Hearing Aids Market Projection By Top Key Players – Sonova, Demant A/S, GN Store Nord A/S, Cochlear Ltd WS Audiology Market Research Forecast 2028
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The U.S. hearing aids market size is projected to grow from USD 2.65 billion in 2021 to USD 4.48 billion in 2028. Several companies nowadays are developing novel hearing devices featuring Bluetooth connectivity. They are also enhancing their designs, thereby making them less noticeable. Fortune Business Insights™ published this information in a report, titled, “U.S. Hearing Aids Market, 2021-2028.” The report further states that the market stood at USD 2.53 billion in 2020. It is set to exhibit a CAGR of 7.8% in the forecast period during 2021-2028.
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GN Hearing Unveils ReSound ONE with Microphone to Make Hearing a Better Experience
In August 2020, GN Hearing, manufacturer of hearing aids and headsets launched a revolutionary new device named ReSound ONE. It can place a microphone inside the ear canal, thereby helping people to rely on hear aids to better experience the world with their ears. They can also hear conversations well in noisy environments and enjoy the advantages of superior sound quality. As per one of the company officials, “We are the first company to introduce a ground-breaking product that is likely to transform how people experience sounds and conversations outside. This technology will boost the confidence, relationships, and communication of individuals.” Such initiatives by key players are set to drive this industry.
Reallocation of Healthcare Resources to Hinder Growth amid COVID-19 Pandemic
The market was negatively impacted because of the declining number of patient visits to outpatient and emergency care settings amid the COVID-19 pandemic. Also, healthcare resources were reallocated by authorities to make way for coronavirus-positive patients. Hence, in 2020, the sales of hearing devices in the U.S. were very low. Sonova mentioned that its cochlear Implants segment held 37.27% share in 2020 compared to in 2019.
The study was conducted with the help of exhaustive primary and secondary research. To derive the market value and growth rate, various approaches were taken into consideration. Also, the report includes an expected recovery time of this industry, keeping in mind the COVID-19 pandemic. The best and worst case scenarios would help our clients make the right business decisions.
Drivers & Restraints-
Rising Need to Manage Hearing Loss in Adults and Pediatrics will Favor Growth
The high demand for affordable hearing aids is expected to accelerate the U.S. hearing aids market growth in the forthcoming years. The World Health Organization (WHO), for instance, declared that nearly 48 million citizens suffer from some degree of hearing loss in the U.S. and hence it is considered to be a very common disorder, especially in industrialized countries. This device can help in managing hearing loss efficiently in pediatric and adult patients. Besides, the surging geriatric population in the country would propel the market. However, patients often face challenges adjusting to these devices. Coupled with this, the stigma related to them may hamper growth.
Adults Segment to Dominate Stoked by Rising Awareness of Availability of Novel Devices
By age, the market is divided into adult and pediatric. Out of these, the adult segment is likely to remain dominant in the upcoming years because of the rising awareness of various hearing aid solutions available in the market. The Administration for Community Living stated that in 2020, the U.S. had more than 56 million senior citizens. The pediatric segment, on the other hand, is anticipated to exhibit a significant U.S. hearing aids market share in 2020 fueled by the surging emphasis by healthcare professionals on conducting hearing screening tests of infants.
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Key Companies Aim to Develop Cutting-edge Hearing Aids to Compete with Rivals
The market houses a large number of big, small, and medium enterprises that are persistently striving to compete with their rivals. To do so, they are launching innovative products for patients. Sonova, for instance, was leading the market in 2020 because of its possession of a wide range of technologically advanced hearing aids. Demant A/S is also set to follow the footprints of Sonova and remain in the second position by strengthening its position in this industry. Below is one of the crucial industry developments:
March 2020: Widex unveiled the first generation of natural sounding hearing aids called WIDEX MOMENT. It features the company’s ZeroDelay Technology that would allow patients with mild to moderate hearing loss to eliminate the issue of listening to artificial sounds.
Fortune Business Insights™ presents a list of renowned companies operating in the market:
Sonova (Stäfa, Switzerland)
Demant A/S (Copenhagen, Denmark)
GN Store Nord A/S (Ballerup, Denmark)
Cochlear Ltd (Sydney, Australia)
WS Audiology (Lynge, Denmark)
RION Co., Ltd.(Tokyo, Japan)
Starkey (Minnesota, U.S.)
MED-EL (Medical Electronics) (Innsbruck, Austria)
Other Prominent Players
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NOTE: Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
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