Global Hearing Aids Market Growth Propelled by Public Awareness and Initiatives on Hearing Loss

According to Inkwood Research, the Global Hearing Aids Market is projected to register a CAGR of 6.74% in terms of revenue during the forecasting years of 2022-2030.
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Hearing loss entails a medical condition wherein a person's ability to hear thresholds of 25 decibels (dB) is compromised. Several different types of hearing loss are experienced by individuals, ranging from mild to severe. Furthermore, the condition is one of the major causes of the rising disease burden across the globe, as well.

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Public Awareness as well as Initiatives on Hearing Loss to Augment Market Growth
Public awareness and initiatives associated with hearing loss are mainly introduced worldwide for the early detection of hearing loss as well as the improvement of healthcare. In this regard, the Australian Hearing Hub Members organized several public health activities and initiatives across the country. Likewise, according to the report published by the World Health Organization (WHO), on World Hearing Day 2018, an ear awareness and screening camp was arranged at the Ministry of Health and Family Welfare, New Delhi, as a collective effort for raising awareness surrounding sound hearing.

Pharmacies is the Fastest-Growing Distribution Channel
Hearing aids are sold by pharmacies as OTC products, in compliance with the regulations of the Food and Drug Administration (FDA). Pharmacies also collaborate with hospitals as well as insurance providers, thus helping with increasing the sales volume of hearing aids. Hearing aids can be purchased from authorized pharmacies and fitted by an audiologist at an ENT clinic or hospital. Moreover, insurance providers like Medicaid and Boots Hearing also partnered with pharmacies, thereby aiding in the bulk purchase of hearing aid products. However, online sales of hearing aids have adversely impacted the market growth, as stated by several major players, including William Demant Holding A/S and Sonova Holding AG.

Europe Held the Highest Market Share in 2021
The market growth in Europe is facilitated by the increasing awareness of hearing aids for the treatment of hearing disorders, the availability of technologically advanced devices, various favorable guidelines, as well as improved healthcare infrastructure. Furthermore, the increasing prevalence of hearing loss across the region also plays an integral role in fueling the market's growth.
The intensity of competition within the global market is moderate. While the prices of hearing aids are competitive, companies are also exploring the possibilities of expanding in developing markets through direct sales solutions. Moreover, stable technological progressions further fuel industrial rivalry among existing players.
The key companies operating in the market are Cochlear Ltd, Sonova, Siemens AG, etc.

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This release was published on openPR.