Hearing Aids Market by Component, Application, Growth and Analysis – 2031

 Hearing Aids Market 2022

The growing prevalence of hearing loss, geriatric population growth, and ongoing research and development of  innovative hearing aids are some of the factors that will drive the global market to a  5.2% CAGR  to reach  $ 12.9 billion . by 2031. In addition, government support and assistance in the purchase of hearing aids and the growing awareness of hearing aids and implants are also other challenging factors that add to the expansion of the market.

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The demand for hearing aids is also increasing as costs decrease, thus providing access to a larger population. The main cause of the drop in prices is the increase in the number of emerging players in the market. Hearing technology today offers better hearing aids with advanced features and functionality. Wind noise reduction is one of the main features incorporated by hearing aid manufacturers. Additionally, manufacturers are focusing on launching hearing aids with advanced software (smart hearing aids) to help users program these aids according to their needs.

• For example, in January 2020, Phonak (Sonova) introduced the next generation help – Phonak Naida Marvel, which can be connected directly to Android or iOS smartphones and other Bluetooth devices. In addition, users can enjoy hands-free calling, TV, music, e-books and podcasts.
• Livio Edge AI (Starkey), Phonak Audèo paradise (Sonova), Oticon More (Oticon, Inc.), ReSound LiNx Quattro (GN Group) and MOMENT RIC 10 (WS Audiology A / S) are some of the smart hearing aids available on the market aid in the market.

Company profiles:

• Audina, Inc. acoustic instruments
• Audina, Inc. acoustic instruments
• Starkey Laboratories, Inc.
• A / S required
• BHM Tech Production Company GmbH
• GN Hearing
• Microson
• Sonova Holding AG
• WS Audiology A / S

Eargo Inc.

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Key points of the market study

• Behind-The-Ear (BTE) hearing aids are easy for patient and user to use, have easy maintenance, low cost and better fit, making it the highest shareholder with a market share of the ’82, 3% in 2021.
• Digital hearing aids are a leading segment in technology, accounting for 98.9% of the global market share in 2021.
• Audiology clinics are expanding at a much faster rate than ENT clinics or online stores and are expected to hold nearly 50% of the global market share.
• With the increasing prevalence of hearing loss, the presence of a large number of key players and technological advances, North America and Europe together hold more than 70% market share in the global market.

“The growing prevalence of hearing impairments, favorable reimbursement policies and the introduction of technologically advanced hearing aids are expected to drive market growth over the decade,”  says an analyst with Persistence Market Research.

Market competition

Oticon Inc., in January 2021, introduced Oticon More, the first ever hearing aid with an integrated deep neural network (DNN) to provide patients with mild to severe hearing loss a more complete, balanced and effortless hearing experience.

Likewise, Starkey, in February 2020, introduced the first AI-enabled hearing aid: Livio Edge AI. With a simple double tap, Edge Mode brings the power of artificial intelligence to your fingertips.

Leading hearing aid manufacturers are therefore contributing significantly to market growth by introducing new and innovative products and gaining FDA approval in order to enhance their market presence and gain significant market share.

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What does the report cover?

Persistence Market Research offers a unique perspective and actionable insights into the hearing aid market in its latest study, presenting the historical demand assessment for 2016-2020 and projections for 2021-2031.

The research study is based on the product (behind-the-ear (BTE) hearing aids, receiver-in-the-ear (RIE) hearing aids, in-ear (ITE) hearing aids, in-canal (ITC hearing aids) and fully hearing aids in the channel (CIC), technology (conventional hearing aids and digital hearing aids) and end users (audiology clinics, ENT clinics and online stores), in seven key regions of the world.

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