The Conventional Hearing Aids Segment, by Technology to Account Larger Share in Hearing Aids Market during 2022–2030.
According to our new research study on "Hearing Aids Market Forecast To 2030 - Global Analysis- by Type, Product Type, Technology, Type of Hearing Loss, Patient Type, and Distribution channel," the hearing aids market size is expected to grow from US$ 25,352.23 million in 2022 to US$ 37,689.20 million by 2030; it is estimated to register a CAGR of 5.1% during the forecast period. The report highlights the key factors driving the hearing aids market growth and prominent players with their developments in the market.
A hearing aid is a small electronic device that makes sounds louder and clear so that a person with hearing loss can listen, communicate, and participate in daily activities. The hearing aid helps in the restoration of hearing among deaf, hard to hear or geriatric population. A hearing aid can be prescribed by a physician after a health examination, or it can be bought over-the-counter for mild to moderate hearing loss.
The hearing aids market, by type, is bifurcated into OTC hearing aids and prescription hearing aids. The prescription hearing aids segment held the largest market share in 2022. Prescription hearing aids are purchased through an audiologist by people with severe hearing loss, people with hearing loss in only one ear, people whose hearing loss was caused by excessive noise damage, or by chemotherapy or another drug. OTC hearing aids segment is anticipated to register a higher CAGR from 2022 to 2030.
The hearing aids market, by product type, is bifurcated into hearing aid devices and hearing implants. The hearing aid devices segment held a larger market share in 2022 and is anticipated to register a highest CAGR of 5.3% during the forecast period.
Starkey Laboratories Inc., Audina Hearing Instruments Inc, Sebotek Hearing Systems LLC, Earlens Corp, GN Store Nord AS, Cochlear Ltd, WS Audiology AS, Sonova Holding AG, Sonic Innovations Inc, Amplifon Hearing Health Care Corp. are a few of the key companies operating in the hearing aids market.
Companies operating in the hearing aids market adopt various organic and inorganic strategies. Organic strategies mainly include product launches and product approvals. Acquisitions, collaborations, and partnerships are among the inorganic growth strategies witnessed in the hearing aids market. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall microbial identification methods market growth. Further, acquisition and partnership strategies help them strengthen their customer base and expand their product portfolios.
A few of the significant developments by key market players of hearing aids market are listed below.
• In June 2023, Sonova Holding AG launched Sennheiser All-Day Clear family in the US. The introduction of the Sennheiser All-Day Clear family expands the company's branded solutions to people with early-stage hearing loss, ranging from prevention to situational assistance.
• In April 2023, JIUYEE, a manufacturer of hearing aids, introduced JIUYEE Real Pro Bluetooth intelligent hearing aids, a revolutionary new hearing aid, with advanced features, such as its cutting-edge technology, owing to which users can experience clear and natural sound quality, that set it apart from traditional hearing aids.
• In September 2022, Sony Corporation and WS Audiology Denmark entered into a partnership agreement to develop and supply new products and services in the over-the-counter (OTC) self-fitting hearing aid market.
• In January 2022, Soundwave Hearing LLC launched a new hearing aid and mobile app, revolutionizing self-fitting hearing aid technology. The Sontro Hearing Aids (Model AI) are wireless, self-programming hearing aids developed to amplify sound for people aged 18 or above with mild to moderate hearing impairment.
• In August 2021, Starkey introduced Evolv AI—a new hearing aid platform. Evolv AI is developed on Starkey Sound, a ground-breaking technology created by refining Starkey’s research and science-based algorithms to power high-fidelity audio modeled after the human auditory system. Starkey also launched the industry’s smallest 2.4 GHz completely-in-canal hearing aid as part of the Evolv AI line of hearing aids.
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