The Worldwide Hearing Care Devices Industry is Expected to Reach $10.5 Billion by 2028
DUBLIN, June 22, 2022 /PRNewswire/ — The “Global Hearing Care Devices Market Size, Share & Industry Trends Analysis Report By Product, By End User (Home-use, Ambulatory Surgical Centers (ASCs), and Hospitals & Clinics), By Regional Outlook and Forecast, 2022-2028” report has been added to ResearchAndMarkets.com’s offering.
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. 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 implants.
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 Analysis
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.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Strategies Deployed in Hearing Care Devices Market
Chapter 4. Global Hearing Care Devices Market by Product
4.1 Global Hearing Aids Market by Region
4.2 Global Hearing Implants Market by Region
Chapter 5. Global Hearing Care Devices Market by End User
5.1 Global Home-use Market by Region
5.2 Global Ambulatory Surgical Centers (ASCs) Market by Region
5.3 Global Hospitals & Clinics Market by Region
Chapter 6. Global Hearing Care Devices Market by Type of hearing loss
6.1 Global Conductive Hearing Loss Market by Region
6.2 Global Sensorineural Hearing Loss Market by Region
Chapter 7. Global Hearing Care Devices Market by Region
Chapter 8. Company Profiles
8.1 WS Audiology
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Regional Analysis
8.1.4 Research & Development Expense
8.2 Cochlear Ltd.
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Segmental and Regional Analysis
8.2.4 Research & Development Expense
8.2.5 Recent Strategies and Developments:
8.2.5.1 Approvals and Trials:
8.3 Intricon Corporation
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Regional & Segmental Analysis
8.3.4 Research & Development Expenses
8.4 Starkey Laboratories, Inc.
8.4.1 Company Overview
8.4.2 Recent Strategies and Developments:
8.4.2.1 Partnerships, Collaborations and Agreements:
8.4.2.2 Product Launches and Product Expansions:
8.5 GN Store Nord A/S (GN Hearing A/S)
8.5.1 Company Overview
8.5.2 Financial Analysis
8.5.3 Segmental and Regional Analysis
8.5.4 Recent Strategies and Developments:
8.5.4.1 Partnerships, Collaborations, and Agreements:
8.5.4.2 Acquisitions and Mergers:
8.5.4.3 Product Launches and Product Expansions:
8.6 Sonova Holding AG
8.6.1 Company Overview
8.6.2 Financial Analysis
8.6.3 Segmental and Regional Analysis
8.6.4 Research & Development Expense
8.6.5 Recent Strategies and Developments:
8.6.5.1 Product Launches and Product Expansions:
8.7 William Demant Holding A/S
8.7.1 Company Overview
8.7.2 Financial Analysis
8.7.3 Segmental and Regional Analysis
8.7.4 Research & Development Expense
8.7.5 Recent Strategies and Developments:
8.7.5.1 Partnerships, Collaborations, and Agreements:
8.8 Amplifon SpA (Ampliter N.V.)
8.8.1 Company Overview
8.8.2 Recent Strategies and Developments:
8.8.2.1 Acquisitions and Mergers:
8.9 MED-EL GmbH
8.9.1 Company Overview
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