Hearing Aid Devices And Equipment Market Latest Advancements, Trends and Huge Business Opportunities 2020

The global hearing aid devices and equipment market was valued at about $4 billion in 2018 and is expected to grow to $4.68 billion at a CAGR of 4.0% through 2022.

The Hearing Aid Devices And Equipment Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies. We analyzed the impact of COVID-19 (Corona Virus) on the product industry chain based on the upstream and downstream markets, on various regions and major countries and on the future development of the industry are pointed out.

The hearing aid devices and equipment market consists of sales of hearing aid devices and equipment and related services. Hearing aids are devices and equipment designed and developed to improve hearing of people affected by hearing loss. Hearing aid devices and equipment are classified into hearing aid devices and hearing implants. Hearing aid devices and equipment include: Receiver-in-the-ear hearing aids, behind-the-ear hearing aids, canal hearing aids, in-the-ear (ite) hearing aids and the hearing implants include: cochlear implants and bone-anchored systems.

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Major players in the market are Starkey, Sonova, Widex, Siemens and GN ReSound.

HAUPPAUGE, N.Y., July 8, 2020 -- Danish hearing aid pioneer Widex today announced the availability of its new WIDEX MOMENT hearing aid, which offers the industry's most natural hearing experience by combining the latest in AI and machine learning with two ultra-fast signal pathways.

According to Lise Henningsen, Global Head of Audiology at Widex, this next generation introduction addresses one of the great unsolved challenges in the industry: no matter how good the sound, it still sounds like a hearing aid.
"Though traditional hearing aids have made tremendous strides in areas such as hearing loss compensation, speech intelligibility, noise reduction, and more, one's first encounter with hearing aid sound has historically been quite strange and unfamiliar, often leaving people doubtful of the benefits – until today," stated Henningsen. "WIDEX MOMENT is not just another hearing aid that makes sound audible again, it is an innovative new sound platform that offers a sound so natural and pristine you instantly recognize your own voice, the sounds around you, and the voices that matter most to you. We have taken a huge step towards truly restoring hearing, as you remember it before any loss occurred."

May 17, 2018: Hearing aid maker Sivantos, formerly Siemens (NYSE:SI) audiology biz now owned by PE firm EQT, announced plans this week to merge with Danish hearing aid maker Widex in a deal that could make the merged group the third largest player in the hearing aid market, according to a Reuters report.

The merged company is expected to have combined revenues of approximately $1.9 billion (EU €1.6 billion), EQT said in a press release, and will allow for expanded investment into future technology and software for treating hearing loss. The newly merged group has not yet decided on a new name or announced which of the combined entity’s monikers it will operate under.

MARKET OVERVIEW:

Growing prevalence of hearing loss is as a major driver for hearing aid devices & equipment market growth. In the United States, more than 35 million children and adults have some degree of hearing loss. Also, around 900 million people across the globe are expected to suffer from hearing disabilities by 2050 due to rise in noise pollution level, genetic factors, ear infections and other complications. High number of people suffering from hearing loss would result in huge demand for hearing aid devices across the globe.

High cost of hearing aid devices is acting as a major restraint in the hearing aid devices and equipment market. Good quality hearing aids come at a high price and are not fully covered by insurance companies. About one-third of Americans above 55 years use hearing aid devices due to various reasons. Hearing aid devices range between $1500 to $3500 per piece, thus making it quite expensive. The average price is $2,300 per unit according to the President’s Council for Science & Technology. Thus due to high cost, there has been low penetration of hearing aid devices in the market.

Use of 3D Printing is a trend that is prevalent in the hearing aid devices & equipment market. The 3D printing is a technology that produces 3D objects from 2D model which enables manufacturing of better fitting, more comfortable and customized hearing aid devices. The 3D printing enables the shape of ear shell to be customized according to customer's individual ear canal and degree of hearing loss. For example Sonova use advanced 3D printing technology to produce customized hearing aid devices especially suited for each customer's specific requirements. Examples of 3D hearing aid devices include EnvisionTEC’s E-Shell 200 Series, E-Shell 300 3D Printer Material series and EnvisionTEC E-Clear series.

As of today, the hearing aids fall under restricted devices category, the sales of these restricted devices must comply with federal and state requirements. The US FDA approach to improve hearing aid accessibility may lead to the availability of these restricted devices as OTC devices. However, according to the FDA Reauthorization Act of 2017 (FDARA), the category of OTC hearing aids needs to be established and no manufacturer can label their devices as OTC until a separate category is established. Thus, the introduction of these innovative and easily accessible OTC hearing aids may impact the growth of hearing aid devices market positively in the forecast period.

INFLUENCE OF THE Hearing Aid Devices And Equipment MARKET REPORT:

-Comprehensive assessment of all opportunities and risk in the Hearing Aid Devices And Equipment market.
- Hearing Aid Devices And Equipment market recent innovations and major events.
-A detailed study of business strategies for growth of the Hearing Aid Devices And Equipment market-leading players.
-Conclusive study about the growth plot of Hearing Aid Devices And Equipment market for forthcoming years.
-In-depth understanding of Hearing Aid Devices And Equipment market-particular drivers, constraints and major micro markets.
-Favourable impression inside vital technological and market latest trends striking the Hearing Aid Devices And Equipment market.

WHAT ARE THE MARKET FACTORS THAT ARE EXPLAINED IN THE REPORT?

Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on regional scale.

Analytical Tools: The Hearing Aid Devices And Equipment Market Report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.

Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

The report has 150 tables and figures browse the report description and TOC:
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