Global Hearing Aids Market, by Product Type (Hearing Aid Devices (Behind-The-Ear (BTE) Hearing Aids, Receiver-In-Canal (RIC) Hearing Aids, In-The-Ear (ITE) Hearing Aids, In-The-Canal (ITC) Hearing Aids, Completely-In-Canal (CIC) Hearing Aids and Others) and Hearing Implants (Cochlear Implants and Bone-anchored System)), by Type of Hearing Loss (Conductive Hearing Loss, Sensorineural Hearing Loss, and Mixed Hearing Loss), by Patient Type (Adults and Paediatrics), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 10,107.8 Million in 2022 and is expected to exhibit a CAGR of 6.9% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Increasing adoption of inorganic strategies such as acquisition by key players in market is expected to drive the market growth over the forecast period. For instance, in October 2021, InnerScope Hearing Technologies Inc., which operates in direct-to-consumer hearing technology, announced that it had entered into an asset purchase agreement and had acquired all assets and operations of iHEAR Medical Inc., an over the counter hearing solutions supplier. The acquisition expanded InnerScope's products and services to include iHEARtest, the only U.S. FDA-cleared ABC7/2018 home hearing test, advanced FDA-cleared hearing aids, and the TReO Personal Sound Amplification Product (PSAP).
Global Hearing Aids Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries around the world have impacted the financial health of companies across all sectors, including the hearing aids services sector. The COVID-19 pandemic has impacted the entire healthcare industry supply chain, mainly due to the severe lockdown in several regions. Healthcare is one such sector that has been significantly impacted by the COVID-19 pandemic.
COVID-19 has negatively affected the lives of several people with hearing loss in a variety of ways. Due to lockdowns, with limited audiological services, patients couldn’t attend important follow-ups for their hearing id programming, which subsequently affected their hearing aid performance and also the sales of the hearing aid devices owing to the decreased demand.
Global Hearing Aids Market: Key Developments
In February 2022, Oticon, a hearing aid manufacturer, had announced that it was introducing the hearing technologies of Oticon more into paediatric hearing aids.
In September 2021, Audientes, a company offering lower-cost hearing aids to low-income countries, partnered with the Hearing Wellness Clinic (HWC), a chain of hearing centers in India, to introduce its self-fitting hearing aids to the Indian market.
In December 2020, Demant, an international hearing healthcare company within hearing aids, audiometric equipment, and personal communication, announced the launch of Philips-branded hearing aids in the global hearing aid market, according to a company press release. By this product launch, the Philips brand enters the hearing aid market with a comprehensive range of premium hearing aids, accessories and applications to offer hearing aid wearers.
Browse 28 Market Data Tables and 34 Figures spread through 150 Pages and in-depth TOC on “Global Hearing Aids Market”- Forecast to 2030, Global Hearing Aids Market, by Product Type (Instruments and Reagents & Kits), by Technology (Immunoassay, Clinical Chemistry, Molecular Diagnostics, Microbiology, Hematology, Coagulation & Hemostasis, Urinalysis, and Others), by Application (Infectious Diseases, Diabetes, Oncology, Cardiology, Nephrology, Autoimmune Disorders, and Others), by End User (Hospital, Pathology Laboratories, Point-of-Care Diagnostics, Research Institutes, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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