(PharmaNewsWire.Com, April 23, 2020 ) Market Overview Global Hearing Aid Market is expected to grow at a CAGR of 4% during the forecast period (2019-2026). These hearing aids are used by the people who have hearing problems which result from the damage of sensory cells inside the ear. A hearing aid is an electronic device which helps an individual to hear better in a noisy environment too; this usually receives the sound from a microphone which converts sound waves into electric signals and sends them to an amplifier. The amplifier helps to improve the signal power and revert them to ear through a speaker. The hearing aid devices can be worn behind the ear or inside the ears.
Drivers and Restraints The primary factor that drives hearing aid market is due to heavy noise pollution, ear related infections, birth complications, and others. In 2018 according to the World Health Organization, approximately 5% of the world population was facing some of the other kind of hearing issues. According to the Hearing Loss Association of America, approximately 48 million Americans experience some degree of hearing loss. Almost 95% of Americans with hearing loss can be treated with hearing aids, which give a tremendous opportunity for development and advancement for hearing aids shortly. One of the significant factors, restricting the hearing aid market growth is its high price. The hearing aids range from between 1000 to 6000 USD.
Market Segmentation Behind-the-ear (BTE) is a plastic case that is worn behind the ear all the electronic parts related to a hearing aid is placed in that case, the plastic case is then connected to an ear mold. The sound is transferred from earmold into the ear. In the ear (ITE) aid is entirely placed inside the outer ear it contains telecoil. BTE hearing aids are mostly used because of their open-fitting type, and these can be less damaged by the buildup of earwax also better connectivity, high efficiency, and easy usage. ITE aids are usually not preferred to children because these plastic cases need to be replaced often as the ear grows. Even canal aids are not preferred because they are tiny and space for batteries is less, and these can be only used by the mild and moderate hearing loss because of their size their power is limited. In September 2018, according to HIA (Hearing Industries Association) statistics receiver-in-the-canal (RIC) hearing aids made up 72.2% of the US hearing aid market, Since RICs are considered a sub-type of BTEs, this means more than 5 out of 6 (84.8%) hearing aids sold in the United States are of the BTE style Based on the technology working of hearing aids are sub-divided into analogous and digital. Digital hearing aids occupy the dominant market share in the global hearing aid market. The analogous hearing aid is cost-effective. However, digital hearing aid helps to filter external disturbance, and due to advanced features and improvements, the consumer preference is high for digital hearing aid devices. For instance, in August 2011, Starkey Introduces X Series, New Digital Hearing Aid Family Complete with Advanced Features like Voice iQ2, Spectral iQ, Updated signal processing architecture, self-learning, and others.
Geographical Share Europe occupies the largest market share in global hearing aid market followed by North America. GN Resound a company based in Europe is one of the largest manufacturers of hearing instruments and diagnostic audiological instruments. In May 2017, according to annual global sales released by EHIMA, the sold around 15 million hearing aids.
Competitive landscape Prominent players of this market are SeboTek Hearing Systems, LLC, Sivantos Pte. Ltd., Starkey Hearing Technologies Inc, Cochlear Ltd., MED-EL, GN Store Nord A/S, Zounds Hearing Inc, Widex A/S, William Demant Holding A/S and Sonova Holding AG and others. Product launches, partnerships, and expansions are expected some of the strategies adopted by key players to increase their market share. For instance, in January 2019, Starkey Hearing Technologies offered Livio AI device which now comes with built-in virtual assistance. In January 2019 Oaktree products leading distributor to hearing industry partnered with Zpower leading rechargeable microbattery manufacturer. In April 2018 Santos joined TruHearing to improve the accessibility to hearing care.
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