The Food and Drug Administration (FDA) defines hearing aids as a sound-amplifying device designed to aid people suffering from hearing impairment. For example, hearing aids are primarily helpful in improving the hearing and speech comprehension of people who have hearing loss that results in damage to the small sensory cells in the inner ear, called hair cells.
Technological advancements and rising incidences of hearing problems are the most impacting factors responsible for the overall hearing aids market growth during the forecast period of 2022-2028. As per the Boys Town National Research Hospital report, hearing aid technology has improved dramatically over the past several years. For example, digital technology allows a hearing aid to assessing complex decisions about processing sounds from the surrounding environment. Also, digital hearing aids provide audiologists greater flexibility in fitting and fine-tuning a device compared to analog hearing aids. Today, the influx of technology assists hearing aids due to the high adoption of smart devices and apps. For instance, the first-made-for smartphone hearing aids were released in 2014 by ReSound LiNX and are now on their fifth generation. Apart from that, older hearing aids technology could not differentiate between specific sounds, which meant all environmental sounds and speech included were amplified the same. Technological advancements have enabled hearing aids to lessen the impact of background sounds by enhancing speech understanding. Moreover, hearing aids are becoming easier to use for the patients by the utility of built-in rechargeable lithium batteries. Another notable development is the utility of accelerometers, which can easily manipulate the function of hearing aids without having to depend on pushing tiny buttons. These accelerometers can detect falls that a patient may have that would trigger a text message for designated caregivers alerting them to a potentially serious problem. Furthermore, increased use of smart phones, iPads and smart televisions, hearing aids companies are now able to incorporate easy connectivity to various devices. For example, audio information can now be streamed from a phone or television directly to a hearing aid, either wirelessly or with additional equipment.
MARKET TRENDS/MARKET SCENARIO
Several companies in the hearing aids market are in the process of continuously developing innovative products. For instance, in December 2019, Cochlear Limited, a global leader in implantable hearing solution announced the USFDA clearance for its new product namely, "Cochlear Osia 2 System". The newly clearance product is the world's first active osseointegrated steady-state implant (OSI) a new category of bone conduction hearing solutions that uses digital piezoelectric stimulation to bypass damaged areas of natural hearing system for sending sound vibrations directly to the inner ear (cochlea).
MARKET SCOPE AND REPORT FEATURES
Our report on "Global Hearing Aids Market Analysis to 2028" encapsulate a detailed market analysis on key segments such as type and applications of Hearing Aids Market, and a deep dive statistical and qualitative analysis by geography covering five key regions and several countries. As a part of qualitative analysis report offers evaluation of key market dynamics such prevailing market driver, key challenges and opportunities that pave the path for future developments. Further, our analysis on the key competition provide a strategic view point on the market initiatives, SWOT analysis, and highlights on the products and service developments of the players.
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America. The automotive connector's market by each region is later sub segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the automotive connector's market in these regions.
The report covers key developments in the Hearing Aids market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from Hearing Aids market are anticipated to lucrative growth opportunities in the future with the rising demand in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Hearing Aids market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
Audina Hearing Instruments, Inc.
Widex India Private Limited
Sivantos Pte. Ltd.
GN Store Nord A/S
William Demant Holding A/S
Rion Co., Ltd
Our report on Hearing Aids Market cover following key parameters:
Comprehensive market analysis at global, regional and country level
Detailed PEST (Political, Economic, Social and Technological) factors impacting the market across key geographic regions such as North America, Europe, Asia Pacific, Middle East & Africa, and South America
Market dynamics (drivers, restraints, opportunities, and future trends) and impact analysis of drivers and restraints at short-term, mid-term and long-term
Market size and forecasts in terms of revenue; 2020 (historic), 2021 (base year), 2022 – 28 (forecast period)
In-depth market segmentation and deep dive regional and country level analysis of 18+ countries across 5 key regions
Key company profiles and industry landscape to provide latest market initiatives and competitive landscape
Impact of COVID`19 pandemic on ecosystem and the market
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
The List of Companies
1. Zounds Hearing 2. Audina Hearing Instruments, Inc. 3. Widex India Private Limited 4. Sonova 5. Sivantos Pte. Ltd. 6. GN Store Nord A/S 7. MED-EL 8. William Demant Holding A/S 9. Cochlear Ltd. 10. Rion Co., Ltd. 11. Sebotek Hearing Systems 12. Horentek 13. Microson 14. Arphi Electronics