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NEW YORK, June 29, 2022 /PRNewswire/ -- The Insight Partners adds "Hearing Aids Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Bone-Anchored Systems, Canal Hearing Aids, In-the-ear (ITE) Hearing Aids, Cochlear Implants, Behind-the-ear (BTE) Hearing Aids, Receiver-in-the-ear (RITE) Hearing Aids, Others); Technology (Digital Hearing Aids and Conventional Hearing Aids)" research report to the Medical Device category of its store.

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Key Recent Developments: Hearing Aids Market

• In January 2021, Oticon, announced launching of "Oticon More" a new hearing aid that builds on the company's proven brain hearing approach to offer the brain optimum input for better speech understanding.
• In March 2020, Widex, announced launching of moment hearing device. The widex moment has the classic widex signal pathway that is paired with a second ultra-fast signal pathway that adds extra gearing to the platform.

Rising Incidences of Hearing Problems to Drive Demand for Hearing Aids:

According to the World Health Organization (WHO) report, by 2050, nearly 2.5 billion people are projected to witness some degree of hearing loss, and at least 700 million will require hearing rehabilitation. Additionally, over 1 billion young adults are at risk of permanent, avoidable hearing loss due to unsafe listening practices, and an additional investment of less than US$1.40 per person is required to scale up hearing care services globally. For instance, over 5% of the global population-or 430 million people require rehabilitation to address disabling loss, accounting for almost 432 million adults and 34 million children. Also, it is projected that by 2050 over 700 million people, or one in every ten people, will suffer from disabling hearing loss. Such aforementioned factors accelerate the high adoption of hearing aids, ultimately driving the overall market growth during the forecast period.

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Regional Insights: Hearing Aids Market

Due to the high technological advancements particularly in United States and their increasing focus on digitalization and technological improvement, North America positively influences the global hearing aids market. Also, North America is responsible for raising awareness of hearing aids resulting in high adoption among the population. For records, the American Academy of Audiology has designated October as National Audiology Awareness Month, which focuses on advancements in hearing aids technology through several major manufacturers.

On the other hand, Asia Pacific is expected to register fastest growing CAGR for hearing aids market during the forecast period. Hearing loss is the most common disorder among the Indian population, and demand for hearing aids has accelerated. For records, the WHO estimates reveal that approximately 63 million people are suffering from a significant auditory impairment in India, with an estimated prevalence of 6.3% among the Indian population. Therefore, the high adoption of hearing aids in developing countries like India, South Korea, and others is responsible for driving the overall market growth during the forecast period. 

Impact of COVID-19 Pandemic on Hearing Aids Market:

With the high demand for hearing aids among the hearing loss consumer base worldwide, the pandemic has disrupted the supply chain and consumers' willingness to adopt elective healthcare. This is due to a sudden outbreak of the COVID-19 pandemic; the governments globally declared a stringent lockdown to control the spread of the disease. Also, the pandemic has affected the supply chain as there is not sufficient labor at manufacturing units, resulting in a lack of hearing aids products in the market. Additionally, stringent lockdowns have resulted in raw material shifting from the source places by causing a severe scarcity of raw materials for the manufacturers, affecting the export of hearing aids products. However, in the aftermath of the lockdown period, the manufacturers recovered from the scarcity of raw materials and resumed production.

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The report segments the global Hearing Aids market as follows:

By Product:

•  Bone-Anchored Systems
•  Canal Hearing Aids
•  In-the-ear (ITE) Hearing Aids
•  Cochlear Implants
•  Behind-the-ear (BTE) Hearing Aids
•  Receiver-in-the-ear (RITE) Hearing Aids
•  Others

By Technology:

•  Digital Hearing Aids
•  Conventional Hearing Aids

By Geography

• North America
• US
• Canada
• Mexico
• Europe
• France
• Germany
• Italy
• UK
• Russia
• Rest of Europe
• Asia Pacific (APAC)
• China
• India
• Australia
• South Korea
• Japan
• Rest of APAC
• Middle East and Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of SAM

Company Profiles:

• Zounds Hearing
• Audina Hearing Instruments, Inc.
• Widex India Private Limited
• Sonova
• Sivantos Pte. Ltd.
• GN Store Nord A/S
• MED-EL
• William Demant Holding A/S
• Cochlear Ltd.
• Rion Co., Ltd

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Hearing Aids Market Research Study Scope:

• This research report provides insights into the "Global Hearing Aids Market" and summarizes the results of the assessment carried out by The Insight Partners in the field of hearing aids for global perspective.
• The report provides the current market size for hearing aids, defines trends and presents growth forecasts for 12 years, i.e., from 2019 to 2028. The historical years considered for this study are 2018 and 2019, base year is 2020, and the forecast period for the entire report is 2021 to 2028.
• All the market numbers for revenue are provided in US dollars and revenue generated by companies offering hearing aids solutions and services is considered for market size derivation.
• The market is analyzed from supply side and is further validated by taking demand side into consideration.
• The research report focuses on current market trends, opportunities, potential of the market, and competition in the global hearing aids market.
• The study also provides market insights and analysis of the hearing aids market, highlighting the technological market trends, market dynamics, and competitive analysis of the major players in the industry.

The Insight Partners Research Report Guidance:

The report provides qualitative and quantitative analysis of global hearing aids market segmented by product, technology and geographic regions.

• Chapter 1 provides a brief description of the market under study.
• Chapter 2 mentions the key takeaways, highlighting the key trends and outlook of the global hearing aids market
• Chapter 3 provides the research methodology of the study.
• Chapter 4 provides market landscape, PEST (Political, Economic, Social and Hardware) analysis, ecosystem analysis, and expert opinions.
• Chapter 5 highlights the key market dynamics in the hearing aids market, including factors that are driving the market, prevailing deterrents, potential opportunities, and future trends. Impact analysis of drivers and restraints are covered under this section.
• Chapter 6 discusses the global hearing aids market scenario, in terms of historical market values, and forecast till 2028.
• Chapters 7 to 11 discuss the market segments by product, technology, and geographic analysis across North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM), along with the major factors governing the growth of the market in these regions.
• Chapter 12 describes the impact of COVID 19 outbreak on global hearing aids market across various geographies.
• Chapter 13 describes the industry landscape analysis. It provides detailed description of various business activities, such as market initiatives, new developments, mergers and joint ventures, across the world.
• Chapter 14 provides the detailed profiles of key companies operating in the global hearing aids market. The companies have been profiled based on their key facts, business description, products & services, financial overview, SWOT analysis, and key developments.
• Chapter 15, i.e., the appendix is inclusive of the company overview, word index, contact information, and disclaimer section.

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Expert Opinions on Hearing Aids Market:

During the course of the research study, various leading industry experts, global sales managers, key opinion leaders, and industry veterans shared their valuable and critical insights about global and regional trends related to the hearing aids market. As a result, the figure below summarizes a few expert opinions collected during the primary research for the global hearing aids market.

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Hearable Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Product (Headsets, Earbuds, Hearing Aids); Type (In Ear, Over Ear); Connectivity Type (Wired, Wireless); End-User (Consumer, Industrial, Others) and Geography

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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