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Hearing Aids Market size to exceed USD 11.5 billion by 2030
- Published Date: September 5, 2022
Hearing Aids Market size is anticipated to surpass USD 11.5 billion by 2030, according to a new research report by Global Market Insights Inc.
Growing awareness about hearing impairment and treatment alternatives will propel the market expansion. Increased understanding of hearing aids will augment the adoption of advanced devices to manage the condition, fueling product penetration. In order to tackle the challenge of rising hearing impairment incidents, many public organizations and federal agencies are running various awareness campaigns and initiatives to expand the knowledge associated with hearing impairment and hearing loss.
Citing an instance, the World Health Organization announced that World Hearing Day 2022 would focus on the importance of safe listening along with the causes and treatment for hearing loss. In 2021, the WHO issued the World report on hearing that mentioned the rise in the number of individuals diagnosed with hearing impairment in addition to people who are at risk of suffering from the same.
Optimized usability of CIC/IIC hearing aid to expedite market growth
Hearing Aids Market from completely-in-the-canal/invisible-in-canal (CIC/IIC) product segment is set to cross USD 1.7 billion by 2030. This is credited to the efficient physical characteristics associated with this product type. CIC/IIC hearing aids are virtually untraceable, discreet, and fit comfortably within the ear canal. The CIC/IIC hearing aids are placed close to the eardrum which reduces the necessity for more sound output or power. Furthermore, the location of these devices limits the wind noise caused due to wind blowing across the microphone. These features will accelerate demand for the product.
Browse key industry insights spread across 208 pages with 197 market data tables & 27 figures & charts from the report, “Hearing Aids Market Analysis By Product (Behind-the-Ear (BTE), Completely-in-the-Canal/ Invisible-in-Canal (CIC/IIC), In-the-Canal (ITC), In-the-Ear (ITE), Receiver in the ear/Receiver in Canal (RITE/RIC)), By Patient (Adult, Pediatric), Industry Analysis Report, Regional Outlook, Covid-19 Impact Analysis, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Growing importance of early hearing loss detection in pediatrics to boost industry demand
Pediatric segment held a value of USD 512 million in 2021. This valuation is achievable due to increased awareness regarding the early detection of hearing loss in pediatrics. Government bodies have devised initiatives to foster hearing screenings and prevent the incidence of hearing loss in pediatrics. The Government of India, for instance, announced a program to promote the identification of hearing impairment among children, called Rashtriya Bal Swasthya Karyakram. Initiatives such as these may augment product demand in the pediatric patient population.
Rising prevalence of hearing impairment in European adults to promote business growth
Europe hearing aids market is projected to register over USD 4.5 billion by 2030. Growing geriatric population, favorable healthcare policies, and rising incidence of hearing loss are primary factors driving the regional market share. As per a study issued in 2017, the incidence of hearing loss is around 16% among adults, impacting close to 20 to 30 million adults in Germany. Furthermore, several awareness campaigns organized by regulatory bodies would substantially expedite regional market growth.
New product launches from key market players to expand the industry landscape
Some of the prominent players that are involved in the hearing aids market comprise AS AUDIO-SERVICE GmbH, Audina Hearing Instruments, SeboTek Hearing Systems, Nano Hearing Aids, GN Store Nord A/S, Sonova Holding AG, Starkey, WS Audiology, RION Co. Ltd, Eargo, Inc., Demant A/S, EARTECHNIC, ZOUNDS Hearing Inc., Elkon Pvt Ltd, Horentek Hearing Diagnostics, IN4 Technology Corporation, and Microson.
Companies are launching focusing on new product launches as a key strategy to strengthen their market presence. For instance, in November 2020, Demant unveiled the new hearing aid Oticon more which enabled users to hear all meaningful sounds. The launch enabled the company to enhance its brand image and expand its portfolio.
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