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The global hearing aids market size is expected to exhibit strong growth by reaching USD 17.68 billion by 2029. Fortune Business Insights™ in its 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, and others)) 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, 2022-2029” observes that the market size in 2021 was USD 9.68 billion and is expected to touch USD 10.23 billion in 2022, exhibiting a CAGR of 8.1% during 2022-2029. The rising prevalence of hearing loss and technological advancements in hearing aid devices may propel market development.
Phonak and Advanced Bionics Received a USFDA Approval to Boost Brand Awareness
Advanced Bionics and Phonak received USFDA approval for its Marvel hearing technology in December 2020. The technology offers the first-of-its-kind sound processors designed specifically for children. This development may enable Advanced Bionics to increase its brand awareness globally.
Raw Material Shortage and Reduced Implantation Procedures during COVID-19 to Impede Market Growth
This market is expected to be negatively affected during the COVID-19 pandemic because of the lack of raw materials. The halt on transport activities during the pandemic led to severe raw material shortages. Furthermore, the restrictions imposed on manufacturing may disrupt the supply chain. Moreover, declining implantation procedures are expected to hinder the adoption of the device. However, rising healthcare and medical expenditures and the adoption of reduced capacities, part-time shifts, and automated machinery may enable manufacturers to balance costs.
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Adoption of Artificial Intelligence to Propel Market Progress
Manufacturers utilize advanced technologies to boost hearing aids’ effectiveness and attract consumers. Incorporating rechargeable batteries, the Internet of Things (IoT), and artificial intelligence (AI) are expected to propel industry development. Also, smartphone support may boost convenience and enhance hearing aids’ demand. For example, Signia announced its custom hearing device named “Insio Charge&Go AX” in October 2021. The device is powered by Bluetooth, wireless charging, and android and IOS streaming. Moreover, the rising demand for the product from the healthcare sector is likely to foster market development. These factors may drive the hearing aids market growth.
Companies Announce Novel Products to Bolster Brand Image
Prominent companies operating in the market announce novel products to boost their brand image. For example, Soundwave Hearing, LLC launched its novel mobile application and hearing aid in January 2022. This launch may revolutionize the self-fitting hearing technology. This development may boost its brand image globally. Furthermore, companies adopt research and development, mergers, acquisitions, and expansions to boost their annual revenues and global market position.
List of Key Players Profiled in this Market Report
Further Report Findings
Table of Segmentation
Value (USD billion)
Product, Patient Type, Distribution Channel, and Region
By Patient Type
By Distribution Channel