Hearing Aids Industry Overview
The global Hearing Aids Market, estimated at $7.96 billion in 2023, is projected to experience a compound annual growth rate of 6.78% from 2024 to 2030. A primary driver of this expansion is the increasing occurrence of hearing loss within the growing geriatric population, coupled with a greater acceptance of hearing aid devices and increased understanding of technologically advanced options.
The market's strong technological focus is evident in the emergence of innovative products such as invisible, smart, AI-integrated, and Bluetooth-compatible hearing aids. These advancements, designed to improve the lives of users, are anticipated to be a major contributor to future market growth.
Detailed Segmentation:
- Sales Channel Insights
E-Pharmacy sales segment is projected to witness a significant CAGR over the forecast period. The internet plays a significant role in making a purchase decision and acquiring information about hearing aids, especially for young adults and millennials. These players help the wearer to get screened for auditory loss and acquire more information on technology. Their website also helps the wearer to make product and price comparisons, thus helping in making a purchase decision. These E-Pharmacy sales channels also help to increase the affordability and availability of aids in the global market.
- Product Type Insights
The canal hearing aids segment is anticipated to grow at the fastest CAGR over the forecast period. Canal devices are discreet devices, which is one of the critical success factors for their rapid growth. Wearing hearing aids comes with a stigma, therefore, young adults prefer canal devices over other devices. In addition, these devices are technologically advanced and significantly cancel external voices and reduce tinnitus. The above-mentioned factors are responsible for the growth of canal devices in the coming years.
- Technology Insights
Based on technology, the digital hearing aids segment held the largest market revenue share of 93% in 2023 and iswa anticipated to grow at the fastest CAGR over the forecast period. This is attributable to the increased preference and technological advancements in digital devices compared to analog devices. These devices offer enhanced flexibility in programming for matching the transmitted sound to meet the needs of a specific pattern of auditory impairment
- Regional Insights
Asia Pacific is anticipated to witness the fastest CAGR over the forecast period. Moreover, technological advancements and partnerships among market players are expected to drive market growth in Asia Pacific. China has one of the largest geriatric populations. As per the Population Reference Bureau 2023, the Chinese geriatric population is expected to reach 366 million by 2050. Furthermore, the market in China is poised to benefit from increased product launches and strategic partnerships. For instance, in September 2022, Tencent Holdings launched an innovative hearing aid device incorporating artificial intelligence (AI) technology. Consequently, the expanding elderly population, coupled with the surge in product development and collaborative efforts, plays a pivotal role in fostering the market growth.
Gather more insights about the market drivers, restraints, and growth of the Hearing Aids Market
Key Companies & Market Share Insights
Some of the key players operating in the market include Sonova, GN Store Nord A/S, SeboTek Hearing Systems, LLC, and WS Audiology.
- Sonova with its focus on innovation, diverse brand portfolio, and global reach, stands as a prominent player in the field of hearing care solutions, offering a comprehensive range of products to enhance the quality of life for individuals with auditory impairments
- WS Audiology offers a comprehensive range of devices designed to address different levels of hearing loss. The products aim to provide users with improved sound quality, comfort, and customization
- MDHearing, Foshan Vohom Technology Co., Ltd., and Eargo, Inc. are some of the emerging market participants in the market.
- Foshan Vohom Technology Co., Ltd. specializes in the design, development, and distribution of hearing aids and hearing solutions.Their products aim to provide users with enhanced sound quality, comfort, and personalized hearing solutions.
- Eargo, Inc. offers individuals with mild to moderate hearing loss. The company's focus on discreet and technologically advanced hearing aids appeals to consumers looking for modern and user-friendly solutions
Key Hearing Aids Company Insights
Some of the key players operating in the global Hearing Aids market include:
- Audicus
- Audina Hearing Instruments, Inc.
- Eargo, Inc.
- GN Store Nord A/S
- Horentek Hearing Diagnostics
- MDHearing
- SeboTek Hearing Systems, LLC
- Sonova
- Starkey Laboratories, Inc.
- WS Audiology
Order a free sample PDF of the Market Intelligence Study, published by Grand View Research.
Recent Developments
- In October 2023, GN Store Nord A/S launched its next-generation hearing aid product range, ReSound Nexia, which includes two RIE models, which are non-rechargeable and Micro RIE, which is rechargeable
- In March 2023, JIUYEE announced the launch of JIUYEE Real Pro. This launch will enable the firm to expand its product offerings. The product features with cutting-edge technology to offer users clear and natural sound quality
- In March 2022, Sonova acquired the consumer division of Sennheiser electronic GmbH & Co. KG. This will enhance Sonova's product portfolio while also expanding its geographical footprints
No comments:
Post a Comment