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)

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/hearing-aids-market-415

Key Takeaways of the Global Hearing Aids Market:

  • Global hearing aids market is expected to exhibit a CAGR of 6.9% during the forecast period due to increasing awareness about technologically advanced devices for the treatment of deafness and hearing loss.
  • Among type of hearing loss, sensorineural hearing loss segment is estimated to hold a dominant position in the global hearing aids market over the forecast period, owing to the higher vulnerability of the elderly population in the overall patient pool.
  • Among regions, North America is estimated to account for the largest market share in the global hearing aids market over the forecast period, owing to increasing prevalence of hearing impairment in elderly population and improvements in the distribution network of market players.
  • Major players operating in the global hearing aids market include Sonova, Starkey Laboratories, Inc., GN Hearing, Oticon, Demant A/S, Cochlear Ltd., Eargo Inc., WS Audiology A/S, RION Co., Ltd., MED-EL (Medical Electronics), Amplifon S.p.A, Audina Hearing Instruments, Inc., Sonic Innovations, Inc., and Zounds Hearing

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