Hearing Aids Market is expected to witness a growth rate of 5% by 2026

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More than 5% of the world’s population (~466 million people) has disabling hearing loss and this number is supposed to be over 900 million by 2050 individuals.
The Global Hearing Aids Market is expected to witness a growth rate of 5% in the next five years. The rising geriatric population, technological advancements, increasing adoption of smart hearing aids, rising incidence of noise-induced hearing loss, favorable reimbursement in developed markets, growing awareness, and improving access to healthcare in emerging markets are some of the key factors driving the global Hearing Aids market.

However, the lack of trained health personnel, educational facilities, and necessary data to address the requirements of those living with hearing issues are probably going to hamper the market development.

Underserved Low- and Middle-Income Countries Offer Ample Opportunities for Growth
The hearing aids market in low- and middle-income countries remain largely untapped as people often have little or no access to audiological services. The prevalence rate of disabling hearing loss in regions such as South Asia, Asia Pacific, and Sub-Saharan Africa is almost four times that of higher-income regions. According to WHO, the global hearing aid production meets only around 3% of the need in these countries. However, rising awareness about hearing aids and increasing affluence in these regions is expected to open up substantial growth opportunities.

“According to WHO, around 90% of the people with disabling hearing loss live in low- and middle-income countries. A huge population base, growing awareness & spending power, and a strong focus of hearing manufacturers on increasing access to hearing care in low- and middle-income countries, especially for children is expected to open growth opportunities in low- and middle-income countries.” – Director, Leading Hearing Aids Device Manufacturer, United States

Digital Solutions Offered by Players Spurs Adoption
The leading players operating in the hearing aids market are progressively offering digital solutions that congregate the healthcare providers and the consumers in real-time through all stages of the hearing journey. The digitally networked solutions provide consumers a higher degree of control and autonomy as they get access to online-based histories, customer support, remote adjustments, and optimization under real-life conditions. The digital solutions allow audiologists to straightforwardly catch information on the particular audiological situation of the user and give prompt help. Moreover, users get more targeted advice due to continuous data monitoring and statistical analysis of their listening situations.

For instance,

The Sonova brand Phonak offers myPhonak app, which gives users an enhanced and personalized hearing experience. Remote support, fitting and control, a hearing diary, and advanced customization options such as noise reduction and speech focus are some of the highlights of the platform.

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High-tech Developments Drive the Hearing Aids Market

The hearing aids market is technology-driven and is marked by product enhancements/innovations.
For instance,

In July 2022, Audientes A/S announced the addition of a new product to its portfolio with Companion by Audientes. Companion by Audientes is a situational hearing device in the advanced hearables category. It is a new consumer electronics device, which also includes Bluetooth streaming functionality
China Expected to be a Major Growth Engine in Hearing Aids Market

Hearing-aid usage in China is on the rise. A rising aging population, growing cases of hearing loss, rising awareness regarding hearing loss & its treatment options among consumers, continuous training of audiologists/experts who can treat hearing loss problems by hearing aid manufacturers, availability and acceptability of more advanced and sophisticated hearing aid products, economic growth, expanding basic health insurance coverage, and presence of key players in the country are some of the key factors that are expected to drive the Chinese hearing aid market.

As per the World Health Organization (WHO), in China alone, the number of people with hearing loss has been consistently expanding from 74 million in 2008 to 96 million in 2018.

Citing the lucrative prospects of the Chinese market, several players are striving to establish their foothold in the market.
For instance,

In June 2022, Demant completed the full acquisition of ShengWang, the Chinese hearing aid chain of some 500 stores. The acquisition provides Demant full ownership of the leading network of hearing aid clinics in China
Organic and Inorganic Growth Strategies Adopted by Players to Establish Their Foothold

The hearing aids market is marked by the presence of both established and new players. Players operating in the market adopt both organic and inorganic growth strategies such as acquisitions, and new product launches to garner market share.

For instance,

In April 2022, medical device and consumer electronics manufacturer, Nuheara Limited entered into a global trademark license agreement for use of certain HP trademarks on Nuheara’s hearing aids, personal sound amplification devices, and accessories
Future Outlook of Hearing Aids Market

The hearing aids market is supposed to pick up additional speed before very long because of the hearing aid sales recovery from Covid-19 pandemic, potential implementation of the ‘Over-the-Counter Hearing Aid Act’, aging population, technological advancements in hearing aid devices, better awareness & healthcare reimbursement coverage in high-income countries, and potential opportunities in under-penetrated low- and middle-income countries.

Competitive Landscape Analysis of Hearing Aids Market
The global hearing aids market is marked by the presence of players such as Sonova Group, Demant, Starkey, Cochlear, GN Store Nord, MED-EL, RION, SeboTek Hearing Systems, audifon, Audina Hearing Instruments, among others.

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