some BTE models support Bluetooth and allow better wireless connections, thereby driving the market. 

 

Thanks to powerful amplifiers and large batteries, these devices also provide greater sound amplification. In addition, behind-the-ear (BTE) devices are easy to operate and clean, and are most popular with young people because they can fit a variety of ear molds. In addition, they do not need to change equipment as the child grows. With the advancement of technology, new products are being developed, such as the smaller and more comfortable Mini BTE. 

 

These factors are the reasons for the growth of these BTE products in the hearing aid market. Channel devices are discrete devices, which is one of the key success factors for their rapid growth. The use of hearing aids carries a sense of stigma, so compared with other devices, young people prefer access devices. In addition, these devices are technologically advanced, which can significantly eliminate external sounds and reduce tinnitus. The above factors are the reasons for the growth of channel equipment in the next few years.

 

TECHNOLOGY TYPE INSIGHT: 

Digital equipment dominated the market with revenue of ~USD 5 billion in 2020, and is expected to grow at the fastest compound annual growth rate during the forecast period. Analog equipment is about to become obsolete, and its growth rate is slower than that of digital equipment. Nevertheless, due to the low cost and a small number of users who are reluctant to switch to digital hearing aids, manufacturers continue to produce analog hearing aids. 

 

The working principle of analog equipment is to increase the intensity of continuous sound waves. These products can evenly amplify all sounds (such as voice and noise). Due to the presence of integrated microchips, some analog devices are programmable, allowing different settings to be programmed for different listening environments. Digital devices convert acoustic sound waves into digital form and facilitate accurate reproduction of sounds. 

 

The digital signal is then converted back into a processed analog acoustic signal to meet the listener;s requirements. Computer chips in digital hearing aids help analyze speech and other surrounding noise. In addition, these products provide multiple program memories. These additional features of these hearing aids are expected to drive their demand during the forecast period.

SALES CHANNEL OUTLOOK: 

Retail sales will dominate the market with a revenue of USD ~4 billion in 2018, and it is expected to grow at the fastest compound annual growth rate during the forecast period. The implementation of over-the-counter hearing aids is one of the basic factors for a large portion of retail sales. E-commerce and government procurement of these devices are expected to grow at a profitable rate during the forecast period. With a large number of retail stores and more and more manufacturing companies entering sales, retail stores dominate the market. 

 

Retailers and high levels of sales. profit. The retail sales of these products are further subdivided into company-owned retail stores and independent retail stores. Due to the low entry barriers, high profit margins, and high level of customer interaction for new retail stores, independent retail stores dominate the sales channels of retail stores. Major players in the independent retail industry include Walmart, Costco and CVS.

 

E-commerce sales are considered a profitable sales channel for hearing aids. The e-commerce sales channel is expected to develop at a compound annual growth rate based on revenue of 5% during the forecast period. The Internet plays an important role in making purchasing decisions and obtaining information about hearing aids, especially for young people and millennials. These players can help users test for hearing loss and get more information about the technology. Their website also helps users compare products and prices, which helps in making purchasing decisions. These e-commerce sales channels also help increase the affordability and usability of hearing aids in the global market by offering plan premiums to users. . They help increase sales by avoiding retail and wholesale profit costs and providing your customers with the lowest possible cost.

 

REGIONAL INFORMATION: 

Europe dominated the market with a revenue of USD 4 billion in 2020 and is expected to grow at a profitable rate during the forecast period. This is attributed to the increase in the prevalence of deafness and the increased awareness of technological advances. The Asia-Pacific region is expected to show the fastest compound annual growth rate during the forecast period. 

 

The increase in the prevalence of hearing loss and the increased awareness of technological progress are the main factors driving the demand for these devices in Europe. In addition, the growth of the audiology equipment market in the region depends on the reimbursement policy of each European country. According to data from the European Federation of the Hearing Impaired, in 2015, approximately 51 million people in the European Union were deaf. In the UK, 11 million people suffer from hearing loss.

 

Due to the increasing ageing of the European population, hearing impairment is expected to increase, which is expected to boost the European market. Due to the large population base, the increasing prevalence of the elderly population and the improvement of the distribution network of global market participants, the Asia-Pacific market is expected to experience the fastest growth during the forecast period. 

 

Market leaders continue to develop advanced products to enhance the advantages of these devices to attract target consumers and promote the acceptance of these devices in the region. Other factors driving the market in the Asia-Pacific region are increasing the disposable income and health care expenditures of the general population, as well as government initiatives.

 

HEARING AID MARKET SHARE OUTLOOK: 

 some of the major players in the market are Phonak; Benson Hearing; GN Store Nord A/S; Stuckey; MED-EL; William Demant Holdings A/S; Medtronic; Widex USA, Inc.; and Cervantos Pte Ltd. The market is dominated by six leading companies: Sonova, William Demant, Sivantos, GN ReSound, Starkey Technologies and Widex, which account for more than 90% of the entire market. In addition, manufacturing outsourcing has become a major trend for market participants to earn more revenue or maintain their market position. Due to excellent manufacturing expertise, low manufacturing costs and a large number of skilled professionals, China and South Korea are the main destinations where most manufacturing outsourcing occurs.

 

MARKET SEGMENTS COVERED BY THE REPORT: 

This report forecasts global, country, and regional revenue growth, and analyzes the latest industry trends in each sub-segment from  2022-2030. In this study, Kenneth Research subdivided the hearing aid market report based on product type, technology type, sales channel and region: product type outlook (revenue, million dollars; quantity,x27;000 pieces,  2022-2030) . 

In- the-earReceiver in-the-earBehind-the-earChannelType of technology Outlook (revenue, millions of dollars; sales, '000 pieces,  2022-2030) AnalogDigital sales channels (revenue, millions of dollars; sales, '000 pieces, 2022-2030) Retail sales government procurement e-commerce. "
 

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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