Hearing Aids Market Size to Surpass USD 21.09 billion by 2030, exhibiting a CAGR of 8.4%
Pune, India, August 21, 2023 (GLOBE NEWSWIRE) - The market for hearing aids was valued at USD 11.29 billion in 2022 and is expected to increase from USD 11.98 billion in 2023 to USD 21.09 billion by 2030, experiencing a compound annual growth rate (CAGR) of 8.4. The rising number of individuals with hearing loss and global initiatives to raise awareness about hearing aids will drive the adoption of these devices in the predicted timeframe.
Hearing aids, which are compact electronic gadgets, assist individuals who experience mild to moderate difficulties in hearing, enabling them to perceive sounds with clarity. The increasing prevalence of hearing loss and impairment among individuals worldwide, particularly the elderly segment of the population, stands as a prominent catalyst for the expansion of the hearing aids industry.
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In February 2023, GN Store Nord A/S responded to the increasing need from individuals with hearing difficulties by extending its ReSound OMNIA range of products.
Uncover the Prominent Figures Highlighted in the Report:
The top players dominating the worldwide market for hearing aids include Sonova from Switzerland, Demant A/S from Denmark, WS Audiology also hailing from Denmark, Cochlear Ltd. representing Australia, GN Store Nord A/S coming from Denmark as well, Starkey Laboratories Inc. based in the U.S., RION Co., Ltd. originating from Japan, and MED-EL (Medical Electronics) headquartered in Austria.
The Scope & Segmentation of the Report
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Increasing Incidences of Hearing Impairment to Drive Product Requirement The prevalence of hearing loss is on the rise, which is expected to create a surge in the demand for hearing aids and related products.
The increasing number of people experiencing hearing loss, either partially or completely, worldwide is one of the main reasons why the overall number of patients suffering from this condition is rising. Another significant factor is the growing population of older individuals, who are more prone to hearing loss, thereby increasing the prevalence of this problem.
Nevertheless, the exorbitant price of auditory devices and therapies is anticipated to impede the expansion of the market.
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Increasing consciousness among individuals to drive the sales of auditory tools.
The market can be categorized into two main types of products - hearing devices and hearing implants. Within the hearing devices category, there are further subcategories: BTE (located behind the ear), ITE (placed in the ear), RIC (with the receiver in the canal), CIC (completely inside the canal), and other types.
The section about hearing devices controlled the majority of the hearing aids market in 2022. The increasing knowledge of these devices among patients and higher rates of diagnosis are predicted to enhance their sales.
Increased popularity of hearing aids among adults is driven by the rising occurrence of hearing impairment.
The market is divided into two categories based on the type of patients, namely adults and children. It is expected that the adult segment will show a higher compound annual growth rate (CAGR) in the forecast period. This is mainly because the occurrence of hearing loss is increasing among adults and the rate of diagnosing this condition is also on the rise.
Increasing Number of Patients Flocking to Hospitals to Drive Demand for Medical Products through Various Channels
When it comes to ways of selling products, the market is divided into OTC, medical channels, and private practices. The medical channel section was the most prominent in the market last year and is expected to have a higher CAGR in the future. More and more patients are seeking audiology and ENT services and advice by visiting specialized clinics and hospitals. This will help the medical channel section grow.
In terms of location, the market spans across North America, Europe, Asia Pacific, and other regions worldwide.
The document offers a comprehensive examination of the industry and emphasizes important elements, such as the market's competitive scenario, products, types of patients, methods of distribution, and geographical locations. Additionally, the report presents valuable understandings into the current trends, drivers of the market, the impact of COVID-19 on the industry, the dynamic nature of the market, and other significant areas. In addition to the aforementioned factors, the report encompasses additional influences that have played a role in the market's expansion in recent times.
Top players in the market, including Demant A/S, Sonova, WS Audiology, and Cochlear Ltd., are poised for success with their impressive range of products.
There are only a handful of key players in this market who provide a diverse selection of products. These companies dominate most of the market. The increasing amount of initiatives and concentration of these firms on broadening their range of offerings is greatly enhancing their presence in the market.
North America to Take the Lead as Hearing Loss and Impairment Cases Increase
In 2022, North America had the highest market share in the industry and made a profit of $4.29 billion. This part of the world is expected to remain in a leading position globally due to the increasing number of people suffering from hearing loss and impairment, resulting in higher rates of diagnosis and treatment. The rising awareness and detection of this condition among the population will likely boost the demand for these devices.
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What is the size of the Hearing Aids Market?
The market for hearing aids was valued at $11.98 billion in 2023 and is projected to achieve a market size of $21.09 billion by the year 2030.
What is the rate of growth of the Hearing Aids Market?
The market for hearing aids is projected to grow at a Compound Annual Growth Rate (CAGR) of 8.4% from 2023 to 2030.
The market for hearing aids in the United States is predicted to grow in terms of size, share, and revenue. There are also various opportunities for expansion and development within this industry.
Market Overview of Hearing Aids in Europe, Industry Share and Predictions
The Size, Share, Opportunities, and Analysis of the Hearing Aids Market in the Asia Pacific Region
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