Hearing Aid Market to Witness 6.30% CAGR by 2031 | SkyQuest Technology
Westford, USA, Sept. 23, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Hearing Aid Market will attain the value of USD 14.21 Billion by 2031, with a CAGR of 6.30% during the forecast period (2024-2031). The market is a technology-driven industry with new products including invisible, intelligent assistants, AI and Bluetooth controls. Companies are improving patient experience with new products and technologies, which they expect it will drive the market growth in the coming years.
According to the National Institute of Deafness and Other Infectious Disorders. About 15% of the population have hearing loss. Government and regulatory support are projected to have a long-term positive impact on the hearing aid market in the US. In addition, the General Health Care Association of local governments in both developed and developing countries emphasizes early deaf screening.
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Hearing Aid Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 8.72 Billion |
| Estimated Value by 2031 | USD 14.21 Billion |
| Growth Rate | Poised to grow at a CAGR of 6.30% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Type of Hearing Loss, Patient Type and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Rising Demand for Smart Hearing Aids with Connectivity Features |
| Key Market Drivers | Increasing Prevalence of Hearing Loss |
Hearing Aid Market Segmental Analysis
Global Hearing Aid Market is segmented by Product, Type of Hearing Loss, Patient Type, and region.
Based on Product, the market is segmented into Hearing Aid Devices, and Hearing Implants.
Based on Type of Hearing Loss, the market is segmented into Sensorineural Hearing Loss, and Conductive Hearing Loss.
Based on Patient Type, the market is segmented into Adults and Paediatrics.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Adult Segment to Dominate Due to High Prevalence of Hearing Loss
The adult segment ruled the marketplace in 2023 and is anticipated to develop at the best CAGR during the forecast period. The excessive incidence of the listening to loss amongst aged helps the growing market demand for these devices. This, coupled with increased legislative focus on mandating that patients do not have access to these devices, is also likely to drive adoption of hearing aids among populations yet to be seen in the market.
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Hearing Devices Segment to Drive Market Due to Increasing Use of Multimodal Devices
Hearing devices is the fastest growing segment in the market. The increasing use of multimodal devices to raise awareness among patients about the benefits of hearing aids and the increasing number of patient visits are driving the demand and acceptance of these devices. Additionally, key manufacturers that are more focused on strengthening their global presence and expanding their product portfolio by increasing the number of product approvals and launches are likely to help pitfalls growth of the hearing aid market.
Asia-Pacific is Growing Due to Technological Advancements
Asia-Pacific is expected to exhibit the fastest CAGR during the forecast period. Furthermore, technological advancements and associations among market players in Asia Pacific are anticipated to propel the market growth. China has one of the largest populations of elderly people. According to the Population Reference Bureau 2023, China’s geriatric population is expected to reach 366 million by 2050.
Drivers
- Increasing Prevalence of Hearing Loss
- Technological Advancements in Hearing Aids
- Growing Aging Population
Restraints
- High Cost of Advanced Hearing Aids
- Lack of Awareness and Accessibility in Developing Regions
- Challenges in Integration with Other Health Technologies
Prominent Players in Hearing Aid Market
• Becton, Dickinson and Company
• Baxter International Inc.
• B. Braun Melsungen AG
• ICU Medical, Inc.
• Fresenius Kabi
• Medtronic PLC
• Terumo Corporation
• Nipro Corporation
• Avanos Medical, Inc.
• Insulet Corporation
• Tandem Diabetes Care, Inc.
• JMS Co., Ltd.
• Roche Diagnostics
• Moog, Inc.
• Teleflex, Inc.
• Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
• Ypsomed Holding AG
• Micrel Medical Devices SA
• Zyno Medical LLC
• InfuTronix
• Epic Medical
• SOOIL Development Co., Ltd.
• Shenzhen Medrena Biotech Co., Ltd.
• CODAN Medizinische Geräte GmbH & Co. KG
• Eitan Medical
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Key Questions Answered in Hearing Aid Market Report
- How big is the global hearing aid market?
- What are the key drivers of global hearing aid market size?
- Which is the fastest growing region in the global hearing aid market?
This report provides the following insights:
Analysis of key drivers (increasing prevalence of hearing loss, technological advancements in hearing aids, growing aging population), restraints (high cost of advanced hearing aids, lack of awareness and accessibility in developing regions, challenges in integration with other health technologies), opportunities (rising demand for smart hearing aids with connectivity features), influencing the growth of Hearing Aid Market.
- Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Hearing Aid Market.
- Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Hearing Aid Market.
- Market Growth: Detailed information on profitable growing industries.
- Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
- Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
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