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Hearing Aid Devices And Equipment Market Size, Latest Trends, Growth Status, Top Major Players And Forecast To 2033
Hearing Aid Devices And Equipment Market Size
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According to The Business Research Company's, The hearing aid devices and equipment market size has grown strongly in recent years. It will grow from $10.92 billion in 2023 to $11.67 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to increased older population, increased noise pollution, government investments in the market, increased mergers and acquisitions, strong economic growth in emerging markets, and increased healthcare expenditur.
The hearing aid devices and equipment market size is expected to see strong growth in the next few years. It will grow to $14.91 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to increasing investments in r&d activities, widespread usage of headphones and bluetooth devices, government initiatives, rapid growth in elderly population, increasing hearing loss prevalence, a rise in healthcare expenditure, and increasing healthcare access. Major trends in the forecast period include launching of new technology platforms, new product launches, strategic acquisitions of emerging and innovative companies, and development of advanced and innovative technologies.
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Market Drivers and Trends:
The growing prevalence of hearing loss is 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 the rise in noise pollution levels, genetic factors, ear infections, and other complications. A high number of people suffering from hearing loss would result in a huge demand for hearing aid devices across the globe.
The use of 3D Printing is a trend that is prevalent in the hearing aid devices & equipment market. 3D printing is a technology that produces 3D objects from 2D models which enables the manufacturing of better fitting, more comfortable, and customized hearing aid devices. The 3D printing enables the shape of the ear shell to be customized according to the customer's ear canal and degree of hearing loss. For example, Sonova uses 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.
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Major Key Players of the Market:
L'Oreal S.A, The Procter & Gamble Company, Unilever Plc, Natura & Co, Henkel AG & Co KGaA, Johnson & Johnson, The Estee Lauder Companies Inc, Revlon Inc, BASF SE, Kao Corporation, New Avon LLC, Dabur Ltd, Amway Corporation, Avon Products, Inc., Combe Inc, Goody Products Inc, Shiseido Group, Mandom Corp, Amorepacific Corporation, LG Household & Health Care Ltd, AEKYUNG Industry Co., Ltd., Beirsdorf AG, Mintel International Group, CHI Haircare, FFOR Ltd, Willow Hair, Schwarzkopf Professional, OSMO, Fudge professional, Davines S.p.A, Oriflame Cosmetics AG, K&D, NMGK Group of Companies, ELFARMA LTD, Phyto, Lierac, Wilson's Chemical Innovations Inc, Vitacare Labs Inc, Oneka Elements, Coty Inc, Grupo Boticário, Huda Beauty, Cosmo Cosmetics, Spa Cosmetics, MCH Cosmetic, Amka Products Pty Ltd
Hearing Aid Devices And Equipment Market 2024 Key Insights:
• The hearing aid devices and equipment market size is expected to see strong growth in the next few years. It will grow to $14.91 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Rising Hearing Loss Prevalence Fuels Global Demand For Hearing Aid Devices
• 3D Printing Revolutionizes Customization In Hearing Aid Devices
• Asia-Pacific was the largest region in global hearing aid devices and equipment market in 2023
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