Market Insight-Global Hearing Aid Market Overview 2022
The Global Hearing Aid Market Size was estimated at USD 8681.63 million in 2021 and is projected to reach USD 12882.52 million by 2028, exhibiting a CAGR of 5.70% during the forecast period.– Bossonresearch.com
A hearing aid is a device designed to improve hearing by making sound audible to a person with hearing loss. Hearing aids are classified as medical devices in most countries, and regulated by the respective regulations. Small audio amplifiers such as PSAPs or other plain sound reinforcing systems cannot be sold as "hearing aids".
Hearing aids are used for a variety of pathologies including sensorineural hearing loss, conductive hearing loss, and single-sided deafness. Hearing aid candidacy is typically determined by a Doctor of Audiology, or a certified hearing specialist, who will also fit the device based on the nature and degree of the hearing loss being treated. The amount of benefit experienced by the user of the hearing aid is multi-factorial, depending on the type, severity, and etiology of the hearing loss, the technology and fitting of the device, and on the motivation, personality, lifestyle, and overall health of the user.
According to Bosson Research, Over 5% of the world’s population – or 430 million people – require rehabilitation to address their ‘disabling’ hearing loss (432 million adults and 34 million children). It is estimated that by 2050 over 700 million people – or one in every ten people – will have disabling hearing loss. The global Hearing Aid Market Size was estimated at USD 8681.63 million in 2021 and is projected to reach USD 12882.52 million by 2028, exhibiting a CAGR of 5.70% during the forecast period.
Figure Global Hearing Aid Market Size
Source: Bossonresearch.com, 2022
Postponement of Cochlear Implantations Procedures to Decline the Hearing Aids Market Growth
COVID-19 pandemic has adversely impacted the healthcare sector. Hospitals worldwide are getting filled with patients demanding urgent care, owing to which many hospitals are running out of resources. Millions of elective surgeries are being postponed or canceled to reallocate the resources to manage COVID-19 patients.
This factor has also negatively affected the medical device sector. The demand for orthopedic implants, heart valves, intraocular lenses, and audiology diagnostics devices is indicative of the downward curve.
This factor is also the case with the hearing devices market. Major players operating in the market have reported a decline in the sales of these devices. Also, the postponement of cochlear implantation procedures has decreased sales. According to the Hearing Industries Association (HIA) statistics, the U.S.'s unit sales of hearing devices declined by 18.0% in 2020. Below are some of the essential findings:
• - According to the British Irish Hearing Instrument Manufacturers Association, hearing aids sales declined by 35.7% in 2020.
• - The hearing segment of GN Store Nord A/S witnessed a decrease of 25.6 % in 2020 compared to the previous year.
• - Similarly, Cochlear Limited's hearing segment registered a decline of 6.5% in 2020.Segment Market Analysis by Vehicle Type
Driving Factors
Rising Adoption of Tele-Audiology Worldwide to Propel Industry Growth
The COVID-19 pandemic has boosted the adoption of telehealth among audiologists. To avoid patient traffic, many healthcare professionals are switching to tele-audiology.
Hearing Review surveyed healthcare professionals in the U.S. and Canada to evaluate the impact of the COVID-19 pandemic in their practice. According to the survey, 51 % of healthcare professionals use tele-audiology for follow-ups and counseling, and 45% use it for device adjustments and fine-tuning.
Due to this, manufacturers are also developing various platforms to support patients and healthcare professionals. For instance, in May 2021, Inventis announced the launch of Satellite Tele-audiology Solutions, the first technology that allows you to perform real-time diagnostic tests.
Increasing Prevalence of Hearing Loss to Boost Product Demand
Hearing loss has become the most common disorder in patients, especially in industrialized countries. According to the WHO an astonishing 430 million people across the globe are living with disabling hearing loss, equating to about 6.1 % of the world's population. Moreover, there is a prediction that this number would reach about 700 million by 2050, primarily due to an increase in the aged population. Besides, chronic inflammation, vascular disorder, noise exposure, genetic susceptibility, and physiological aging of the ear may also cause hearing loss. This factor may lead to an increasing number of hearing impairment patient populations globally, thereby increasing sales of these devices.
According to the EHIMA's annual global sales number, over 17.05 million hearing devices were dispensed across the globe in 2019, an increase of 6.4% compared to the previous year. Due to the increasing number of hearing device users, the market is anticipated to witness significant growth.
Incorporation of Digital or Smart Technologies to Drive Growth
In the past decade, there has been a tremendous advancement in hearing aids. The incorporation of smart technologies and the emergence of digital platforms in the mini device have helped overcome multiple patients' difficulties and have improved their hearing experience. Digital devices are being introduced to the market. Features such as smartphone compatibility, Bluetooth connectivity, high sound processing, artificial intelligence (Al), rechargeable batteries, and the latest tinnitus masking have leveraged the hearing device's potential to no bounds.
•- For instance, in October 2021, Audible launched the “Arc Al”, a full-line of Al-driven hearing aids that supports the most advanced sound quality available.
•- In October 2021, hearing aid innovator, Signia announced the launch of Insio Charge&Go AX, the custom hearing aids with contactless charging, Bluetooth, and streaming to android and apple IOS devices.
Moreover, enhanced aesthetic appeal with the use of a miniaturized device is projected to favor the market's growth.
RESTRAINING FACTORS
Ignorance by Patients to Undergo Hearing Test May Impede Growth
Many people find it difficult to accept that they have a hearing impairment and never undergo a test. Also, due to the social stigma associated with these products, many people hesitate to use them. According to the State of Hearing Report 2019, a global survey conducted by Cochlear Ltd. showed that around 92% of respondents recognize hearing as an important factor for maintaining the overall quality of life. But, only 37% have had a hearing test in the last two years.
According to the FDA, approximately 37.5 million adults aged between 18 years and above report having some trouble hearing without a device, ranging from "a little trouble" to "deaf." Furthermore, Starkey Research estimated that around 42% of people who reported no hearing trouble turned out to have mild hearing loss. Such considerations would reduce the number of hospital tests, thereby narrowing the device's adoption.
Competitive Landscape
Key Participants Focus on New Product Launches and Innovations to Intensify Competition
Demant A/S was in the dominant position in terms of market revenue. The presence of this company in the fields of hearing devices and cochlear implants and its expanded geographical presence are some of the key factors responsible for its dominance. In November 2020, the company announced the launch of new groundbreaking hearing aid technology in four hearing aid brands, Oticon, Philips Hearing Solutions, Bernafon, and Sonic.
On the other hand, continuous innovations and new product launches are the primary reasons for the prominent position of so nova in the market. Increasing research investments to penetrate the market is expected to strengthen the position of other market players such as WS Audiology, Starkey, RION Co. Ltd., and others.
Bose entered the market with its direct-to-customer hearing aid device in May 2021. This factor is the first direct-to-customer product in the market.
Key players in the Hearing Aid Market include:
Demant A/S
WS Audiology
Starkey
RION Co. Ltd
Sonova
William Demant
Sivantos
GN ReSound
Starkey
Widex
Rion
Audina Hearing Instruments
Sebotek Hearing Systems
Austar Hearing
Lisound Hearing Aid Co. Ltd
Horentek
Audicus
Arphi Electronics
Request for more information
Click to view the full report TOC, figure, and tables: https://bossonresearch.com/productinfo/1157888.html
About US:
Bosson Research (BSR) is a leading market research and consulting company, that provides market intelligence, advisory service, and market research reports for the automobile, electronics and semiconductor, and consumer good industry. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domains.
Bosson Research provides a one-stop solution right from data collection to investment advice. The analysts at Bosson Research (BSR) dig out factors that help clients understand the significance and impact of market dynamics. Bosson Research (BSR) brings together the deepest intelligence across the widest set of capital-intensive industries and markets. By connecting data across variables, our analysts and industry specialists present our customers with a richer, highly integrated view of their world.
Contact US:
Tel: +86 400-166-9288
E-mail: sales@bossonresearch.com
© 2022 Bosson Research, Inc. All rights reserved.
Copyright
All content including the presentation thereof on this website is the property of Bosson Research, Inc. and protected by the U.S. and international copyright laws. You may not copy, reproduce, distribute, transmit, modify, create derivative works, or in any other way exploit any part of copyrighted material without the prior written permission from Bosson Research, Inc.
