Hearing Aids Market Size, Growth, Opportunities 2024-2032 | Cochlear Ltd., RION Co., Ltd., Sonova, Demant A/S, Starkey Laboratories Inc.

The global hearing aids market size was valued at USD 12.96 billion in 2023. The industry is expected to expand from 𝗨𝗦𝗗 𝟭𝟰.𝟯𝟱 𝗯𝗶𝗹𝗹𝗶𝗼𝗻 𝗶𝗻 𝟮𝟬𝟮𝟰 to 𝗨𝗦𝗗 𝟯𝟰.𝟳𝟲 𝗯𝗶𝗹𝗹𝗶𝗼𝗻 𝗯𝘆 𝟮𝟬𝟯𝟮, exhibiting a 𝗖𝗔𝗚𝗥 𝗼𝗳 𝟭𝟭.𝟳% during the forecast (2024-2032). 𝗡𝗼𝗿𝘁𝗵 𝗔𝗺𝗲𝗿𝗶𝗰𝗮 𝗵𝗲𝗹𝗱 𝗮 𝟯𝟴.𝟭𝟵% 𝘀𝗵𝗮𝗿𝗲 𝗶𝗻 𝟮𝟬𝟮𝟯, 𝗶𝗻𝗱𝗶𝗰𝗮𝘁𝗶𝗻𝗴 𝗶𝘁𝘀 𝗱𝗼𝗺𝗶𝗻𝗮𝗻𝗰𝗲 𝗶𝗻 𝘁𝗵𝗲 𝗴𝗹𝗼𝗯𝗮𝗹 𝗺𝗮𝗿𝗸𝗲𝘁.

Hearing aids are electronic medical devices operated using batteries and developed to enhance different forms of hearing impairment and loss among patients. The growing occurrence of hearing impairment and loss among the population, specifically geriatric patients, is one of the key factors poised to bolster the demand for the product, propelling the market growth.

𝗗𝗶𝘀𝗰𝗼𝘃𝗲𝗿 𝗪𝗵𝗮𝘁 𝗬𝗼𝘂'𝗿𝗲 𝗠𝗶𝘀𝘀𝗶𝗻𝗴: 𝗚𝗲𝘁 𝗮 𝗙𝗿𝗲𝗲 𝗥𝗲𝗽𝗼𝗿𝘁 (𝗣𝗗𝗙) 𝗦𝗮𝗺𝗽𝗹𝗲: https://www.fortunebusinessinsights.com/enquiry/sample/hearing-aids-market-101573

𝗞𝗲𝘆 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆 𝗗𝗲𝘃𝗲𝗹𝗼𝗽𝗺𝗲𝗻𝘁:

𝗝𝗮𝗻𝘂𝗮𝗿𝘆 𝟮𝟬𝟮𝟰 - Starkey Laboratories Inc. launched the Genesis AI hearing aids in Australia and New Zealand to advance products among the patient population. The Genesis AI features an advanced processor, a long-lasting rechargeable battery, and one of the smallest rechargeable RICs with the sensor.

𝗧𝗼𝗽 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗜𝗻 𝗧𝗵𝗲 𝗛𝗲𝗮𝗿𝗶𝗻𝗴 𝗔𝗶𝗱𝘀 𝗠𝗮𝗿𝗸𝗲𝘁:

• Starkey Laboratories Inc. (U.S.)
• WS Audiology (Denmark)
• GN Store Nord A/S (Denmark)
• Cochlear Ltd. (Australia)
• RION Co., Ltd. (Japan)
• Sonova (Switzerland)
• Demant A/S (Denmark)
• MED-EL (Medical Electronics) (Austria)

𝗛𝗲𝗮𝗿𝗶𝗻𝗴 𝗔𝗶𝗱𝘀 𝗠𝗮𝗿𝗸𝗲𝘁 𝗗𝗿𝗶𝘃𝗲𝗿𝘀 𝗮𝗻𝗱 𝗥𝗲𝘀𝘁𝗿𝗮𝗶𝗻𝘁𝘀:

𝗜𝗻𝗰𝗼𝗿𝗽𝗼𝗿𝗮𝘁𝗶𝗼𝗻 𝗼𝗳 𝗔𝗜 𝗖𝗼𝘂𝗽𝗹𝗲𝗱 𝗪𝗶𝘁𝗵 𝗥𝗶𝘀𝗶𝗻𝗴 𝗧𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝗶𝗰𝗮𝗹 𝗗𝗲𝘃𝗲𝗹𝗼𝗽𝗺𝗲𝗻𝘁𝘀 𝘁𝗼 𝗗𝗿𝗶𝘃𝗲 𝗠𝗮𝗿𝗸𝗲𝘁 𝗚𝗿𝗼𝘄𝘁𝗵

Key companies are increasingly emphasizing research and development activities to introduce innovative hearing aids to meet the rising demand for the patient population. Moreover, the market is observing the surging launches of novel hearing devices owing to the utilization of artificial intelligence and machine learning.

However, the unawareness and lower rate of disposable income among lower-income nations may impede the penetration rate of the product, hindering the hearing aids market growth.

𝗖𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝘃𝗲 𝗟𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲:

𝗞𝗲𝘆 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗙𝗼𝗰𝘂𝘀 𝗼𝗻 𝗘𝘅𝗽𝗮𝗻𝗱𝗶𝗻𝗴 𝗣𝗿𝗼𝗱𝘂𝗰𝘁 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝘁𝗼 𝗗𝗲𝗹𝗶𝘃𝗲𝗿 𝗘𝗻𝗵𝗮𝗻𝗰𝗲𝗱 𝗦𝗼𝗹𝘂𝘁𝗶𝗼𝗻𝘀

The growing strategic initiatives, along with the emphasis of prominent companies, such as Demant A/S, WS Audiology, and Sonova, on the diversification of their product portfolios, are poised to enhance their global presence. For instance, in January 2023, Sonova released Conversation Clear Plus earbuds for the diversification of its hearing solutions segment. Several companies are also expanding their product portfolio to offer enhanced solutions.

𝗥𝗲𝗽𝗼𝗿𝘁 𝗖𝗼𝘃𝗲𝗿𝗮𝗴𝗲

The report analyzes the major driving and restraining factors affecting the market growth in detail. In addition, it provides comprehensive coverage of the latest trends, COVID-19 pandemic impact, and key segments. Additional aspects of the report include the strategic moves taken by leading companies to stand out from the competition.

𝗙𝗼𝗿 𝗙𝘂𝗹𝗹 𝗥𝗲𝗽𝗼𝗿𝘁 𝗖𝗼𝘃𝗲𝗿𝗮𝗴𝗲 𝗩𝗶𝘀𝗶𝘁: https://www.fortunebusinessinsights.com/industry-reports/hearing-aids-market-101573

𝗦𝗲𝗴𝗺𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻:

𝗥𝗶𝘀𝗶𝗻𝗴 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗰 𝗜𝗻𝗶𝘁𝗶𝗮𝘁𝗶𝘃𝗲𝘀 𝘁𝗼 𝗦𝘂𝗿𝗴𝗲 𝗔𝘄𝗮𝗿𝗲𝗻𝗲𝘀𝘀 𝗔𝗯𝗼𝘂𝘁 𝘁𝗵𝗲 𝗣𝗿𝗼𝗱𝘂𝗰𝘁'𝘀 𝗕𝗲𝗻𝗲𝗳𝗶𝘁𝘀 𝗙𝘂𝗲𝗹𝘀 𝘁𝗵𝗲 𝗛𝗲𝗮𝗿𝗶𝗻𝗴 𝗗𝗲𝘃𝗶𝗰𝗲𝘀 𝗦𝗲𝗴𝗺𝗲𝗻𝘁 𝗚𝗿𝗼𝘄𝘁𝗵

By product, the market is divided into hearing implants and hearing devices. The hearing devices segment is further divided into ITE (in the ear), BTE (behind the ear), CIC (completely in the canal), RIC (receiver in the canal), and others. The hearing implants segment has further been bifurcated into bone-anchored implants and cochlear implants.

The hearing devices segment captured the maximum hearing aids market share in 2023 with surging strategic initiatives to boost awareness about the advantages of hearing devices among the patient population.

𝗔𝗱𝘂𝗹𝘁 𝗦𝗲𝗴𝗺𝗲𝗻𝘁 𝗗𝗼𝗺𝗶𝗻𝗮𝘁𝗲𝗱 𝗗𝘂𝗲 𝘁𝗼 𝗥𝗶𝘀𝗶𝗻𝗴 𝗘𝗺𝗽𝗵𝗮𝘀𝗶𝘀 𝗼𝗳 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿𝘆 𝗕𝗼𝗱𝗶𝗲𝘀 𝗼𝗻 𝗠𝗮𝗻𝗱𝗮𝘁𝗶𝗻𝗴 𝗔𝗰𝗰𝗲𝘀𝘀 𝘁𝗼 𝗛𝗲𝗮𝗿𝗶𝗻𝗴 𝗔𝗶𝗱𝘀

By patient type, the market is classified into pediatric and adult. The adult segment accounted for the largest share in 2023 with growing emphasis of regulatory authorities on mandating access to these devices among patients. This move is slated to surge the uptake of hearing devices among the undiagnosed population, impelling the segment growth.

𝗦𝘂𝗿𝗴𝗶𝗻𝗴 𝗣𝗿𝗼𝗱𝘂𝗰𝘁 𝗗𝗲𝗺𝗮𝗻𝗱 𝘁𝗼 𝗣𝗿𝗼𝗽𝗲𝗹 𝘁𝗵𝗲 𝗦𝗲𝘃𝗲𝗿𝗲 & 𝗣𝗿𝗼𝗳𝗼𝘂𝗻𝗱 𝗦𝗲𝗴𝗺𝗲𝗻𝘁 𝗘𝘅𝗽𝗮𝗻𝘀𝗶𝗼𝗻

Concerning severity, the market is classified into severe & profound, moderate, and mild. The severe & profound segment secured the largest share in 2023. The growing demand for the product is allowing prominent companies to emphasize research and development activities to introduce the devices particular to the condition. This factor is bolstering the severe & profound segment growth.

𝗚𝗿𝗼𝘄𝗶𝗻𝗴 𝗙𝗮𝘃𝗼𝗿𝗮𝗯𝗹𝗲 𝗥𝗲𝗶𝗺𝗯𝘂𝗿𝘀𝗲𝗺𝗲𝗻𝘁 𝗳𝗼𝗿 𝗛𝗲𝗮𝗿𝗶𝗻𝗴 𝗜𝗺𝗽𝗹𝗮𝗻𝘁𝗮𝘁𝗶𝗼𝗻 𝗦𝘂𝗿𝗴𝗲𝗿𝘆 𝘁𝗼 𝗘𝘅𝗽𝗲𝗱𝗶𝘁𝗲 𝘁𝗵𝗲 𝗠𝗲𝗱𝗶𝗰𝗮𝗹 𝗖𝗵𝗮𝗻𝗻𝗲𝗹 𝗦𝗲𝗴𝗺𝗲𝗻𝘁 𝗚𝗿𝗼𝘄𝘁𝗵

By distribution channel, the market is categorized into private practices, medical channels, and OTC. The medical channel segment occupied the largest share in 2023 with the increasing supportive health reimbursement for hearing implantation surgery.

From the regional perspective, the market is divided into Europe, Asia Pacific, North America, and the rest of the world.

𝗛𝗲𝗮𝗿𝗶𝗻𝗴 𝗔𝗶𝗱𝘀 𝗠𝗮𝗿𝗸𝗲𝘁 𝗥𝗲𝗴𝗶𝗼𝗻𝗮𝗹 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀:

𝗡𝗼𝗿𝘁𝗵 𝗔𝗺𝗲𝗿𝗶𝗰𝗮 𝗟𝗲𝗮𝗱𝘀 𝗪𝗶𝘁𝗵 𝗚𝗿𝗼𝘄𝗶𝗻𝗴 𝗦𝗮𝗹𝗲𝘀 𝗩𝗼𝗹𝘂𝗺𝗲 𝗼𝗳 𝗛𝗲𝗮𝗿𝗶𝗻𝗴 𝗗𝗲𝘃𝗶𝗰𝗲𝘀

North America's hearing aids market captured the largest share in 2023 on the back of the surging sales volume of hearing devices.

Asia Pacific is poised to witness the highest CAGR during the forecast period with the rising number of companies emphasizing the expansion of their geographical footprint to manage the growing demand for these devices.

𝗖𝘂𝘀𝘁𝗼𝗺𝗶𝘇𝗲 𝗧𝗵𝗶𝘀 𝗥𝗲𝗽𝗼𝗿𝘁 𝗔𝗰𝗰𝗼𝗿𝗱𝗶𝗻𝗴 𝗧𝗼 𝗬𝗼𝘂𝗿 𝗖𝗼𝗻𝘃𝗲𝗻𝗶𝗲𝗻𝗰𝗲: https://www.fortunebusinessinsights.com/enquiry/ask-for-customization/hearing-aids-market-101573

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This release was published on openPR.