Hearing Aid Market Is Projected To Reach a Value of US$ 15,053.2 Million By 2034: Fact.MR Report
Technological Evolvement is Refining the Product and Advancing the Demand in the Hearing Aid Market
Rockville , Jan. 14, 2024 (GLOBE NEWSWIRE) -- The global hearing aid market is estimated at US$8,973.1 million in 2024. The market is projected to grow at a solid clip with a 5.3% CAGR through 2034. The market is projected to balloon in size to US$ 15,053.2 million by 2034.Hearing problems and hearing loss are becoming more common as the number of people afflicted with hearing problems grows. This necessitates the use of hearing aids. Noise pollution is a significant contributor to the rising prevalence of hearing problems and is contributing to the greater adoption of hearing aids.
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Hearing aids are being manufactured with varied specifics. Recognizing the diverse needs of the consumer base, manufacturers are designing hearing aids with differing levels of strength. The diversity is helping the market expand its consumer base, including children and adults.
There are still negative perceptions about the use of hearing aids. Many young people feel the use of hearing aids is a symbol of succumbing to old age or weakness. Thus, there are obstacles in the path of the hearing aid market.
*“A significant reason for the positive outlook of the market is the infusion of technology into hearing aids. Technologies like smartphone connectivity, background noise reduction, and even AI are giving a modern shape to the market. Thus, advancements in technology represent significant potential in the market,” *says a Fact.MR analyst.
*Report Attribute* *Details*
Value Projection (2034) US$ 15,053.2 million
Growth Rate (2024-2034) 5.3% CAGR
No. of pages 170 Pages
No. of Tables 64 Tables
No. of Figures 192 Figures
*Key Takeaways from Market Study*
· The global hearing aid market is projected to expand at a CAGR of 5.3% through 2034.
· The East Asia hearing aid market is expected to grow at a CAGR of 6.2% through the period from 2024 to 2034.
· The hearing aid industry is expected to register a CAGR of 7.1% in China over the forecast period.
· The hearing aid industry in the United States is expected to rise at a CAGR of 6.1% through 2034.
· Based on product type, Receiver-in-the-ear (RIE) hearing aids lead the market, with an expected market share of 82.2% in 2024.*Key Companies Profiled in This Report:*
· Audina Hearing Instruments
· Inc., Audina Hearing Instruments, Inc.
· Starkey Laboratories, Inc.
· Demant A/S
· BHM-Tech Produktionsgesellschaft GmbH
· GN Hearing
· Microson
· Sonova Holding AG
· WS Audiology A/S
· Eargo Inc.
*Companies in the Market Focus on the Introduction of New Products, in Line with Advancing Technology *
The hearing aid market is competitive, with scope for both giants and local-level smaller players. The introduction of new products to ensure the product line does not lag with outdated technology, is a prime concern for market players. Some of the prominent companies in the market are Audina Hearing Instruments, Inc., Starkey Laboratories, Inc., and Demant A/S.
*Some of the recent developments in the market are:*
· In October 2023, Jinghao Medical announced the approval of the FDA for its self-fitting over-the-counter hearing aids.
· In March 2023, USound announced it was collaborating with ASE Chung-Li and OBO Pro2 for an advanced over-the-counter hearing aids.
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*Country-wise Insights*
*Why is the Demand for Hearing Aids Increasing in the United States?*
"Surge of Over-the-Counter Hearing Aids in the United States"
In 2024, the United States hearing aids market is valued at US$ 2,836.0 million and is projected to experience a promising Compound Annual Growth Rate (CAGR) of 6.1%. By 2034, the market is anticipated to reach a valuation of US$ 5,117.0 million.
The popularity of over-the-counter hearing aids is on the rise in the United States, offering consumers a cost-effective option without compromising on technological features. For instance, in June 2023, Sennheiser introduced two models, the All-Day Clear and All-Day Slim, which leverage technology to enhance dialogue and can be seamlessly connected to mobile devices.
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