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The global hearing aids market size is expected to grow from USD 6.67 billion in 2021 to reach USD 11.02 billion in 2028. The growing popularity of tele-audiology for follow-ups and counseling among patients and healthcare professionals will encourage the growth of this market, mentioned in a report, titled “Hearing Aids Market Size, Share & COVID-19 Impact Analysis, By Product (Hearing Devices (Behind-the-Ear (BTE), In the Ear (ITE), Receiver in the Canal (RIC), Completely in the Canal (CIC), Others (Invisible in the Canal, etc.) and Hearing Implants (Cochlear Implants and Bone Anchored Implants)), By Patient Type (Adults and Pediatrics), By Distribution Channel (Over the Counter (OTC), Medical Channel/ Hospital Pharmacies, Private Practice/ Retail Pharmacies), and Regional Forecasts, 2021-2028.” The market size stood at USD 6.47 billion in 2020 and is expected to exhibit a CAGR of 7.4% between 2021 and 2028.
Introduction of Oticon’s Oticon More™ Hearing Aids to Augment Growth
Oticon, a major leader in hearing aid devices, introduced Oticon More™ hearing aids, an advanced aid. The new device supports hearing loss and is the first-ever hearing type of aid to offer a Deep Neural Network (DNN). Oticon More backs the brain to function the most effective and natural way. The brain has a crucial part in hearing, and thus with Oticon More™ promoting brain functions, it becomes highly beneficial. Furthermore, Oticon More™ also offers brain access to all sorts of sounds while providing comfort to the ears. The device is designed to ultimately handle a whole sound scene even in a complex setting, including cramped or busy places. The launch of Oticon More™ hearing aids will foster the market growth due to its superior features. Similarly, the introduction of Audeo Paradise by Phonak can have an outstanding effect on the global market due to its Marvel platform.
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Surging Cases of Hearing Loss to Accelerate Product Demand
The growing incidence of hearing loss among geriatric populations can spur demand for these aids. According to the WHO, the number of people living with disabling hearing loss is anticipated to reach over 900 million by 2050. Moreover, vascular disorder, chronic inflammation, genetic susceptibility, noise exposure, and the ear's physiological aging will further spur opportunities for the market. According to the Hearing Industries Association, over 4.22 million hearing aids were dispensed in the U.S. in 2019, an increase of 6.5% compared to the previous year. The increasing number of hearing impairment patient populations in the developed countries will uplift the hearing aids market share in the foreseeable future.
Demant A/S to Hold the Largest Share through Strategic Partnerships
Demant A/S holds a dominant position in the global industry. The company is a leader in the fields of hearing devices and cochlear implants. Moreover, the company has expanded its geographical presence through expansion plans such as partnerships, collaborations, and deals. For instance, in April 2019, Demant A/S signed an agreement with Koninklijke Philips N.V. to commercialize its hearing aids, accessories, and applications under the Philips HearLink brand. Moreover, the increasing research and development activities by prominent companies WS Audiology, Starkey, RION Co. Ltd will consolidate the market.
The Report Lists the Key Companies in this Market:
Further Report Findings:
The Market is Segmented into:
Value (USD Billion)
Product; Patient Type, Distribution Channel, and Geography
By Patient Type
By Distribution Channel