Hearing Aids Market 2022-2031
New Study ReportsÂ “Hearing Aids MarketÂ 2022 Global Analysis By Key Regions, Production, Consumption, Revenue, Applications, Growth and Forecasts 2031″Â has been Added on PersistenceMarketResearch.
The Hearing Aids Market is slated to grow unstoppably in the years to come. The healthcare providers are, of late, making way for more specialized and timely treatment through same-day surgeries, outpatient surgeries, and likewise. ASCs (Ambulatory Surgical Centers) are preferred over conventional hospital settings. As such, cost-effective medical services could be provided. This type of customization is expected to take the healthcare vertical by storm in the future.
Increasing prevalence of hearing loss, growing geriatric population, and continuous research & development for innovativeÂ hearing aidsÂ 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 AudÃ¨o 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.
The report has profiled some of the important players prevalent in the global like â€“ Audina Hearing Instruments, Inc., Audina Hearing Instruments, Inc., Starkey Laboratories, Inc., Demant A/S, BHM-Tech Produktionsgesellschaft GmbH, GN Hearing, Microson, Sonova Holding AG, WS Audiology A/S, Eargo Inc. and more.
This report covers the sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future perspectives in the Hearing Aids Market. Â Â Â Â Â Â Â Â Â Â
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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 playersâ€™ presence, and technological advancements, North America and Europe together hold a market share of more than 70% in the global market.
â€œIncreasing prevalence of hearing impairment, favourable reimbursement policies, and introduction of technologically advanced hearing aids are expected to drive market growth over the decade,”Â says an analyst of Persistence Market Research.
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 oneâ€™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.
Region Coverage (Regional Production, Demand & Forecast by Countries etc.):
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., France, Italy, Russia, Spain etc.)
Asia-Pacific (China, India, Japan, Southeast Asia etc.)
South America (Brazil, Argentina etc.)
Middle East & Africa (Saudi Araia, South Africa etc.)
Hearing Aids Market ManufacturersÂ
Hearing Aids Market Distributors/Traders/WholesalersÂ
Hearing Aids Market Subcomponent ManufacturersÂ
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Hearing Aids Market – Report Highlights
A detailed overview of parent market of Hearing Aids Market
Changing Hearing Aids Market dynamics in the industry
In-depth segmentation of the Hearing Aids Market
Historical, current, and projected Hearing Aids Market size regarding volume and value
Recent industry trends and developments in Hearing Aids Market
Competitive landscape of the Hearing Aids Market
Strategies for key players and products offered
Potential and niche segments, geographical regions exhibiting promising growth
A neutral perspective on Hearing Aids Market performance
Must-have information for Hearing Aids Market players to sustain and enhance their market footprintÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â
Key Questions Answered in the Hearing Aids Market Report
How is the Hearing Aids Market expected to grow over the projected period?
What direction is the Hearing Aids Market expected to take in terms of volume and value during the forecast period?
What is the impact of macroeconomic factors on the Hearing Aids Market in future?
What are the key market drivers in the Hearing Aids Market?
What are significant opportunities and improvement areas for Hearing Aids Market manufacturers?
What are the key developments and trends taking over the Hearing Aids Market?
Which are the emerging countries that are expected to create significant growth opportunities in the Hearing Aids Market?Â Â
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