Global Hearing Care Devices Market Size, Share & Industry Trends Analysis Report By Product, By End User, By Regional Outlook and Forecast, 2022 - 2028
The Global Hearing Care Devices Market size is expected to reach $10. 5 billion by 2028, rising at a market growth of 5. 0% CAGR during the forecast period. A hearing aid is a small electronic device worn in or behind the ear that helps patients in hearing better.
New York, June 27, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Hearing Care Devices Market Size, Share & Industry Trends Analysis Report By Product, By End User, By Regional Outlook and Forecast, 2022 - 2028" - https://www.reportlinker.com/p06283431/?utm_source=GNW
It amplifies certain sounds in order to allow a patient with hearing loss to listen, speak, and fully engage in daily activities. Hearing aids are used to help people with temporary or permanent hearing loss enhance or regain their hearing senses. The hearing care equipment market is estimated to develop as the geriatric population becomes more sensitive to hearing problems, the prevalence of hearing loss rises, and the rate of binaural fitting rises. In addition, the market’s growth is aided by an increase in the usage of technologically advanced hearing aids such as cochlear implantsHearing implants are surgically implanted hearing devices that help completely or partially deaf patients in hearing voices and sounds around them.
As per the National Institute on Deafness and Other Communication Disorders (NIDCD), around 2 to 3 out of 1,000 new-borns in the United States will be born with a detectable level of hearing loss in 2021. The market is expected to develop as the incidence of hearing loss rises and the number of geriatric people grows.
The increasing burden of hearing disorders, as well as increased awareness & activities concerning hearing assist devices, are important drivers propelling the expansion of the hearing aids industry. As per the World Health Organization’s (WHO) April 2021 study, nearly 2.5 billion people will have some degree of hearing loss by 2050, with around 700 million people requiring hearing rehabilitation. Additionally, according to the same source, around 1 billion young individuals are in danger of permanent, preventable hearing loss as a result of poor listening habits. The WHO data demonstrates the existence of hearing loss and risk all around the world.
The Belgian government spends a significant amount each year on hearing aid reimbursements for several devices, as per the National Institute for Health and Disability Insurance. Reimbursement in Belgium is based on a fixed lump sum payment for unilateral implants and bilateral implants.
COVID-19 Impact
The COVID-19 pandemic has had a negative impact on the healthcare industry. Hospitals around the world are becoming overburdened with patients in need for immediate attention, and many healthcare facilities are running out of resources. To reallocate resources to care for COVID-19 patients, a number of elective procedures are being postponed or cancelled. This has harmed the medical device industry as well. The negative trend can be seen in the demand for orthopaedic implants, intraocular lenses, heart valves, and audiology testing instruments. Due to this, the production as well as the demand for hearing aids is being reduced.
Market Growth Factors
Increasing number of favourable policies and rising technical advancements
The sector has benefited from increasing funding schemes by private banks & financial institutions to cover operations and other medical-related expenditures. Various developed countries, run healthcare reimbursement schemes, creating significant growth prospects for the market players in the sector. A client base has been created to serve in forecast period because of widening knowledge of programs and better transparency about the terms & circumstances. Moreover, technical developments in the healthcare sector of many LMICs, undeveloped, and developing countries have created new market opportunities by expanding their reach and attracting new clients.
Increased demand for Behind the Ear devices
Due to increased connectivity, high efficiency, and ease of use, the behind-the-ear (BTE) hearing aid devices are in higher demand. In addition, these devices are also considered ideal for most people with hearing problems, as it is best suited for people of all ages and any type of hearing impairment, which expands the device’s patient pool. As per a Mayo Clinic article published in October 2021 titled Hearing aids: How to choose the right one, behind-the-ear hearing aids are the most common type of hearing aid, have more amplification power than other hearing aids, & also have a directional microphone that improves their efficiency.
Market Restraining Factors
Expensive hearing aids and shortage of trained professionals
The high cost of hearing aids such as cochlear implants & bone-anchored devices is a major factor limiting market growth, especially in price-sensitive regions like Asia Pacific, Africa, and Latin America. Healthcare providers, particularly in developing nations like Brazil & Mexico, have limited financial means to invest in advanced technology. Furthermore, employees must get intensive training in the proper handling & maintenance of cochlear implants & bone-anchored systems. To build technologically sophisticated hearing aids, extensive research and development are required.
Product Outlook
Based on Product, the market is segmented into Hearing Aids and Hearing Implants. The Hearing aids segment acquired the highest revenue share in the hearing care devices market in 2021, due to the growing existence of hearing loss, technical developments in hearing aids, and increased awareness. A hearing aid is an electronic device used to improve hearing in people who have hearing loss or injury to their auditory nerves. Hearing aid adoption is predicted to increase as the prevalence of hearing loss rises.
End User Outlook
Based on End User, the market is segmented into Home-use, Ambulatory Surgical Centers (ASCs), and Hospitals & Clinics. The ambulatory surgical centres segment garnered a significant revenue share in the hearing care devices market in 2021, due to an increase in outpatient surgeries which does not need a hospital stay. The availability of ambulatory surgery centres is assisting in the transformation of healthcare facilities and the medical equipment sector. The increasing number of ASCs in emerging nations is likely to boost the market’s growth. Moreover, increased use of ophthalmic treatment in these settings is likely to contribute to the market growth due to lower costs & shorter wait times. Furthermore, the growth is bolstered by the fact that therapy is offered quickly in customized settings.
Type Outlook
Based on Type of hearing loss, the market is segmented into Conductive Hearing Loss and Sensorineural Hearing Loss. The Conductive hearing loss segment acquired the highest revenue share in the hearing care devices market in 2021, due to technical advancements in medical treatments such as earwax extraction, antibiotics, and surgical procedures. Conductive hearing loss happens when sound energy is not transmitted to the cochlea, the inner ear’s hearing component. Blockage of the ear canal, a hole in the eardrum, difficulties with three little bones in the ear, or fluid in the area between the eardrum and cochlea are all common causes of conductive hearing loss. The majority of cases of conductive hearing loss, can be treated or improved.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America emerged as the leading region in the hearing care devices market with the largest revenue share in 2021, due to the rising prevalence of nasal & hearing disorders, the high adoption rate of technologically advanced devices, the presence of highly sophisticated healthcare infrastructure, favourable reimbursement framework, & higher patient awareness about the availability of treatment options for hearing disorders.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include WS Audiology, Cochlear Ltd., Intricon Corporation, Starkey laboratories, Inc., GN Store Nord A/S (GN Hearing A/S), Sonova Holding AG, William Demant Holding A/S, Amplifon SpA (Ampliter N.V.), and MED-EL GmbH.
Strategies Deployed in Hearing Care Devices Market
Feb-2022: SONOVA unveiled Virto line of custom-made hearing aids. This new line of hearing aids aimed to provide a the fully-connected in-the-ear (ITE) hearing device that resembles a modern earbud and a custom hearing aid made from titanium which is fulfilled by Virto P Black and Virto P-Titanium respectively.
Jan-2022: Cochlear received approval from FDA (U.S. Food and Drug Administration) for Cochlear Nucleus Implants for the treatment of unilateral hearing loss (UHL)/single-sided deafness (SSD). This approval aimed to expand implantable treatment options for those with UHL/SSD to comprise cochlear implants.
Dec-2021: GN Store Nord took over Lively, a leading online direct-to-consumer hearing care and digital marketing platform. This acquisition aimed to offer many potential consumers who want both an online experience and access to a clinic. Further, this acquisition aimed GN Store Nord to gain access to the fast-growing telehealth market, using a proven business model with rapid growth.
Aug-2021: GN Store Nord introduced the Jabra Enhance line of hearing enhancement solutions, created to aid users hear more from their life. This hearing enhancement solution aimed to resolve unaddressed user needs and allow many people to take the initial step on their hearing health journey. This innovation integrates a discreet, comfortable design and the Jabra legacy of industry-leading earbud capability with GN Hearing’s expertise and advanced hearing-enhancing technology.
Aug-2021: Starkey unveiled Evolv AI, the latest full line of hearing aids. Evolv AI is created on Starkey Sound, a dynamic technology created after years of refining Starkey’s research and science-based algorithms to enhance high-fidelity audio, which is built after the human auditory system. This product launch aimed to enhance the hearing impact on overall health & wellness and develop a positive user experience.
Jul-2021: Amplifon signed an agreement to acquire Bay Audio, an Australian private independent hearing care retailer. This acquisition aimed to strengthen its prevalence in Australia’s core retail market being in line with Amplifon’s growth strategy.
May-2021: SONOVA unveiled the Roger On remote microphone solution. This new addition aimed to help hearing aid and cochlear implant wearers better understand speech in difficult circumstances like background noise and over distance.
Oct-2020: Starkey came into a partnership with OrCam Technologies, a leader in AI-driven artificial vision industry. This partnership aimed to aid those suffering from both hearing and vision loss. In addition, this partnership would result in a single solution that connects Livio Edge AI hearing aids to wearable OrCam MyEye devices through a wireless connection, providing both hearing improvement and audio communication of the visual world to a user at the same time.
Sep-2019: GN Store Nord formed a partnership with Google and Cochlear, the global leader in implantable hearing solutions. This partnership aimed to provide support for direct streaming from Android devices to hearing devices using Bluetooth Low Energy. This new technology is designed on the latest hearing aid specification, Audio Streaming for Hearing Aids (ASHA) on Bluetooth Low Energy Connection-Oriented Channels, which Google has developed in collaboration with GN Hearing and Cochlear.
Apr-2019: William Demant joined hands with Philips, a Dutch multinational conglomerate corporation. This collaboration aimed to introduce the Philips branded hearing aids to the global hearing aid market. With this collaboration, the new Philips brand is getting into the hearing healthcare market with a comprehensive range of premium hearing aids, accessories, and applications to best serve hearing aid users.
Aug-2018: Starkey introduced Livio AI. This product has 50 percent noise reduction, lowered listening effort, and improved clarity of speech. Livio AI also has a translation feature that can record speech in a different language, translate it in the app, and then communicate the translation directly into the ear of the user. This product launch aimed to integrate the feature sets of a hearing aid, a fitness wearable, and an AI health coach into one assistive product that can also aid users to speak in different languages and, in the future, detect dangerous falls.
Aug-2018: GN Store Nord came into a partnership with Google. This partnership aimed to deliver a full spectrum of streaming for users of the ReSound LiNX Quattro hearing aid. This assistance would be extended to Beltone Amaze in a future Android release. The offerings would enable users to join their hearing aids to Android devices, which would permmit tracking of the aids without any intermediate products for streaming.
Scope of the Study
Market Segments covered in the Report:
By Product
• Hearing Aids
• Hearing Implants
By End User
• Home-use
• Ambulatory Surgical Centers (ASCs)
• Hospitals & Clinics
By Type of hearing loss
• Conductive Hearing Loss
• Sensorineural Hearing Loss
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• WS Audiology
• Cochlear Ltd.
• Intricon Corporation
• Starkey laboratories, Inc.
• GN Store Nord A/S (GN Hearing A/S)
• Sonova Holding AG
• William Demant Holding A/S
• Amplifon SpA (Ampliter N.V.)
• MED-EL GmbH
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• Highest number of market tables and figures
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• Assured post sales research support with 10% customization free
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