Hearing Aids Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis

Coverage: Hearing Aids Market covers analysis By Product (Bone-Anchored Systems, Canal Hearing Aids, In-the-ear (ITE) Hearing Aids, Cochlear Implants, Behind-the-ear (BTE) Hearing Aids, Receiver-in-the-ear (RITE) Hearing Aids, Others); Technology (Digital Hearing Aids and Conventional Hearing Aids), and Geography (North America, Europe, Asia Pacific, and South and Central America)

Publication Month : Sep 2023

  • Report Code : TIPHE100000857
  • Category : Medical Device
  • Status : Upcoming
  • No. of Pages : 150
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MARKET OVERVIEW

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. 

MARKET DRIVERS:

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.   

MARKET SEGMENTATION

Global Hearing Aids Market – By Product
  • Bone-Anchored Systems
  • Canal Hearing Aids
  • In-the-ear (ITE) Hearing Aids
  • Cochlear Implants
  • Behind-the-ear (BTE) Hearing Aids
  • Receiver-in-the-ear (RITE) Hearing Aids
  • Others
Global UV Lamp Market – By Technology
  • Digital Hearing Aids
  • Conventional Hearing Aids

 

MARKET DYNAMICS

MARKET DYNAMICS

 

REGIONAL INSIGHTS
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. 

 

MARKET PLAYERS
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. 
  • Zounds Hearing
  • Audina Hearing Instruments, Inc.
  • Widex India Private Limited
  • Sonova
  • Sivantos Pte. Ltd.
  • GN Store Nord A/S
  • MED-EL
  • William Demant Holding A/S
  • Cochlear Ltd.
  • Rion Co., Ltd

REPORT HIGHLIGHTS

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.

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REGIONAL FRAMEWORK
World Geography

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  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
  • Request discounts available for Start-Ups & Universities
MARKET PLAYERS
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

This text is related
to segments covered.

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

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to country scope.

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

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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