Major players in the hearing aid devices and equipment market include Starkey, Sonova, Widex, Siemens, GN ReSound, Oticon, Unitron, Hansaton, William Demant, and Beltone. The global market for hearing aid devices and equipment is expected to rise from $12.
New York, May 13, 2022 (GLOBE NEWSWIRE) — Reportlinker.com Announces Release of “Hearing Aid Devices And Equipment Global Market Report 2022” – https://www.reportlinker.com/p06277207/?utm_source=GNW
$3 billion in 2021 to $13.8 billion in 2022 at a compound annual growth rate (CAGR) of 12.2%. The market is expected to reach $21.08 billion in 2026 at a compound annual growth rate (CAGR) of 11.2%.
The hearing aid devices and equipment market includes sales of hearing aid devices and equipment and related services. Hearing aids are devices and equipment designed and developed to improve the hearing of people with hearing loss.
The main hearing aid and equipment products are in-the-ear hearing aids and behind-the-ear hearing aids. A hearing aid receiver works like the speaker system of the ears.
It plays the amplified sounds received from the microphone into your ear, and the brain gives the context of the sound. Patients are adults and children.
Adult and pediatric patients with conductive hearing loss and sensorineural hearing loss are treated using technologies such as conventional hearing aids and digital hearing aids. The distribution channels are audiology and ENT clinics, pharmacies, online sales, and others.
Asia-Pacific was the largest region in the hearing aid devices and equipment market in 2021. North America was the second largest region in the hearing aid devices and equipment market.
Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing prevalence of hearing loss is a major driver for the growth of the hearing aids and equipment market. In the United States, more than 35 million children and adults suffer from some degree of hearing loss.
Additionally, around 900 million people worldwide are expected to suffer from hearing impairment by 2050 due to increasing levels of noise pollution, genetic factors, ear infections and other complications. A high number of people with hearing loss would lead to a huge demand for hearing aids across the world.
The high cost of hearing aids acts as a major constraint in the market for hearing aids and equipment. Good quality hearing aids come at a high price and are not fully covered by insurance companies.
About a third of Americans over 55 use hearing aids for a variety of reasons. Hearing aids range between $1,500 and $3,500 per piece, which makes them quite expensive.
The average price is $2,300 per unit according to the President’s Council for Science and Technology. Thus, due to the high cost, there has been a low penetration of hearing aids in the market.
The use of 3D printing is a prevailing trend in the market for hearing aid devices and equipment. 3D printing is a technology that produces 3D objects from 2D models that enable the manufacture of better fitting, more comfortable and personalized hearing aids. 3D printing makes it possible to customize the shape of the shell according to the ear canal and the degree of hearing loss of the client. For example, Sonova uses advanced 3D printing technology to produce custom hearing aids specifically tailored to each customer’s specific needs. Examples of 3D hearing aids include the EnvisionTEC E-Shell 200 series, the E-Shell 300 series of 3D printer materials, and the EnvisionTEC E-Clear series.
To date, hearing aids fall under the category of restricted devices, sales of these restricted devices must comply with federal and state requirements. The US FDA’s approach to improving hearing aid accessibility may lead to the availability of these restricted devices as OTC devices.
However, according to the FDA Reauthorization Act (FDARA), the category of OTC hearing aids must be established and no manufacturer can label their devices as OTC until a separate category is established. Thus, the introduction of these innovative and easily accessible OTC hearing aids could have a positive impact on the growth of the hearing aids market during the forecast period.
Countries covered in Hearing Aid Devices and Equipments market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK , the United States and Australia.
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