Global Hearing Aid Market: World Market Review and Analysis By Technology (Analog, Digital), Product Type, Type of Hearing Loss, End-User, Sales Channel (2019 Edition): Opportunities and Forecast (2014-2024) -- By Product Type (Behind the Ear, In the Ear, Receiver in the Ear, In the Canal, Completely in the Canal, Others), By Hearing Loss (Conductive, Sensorineural), By Distribution Channel (Independent Sellers, Retailers, Wholesale, E- Commerce, Hospital Pharmacy, Others), By End User 2022-2030
29 Sep 2021
Healthcare & Pharmaceuticals
Impact Analysis on the Growth of Market
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The Research Report is Updated with 2021 Base Year, 2022 Estimated year and Forecast till 2031 with Market Insights.
With the dip in global production, the GDP has contracted in 2020 and impacted the market across the world. Upon placing a Sample Request, you will receive an updated report with 2021 as base year, 2022 as estimated year and forecast to 2031. This will have market drivers, recovery rate in the market, insights and competitive analysis.
"The hearing aid market is segmented by product type (behind-the-ear (BTE), in-ear receiver (RITE)/ear canal receiver (RIC), in-ear (ITE), total ear canal (CIC) and other types of hearing aids Equipment), type of hearing loss (sensory neurological hearing loss and conductive hearing loss), technology (traditional hearing aids and digital hearing aids), patient type (adults and pediatrics/children) and geography (North America), Europe, Asia Pacific, Middle East and Africa and South America). The report provides the value (in millions of U.S. dollars) for the aforementioned market segments.
The hearing aid market is expected to expand at a compound annual growth rate of close to ~6% during the forecast period 2022-2030. Revenue in 2021 is estimated to be ~USD 8 billion, and it is expected to reach more than ~USD 14 billion by 2020. The pandemic poses additional challenges for hospitalized patients who are deaf or hard of hearing.
The increasing use of masks has a negative impact on those who rely on lip reading and facial expressions for communication. Due to social distancing, many hospitals restrict interpreters and visitors, but instead provide patients with video conferencing with hearing aids to overcome market growth restrictions. In addition, treatment-related restrictions also limit the growth of the research market.
The driving factors for the growth of the hearing aid market include the increase in the burden of hearing loss, the technological advancement of hearing aids, the increase in awareness and the initiative of hearing aids. equipment. In the United States, hearing loss is more likely to be caused by genetic defects. For example, according to the United Nations; World Population Outlook for 2019, by 2050, the number of people over 65 will increase from 9% in 2019 to more than 16% of the world's total population.
Preventable medical problems are often the main cause of hearing loss, especially infections such as rubella or syphilis, which can lead to congenital hearing loss. For example, according to data released by the World Health Organization, by 2020, approximately 5% of the worlds population will suffer from disabling hearing loss. In addition, it is estimated that by 2050, more than 900 million people or one in ten will suffer from disabling hearing loss.
Therefore, hearing impairment and hearing loss have become increasingly popular among the population, leading to a large number of hearing aids being sold on the market. The increase in noise pollution worldwide has also had a significant impact on peoples hearing. Noise emissions from heavy industries and public carnivals are expected to damage the hearing of adults, leading to increased demand for hearing aid equipment. There are several opportunities, such as adding lithium-ion batteries to hearing aids, to help drive the growth of this market. In addition, technological developments related to products that combine cochlear implant and hearing aid technology to overcome patients; high-frequency hearing loss have also created new opportunities for market participants.
For example, in 2020, GN Hearing launched ReSound ONE, which solves one of the longest challenges faced by people with hearing loss. This solution places an additional microphone in the ear canal, with a microphone and in-ear receiver design (M & RIE), and uses the unique shape of each persons ear to collect sound.
REPORT SCOPE :
According to the report scope, a hearing aid is a sound reinforcement device for the treatment of hearing impairment. These devices vary by design, the technology used to achieve amplification, and specific special functions. With the increasing prevalence of hearing loss and increasing demand for technologically advanced products, the market is expected to grow steadily.
The hearing aid market has been segmented by product type (behind the ear (BTE), in-ear receiver (RITE)/ear canal receiver (RIC), in-ear (ITE), total ear canal) (CIC) and other hearing Equipment), type of hearing loss (sensory neurological hearing loss and conductive hearing loss), technology (traditional hearing aids and digital hearing aids), patient type (adults and pediatrics/children) and geography (North America, Europe), Asia Pacific, Middle East and Africa and South America). The report provides the value (in millions of U.S. dollars) for the aforementioned market segments.
MAIN MARKET TRENDS:
The Behind-the-Ear (BTE) market segment is expected to grow at a good rate during the forecast period due to better connectivity, high efficiency, and ease of use. It is also considered an ideal choice for most people with hearing problems. BTE products are expected to grow rapidly during the forecast period due to their wide range of applications and wider target patients; however, the decline in hearing aid production is expected to hinder the growth of this segment. During the COVID-19 pandemic, wearing masks has become a common practice.
However, this can be uncomfortable for people wearing behind-the-ear (BTE) hearing aids. Therefore, the pandemic has a negative impact on the part studied. BTE hearing aids are suitable for people of all ages and are suitable for almost all types of hearing loss. These devices are available in a variety of sizes, from small devices to large, high-powered instruments that are optimized and almost invisible. The continuous improvement of products also helps to promote market growth. In 2018, Hansatton launched a rechargeable BTE hearing aid system. This model is equipped with a lithium-ion battery, which can guarantee users a 24-hour battery life. Therefore, due to the increasing number of hearing impairments and the advantages associated with BTE, the market is expected to grow rapidly during the forecast period.
THE ASIA PACIFIC REGION IS EXPECTED TO HAVE A BETTER GRWOTH RATE DURING THE FORECAST PERIOD:
The deaf community in this region is particularly affected by the COVID-19 pandemic. The coronavirus lockdown has made life particularly difficult for the hearing impaired in the region. Therefore, in countries such as India, in 2020, the World Health Organization (WHO) uploaded a course called Indian Sign Language (ISL) introducing COVID-19, which provides real information on all issues related to the pandemic. The Pacific region is expected to experience the fastest growth in hearing aid devices during the forecast period. Some factors, such as high levels of noise pollution in India, China, Japan and other Asian countries, have a great impact on the growth of this market.
According to Hearit.org, among people living in Delhi, India in 2019, the overall prevalence of hearing loss among people aged 5 years and older was 26.9%. In addition, South Korea and China are also at the forefront. Due to low manufacturing costs, rich manufacturing experience, and the presence of well-trained professionals, most manufacturing outsourcing occurs as a key destination. Other contributing factors, such as a large number of patients, an increase in population aging, and an increase in health status. As private companies participate in financing and research services, nursing infrastructure will also drive regional growth in the coming years.
Leading manufacturers in the hearing aid market focus on integrating the market and expanding their product portfolio. Due to the increase in the number of benefits, the company is also focusing on providing advanced hearing devices with lithium-ion batteries. Companies that provide advanced hearing aids are driving market growth. For example, the GN Hearing 3D application allows users to communicate with their hearing care professionals and accept adjustments without going to the office.
LAST DEVELOPMENT :
In January 2021, Oticon Inc. launched Oticon More, a new type of hearing aid, which is based on the company’s proven BrainHearing method, which provides the best brain information for easier update Understand the voice well. Oticon’s latest technology is more like the work of the brain because it is learned through experience. In March 2020, Widex launched Moment hearing devices. Widex Moment has a "classic " Widex signal path, which is combined with an ultra-fast second signal path to add additional equipment to the platform."
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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Sonova Holding AG, Sivantos Pte Ltd, G.N. Store Nord, Starkey Hearing Technologies, William Demant Holding A/S, Widex A/S, Cochlear Limited,Amplifon SpA, Med-El, RION Co. Ltd.