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India Hearing Aid Devices Market: Unveiling Competition, Size, and Robust Growth Prospects Through 2028

06-04-2024 10:05 AM CET | Health & Medicine

Press release from: TechSci Research Pvt Ltd

India Hearing Aid Devices Market: Unveiling Competition, Size,

Overview
According to TechSci Research report, "India Hearing Aid Devices Market - Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028", the India hearing aid devices market is anticipated to witness steady growth in the forecast period, FY2024-FY2028. A hearing aid device is an electronic device that is used by patients suffering from auditory damage and hearing loss. The market is driven by the rise in the geriatric population and the growing adoption of smart hearing aids among hearing-impaired people. However, patients have a casual approach to treating hearing problems, and the ignorance by patients to undergo initial testing may restrain market growth through the next five years.

Browse over XX market data Figures spread through 70 Pages and an in-depth TOC on "India Hearing Aid Devices Market" - https://www.techsciresearch.com/report/india-hearing-aid-devices-market/11780.html

Market Segmentation
The India hearing aid devices market is segmented into several categories based on type, type of hearing loss, product type, technology type, patient type, distribution channel, regional distribution, and competitive landscape.

By Type
The market is divided into hearing aids and hearing implants. Hearing aids are expected to dominate the market throughout the forecast period. The changing preference of consumers toward convenient medical devices and growing healthcare expenditure of consumers are making the market players invest in research and development activities. Patients are actively adopting behind-the-ear devices as they resemble Bluetooth earphones, which gives them more confidence as they are aesthetically appealing. The launch of invisible-in-the-canal devices and completely in-canal hearing aids in the market and other advanced hearing aid medical devices to garner customer attraction is expected to fuel the India hearing aid devices market growth through the next five years.

By Type of Hearing Loss
The market is divided into sensorineural and conductive hearing loss. The sensorineural hearing loss segment is expected to account for a significant market share over the forecast period. The growing old-age population in the country, who are at higher risk of hearing losses, is expected to boost the segment demand.

By Product Type
The market is divided into wired and wireless hearing aids. Wireless hearing aids are expected to witness the fastest incremental growth in the next five years as they are more comfortable and give the flexibility to the patient to move freely. They can connect easily and quickly and are generally equipped with directional microphones. Wireless hearing aids can be personalized according to patient needs, making them more desirable among patients.

By Patient Type
The market is divided into adult and pediatric. The adult segment is expected to hold the largest market share in the forecast period due to the rise in awareness about the benefits of using hearing aid devices. Old age people form a major part of the population, and they are at higher risk of getting affected by hearing disorders. The high demand from the geriatric population for advanced hearing aid devices is expected to accelerate the demand for the India hearing aid devices market over the next five years.

By Distribution Channel
The market is divided into online and offline channels. The offline segment is projected to capture the highest market share in the forecast period. The offline distribution channel includes hospital pharmacies, retail pharmacies, over-the-counter (OTC) outlets, among others. The surge in the penetration of hearing implants and the massive preference of consumers to visit hospital facilities to seek medical treatment is driving the segment demand.

Market Drivers
Increasing Geriatric Population
One of the primary drivers of the hearing aid devices market in India is the increasing geriatric population. With age, the likelihood of experiencing hearing loss increases significantly. According to the World Health Organization, approximately one-third of people over the age of 65 are affected by disabling hearing loss. This demographic trend is expected to continue, driving demand for hearing aid devices.

Adoption of Smart Hearing Aids
Technological advancements have led to the development of smart hearing aids that offer features such as Bluetooth connectivity, noise reduction, and advanced signal processing. These smart devices provide a better user experience and are gaining popularity among the hearing-impaired population, contributing to market growth.

Awareness and Accessibility
There is a growing awareness about hearing loss and the availability of hearing aid devices. Government initiatives and campaigns by non-governmental organizations are playing a crucial role in educating the public about hearing health and the benefits of using hearing aids. Additionally, the increasing accessibility of these devices in both urban and rural areas is boosting market growth.

Recent Trends
Technological Innovations
The hearing aid devices market is witnessing a surge in technological innovations. Companies are investing in research and development to introduce advanced devices that are smaller, more comfortable, and offer superior sound quality. Innovations such as invisible-in-the-canal (IIC) and completely-in-the-canal (CIC) hearing aids are gaining traction among users.

Wireless Connectivity
Wireless connectivity is a significant trend in the hearing aid market. Wireless hearing aids can connect to smartphones, televisions, and other devices, enhancing the user experience. This trend is expected to continue, with more users opting for wireless hearing aids that offer convenience and better functionality.

Eco-Friendly Devices
Sustainability is becoming an essential consideration in the manufacturing of hearing aid devices. Companies are focusing on developing eco-friendly products that use recyclable materials and have a longer lifespan. This trend is driven by the increasing awareness of environmental issues among consumers.

Competitive Analysis
Major Market Players
The India hearing aid devices market is highly competitive, with several key players operating in the industry. Some of the major market players include:
• Amplifon India Pvt. Ltd.
• Starkey Hearing Technologies
• Sonova Hearing India Pvt Ltd
• Siemens India
• WS Audiology (Widex)
• Oticon - Otic Hearing Solutions Pvt.Ltd.
• Cochlear Limited India

Strategies for Market Penetration
These companies are adopting various strategies to maintain their market position and enhance their product offerings. Key strategies include:
• Product Innovation: Investing in R&D to introduce new and advanced hearing aid devices.
• Market Expansion: Expanding their presence in untapped regions and rural areas to reach a broader customer base.
• Partnerships and Collaborations: Forming strategic partnerships with other companies and healthcare institutions to enhance product distribution and accessibility.
• Marketing Campaigns: Conducting awareness campaigns to educate consumers about the benefits of hearing aids and reduce the stigma associated with their use.

Recent Developments
Several notable developments have taken place in the hearing aid devices market recently. These include:
• Lexie Hearing's New Product: In January 2024, Lexie Hearing released the Lexie B2 Plus Self-fitting OTC Hearing Aids Powered by Bose, featuring an enhanced in-app hearing test and a new charging carrying case.
• Eargo's New Devices: In January 2024, Eargo, Inc. launched two new over-the-counter hearing health devices, Eargo SE and LINK by Eargo, expanding their range of options.
• AIISH Mysuru and Frauscher Collaboration: In February 2024, AIISH Mysuru collaborated with Frauscher Sensor Technology India Pvt Ltd to distribute high-gain digital hearing aids to underprivileged families.
• Starkey's Genesis AI Hearing Aids: In February 2024, Starkey launched Genesis AI hearing aids in India.
• Softone's 'Re-Hear': In April 2023, Softone introduced 'Re-Hear', India's first advanced hearing aid with multifunctionality.
• Demant and Cochlear Limited Agreement: In April 2022, Demant reached an agreement to sell its Hearing Implants business, Oticon Medical, to Cochlear Limited.
• Soundwave Hearing's Self-Fitting Technology: In January 2022, Soundwave Hearing announced the launch of a new hearing aid and mobile app revolutionizing self-fitting hearing aid technology.
• Starkey's Evolv AI Series: In January 2022, Starkey launched the Evolv AI hearing aid series, expanding their holistic approach to enhanced hearing.
• Sonova's Acquisition of Sennheiser: In May 2021, Sonova Holding AG acquired Sennheiser, specializing in medical audio and hearing aids.

Benefits of the Research Report
The research report on the India hearing aid devices market provides numerous benefits, including:
1. Comprehensive Market Analysis: Detailed analysis of market size, share, and growth trends.
2. Strategic Insights: Insights into market drivers, restraints, and opportunities.
3. Segment Analysis: In-depth analysis of different market segments and their growth prospects.
4. Competitive Landscape: Detailed information on major market players and their strategies.
5. Technological Trends: Analysis of technological advancements and their impact on the market.
6. Market Forecast: Projections for market growth and trends over the forecast period.
7. Regulatory Landscape: Information on regulatory policies and their impact on the market.
8. Consumer Behavior Analysis: Insights into consumer preferences and purchasing behavior.
9. Distribution Channel Analysis: Analysis of different distribution channels and their market share.
10. Investment Opportunities: Identification of potential investment opportunities in the market.
Global Hearing Aid Market Overview
The Global Hearing Aid Market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2022, the North American region is projected to hold the most substantial share of the market. The regional market is likely to be driven by the high prevalence of hearing loss, greater awareness and adoption of hearing aid devices, and the presence of robust healthcare infrastructure in the region. According to the National Institute on Deafness and Other Communication Disorders' March 2021 update, approximately 2 to 3 out of every 1,000 children in the United States are born with a detectable level of hearing loss in one or both ears, and approximately 15% of American adults (37.5 million) aged 18 and up report some difficulty hearing. Furthermore, according to the same source, one out of every eight persons in the United States (13%, or 30 million) has hearing loss in both ears, and there are approximately 28.8 million adults in the United States who can benefit from hearing aids. According to the research, the country has a significant rate of hearing loss, which creates a significant growth scope for the market during the forecast period.
According to a report by WHO, 1 in every 4 individuals across the globe will experience mild to profound hearing loss by 2050. That estimates approximately 2.5 billion people and out of this 700 million people will suffer from disabling hearing loss and will require hearing care.

The India hearing aid devices market is poised for significant growth over the forecast period, driven by factors such as the increasing geriatric population, adoption of smart hearing aids, and rising awareness about hearing health. The market is highly competitive, with major players adopting various strategies to maintain their market position. Recent technological advancements and the introduction of innovative products are expected to further propel market growth. The research report provides a comprehensive analysis of the market, offering valuable insights into market trends, competitive landscape, and investment opportunities.

DOWNLOAD FREE SAMPLE REPORT - https://www.techsciresearch.com/sample-report.aspx?cid=11780
Customers can also request for 10% free customization on this report.

"Due to the growing hearing disorders prevalence and increased per capita income of patients, the market players are working on research and development activities to advance hearing aids. Integration of innovative technologies and the emergence of digital platforms in the mini device are helping the patients to hear more clearly. The introduction of digital hearing aid devices in the market supporting smartphone compatibility, rechargeable batteries, high sound processing ability, Bluetooth connectivity, and artificial intelligence are expected to accelerate the India hearing aid devices market growth till FY2028" said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
"India Hearing Aid Devices Market By Type (Hearing Aids v/s Hearing Implants), By Type of Hearing Loss (Sensorineural v/s Conductive), By Product Type (Wired v/s Wireless), By Technology Type (Digital v/s Analog), By Patient Type (Adult v/s Pediatric), By Distribution Channel (Online v/s Offline), By Region, Competition Forecast & Opportunities, 2028", has evaluated the future growth potential of India hearing aid devices market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India hearing aid devices market.

DOWNLOAD FREE SAMPLE REPORT - https://www.techsciresearch.com/sample-report.aspx?cid=11780

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TechSci Research is a research based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries.

TechSci Research's core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci's client leads rather than follow market trends. Not bound by legacy, TechSci's cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.

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