Hearing Aids Market is Estimated To Witness High Growth Owing To Increasing Prevalence of Hearing Loss

 


The Hearing Aids Market is estimated to be valued at US$ 10805.24 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:

Hearing aids are electroacoustic sound amplification devices specifically designed for people with hearing loss. They help improve a user's hearing by amplifying sound. Hearing aids are an essential medical device for millions of people worldwide suffering from hearing impairment to engage better in conversations and enhance quality of life. They come in various styles from fully implantable cochlear implants to tiny and discreet hearing aids that fit completely in the ear canal.

Market key trends:

One of the key trends fueling the growth of hearing aids market is the increasing prevalence of hearing loss among the global population especially among the geriatric population. According to the World Health Organization, over 5% of the global population suffers from disabling hearing loss and it is estimated that by 2050 over 900 million people or one in every 10 people will have disabling hearing loss. As globally people are living longer a simultaneous rise is witnessed in age related hearing loss which requires clinical intervention through hearing aids. Technological advancements in hearing aids such as miniaturization, wireless connectivity features, rechargeability and inclusion of advanced sound processing algorithms have also increased adoption and driven the market growth.

Porter's Analysis

Threat of new entrants: The threat of new entrants is moderate as setting up manufacturing facilities requires large investments and establishing brand awareness is challenging in this competitive market.

Bargaining power of buyers: The bargaining power of buyers is high as hearing aids are not highly differentiated and buyers have various alternatives to choose from different brands.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material suppliers have established relationships with major players and switching costs are low.

Threat of new substitutes: The threat of new substitutes is low as hearing aids do not have close substitutes and technological advancements are improving product quality.

Competitive rivalry: Intense competition exists among key players.

SWOT Analysis

Strengths: Established brand names, wide distribution networks, continuous innovation in product technologies.

Weaknesses: High R&D and marketing costs, pricing pressures from generics, shortage of skilled workforce.

Opportunities: Rising geriatric population, growing awareness about hearing loss, untapped markets in developing nations.

Threats: Stringent regulatory approvals, reimbursement issues, intellectual property expirations.


Key Takeaways

The Global Hearing Aids Market Size is expected to witness high growth, exhibiting a CAGR of 6.9% over the forecast period, due to rising geriatric population suffering from hearing impairment and growing noise pollution levels globally.

Regionally, North America dominated the global market in 2023, accounting for over 35% of the total share, due to the presence of developed healthcare infrastructure and favorable reimbursement policies. Asia Pacific is expected to be the fastest growing region, owing to increasing disposable incomes, growing medical tourism, and rising prevalence of hearing disorders.

Key players operating in the hearing aids market are Sonova, Starkey Laboratories, Inc., GN Hearing, Oticon, Demant A/S, Cochlear Ltd., Eargo Inc., WS Audiology A/S, RION Co., Ltd., MED-EL (Medical Electronics), Amplifon S.p.A, Audina Hearing Instruments, Inc., Sonic Innovations, Inc., and Zounds Hearing. Players are focused on new product launches, mergers & acquisitions, and geographical expansion strategies to gain market share.

Read Our More Blogs : https://www.dailyprbulletin.com/hearing-aids-market-forecast-outlook-trend-2023-2030/


Comments

Post a Comment

Popular posts from this blog

Macrophage Marker Market Poised to Grow at a Robust Pace Due to Rising Demand in Medical Diagnostics

Image
  The macrophage marker market has witnessed significant growth in recent years owing to the growing applications of macrophage markers in medical diagnostics. Macrophage markers are proteins or cell surface receptors that are expressed by macrophages and are used to identify and study macrophages and their functions. Some of the key macrophage markers include CD14, CD68, CD163, CD206, and LAMP-3. These markers play a vital role in studying the functions of macrophages in various diseases like cancer, inflammatory disorders, and infectious diseases. The global macrophage marker market is estimated to be valued at US$ 295.15 million in 2024 and is expected to exhibit a CAGR of 2.7% over the forecast period of 2024-2030. The growing prevalence of various chronic and infectious diseases and increase in R&D spending for drug discovery are some of the key factors driving the demand for macrophage markers in recent years. Macrophage markers help in evaluating disease progression, drug
Read more

The global Cancer Diagnostics Market is growing at an accelerated pace

Image
  Cancer diagnostics involve various tests and procedures used to detect different types of cancers as early as possible to help improve treatment outcomes. From simple blood tests and imaging scans to biopsies and molecular testing, cancer diagnostics help doctors determine if an individual has cancer, where it is located in the body, if it has spread, and other important information. The growing incidences of various cancers like breast, lung, prostate and colorectal cancer globally have increased the demand for advanced and effective diagnostic procedures. Early detection is critical for cancers to treat them effectively and improve chances of survival. The global Cancer Diagnostics Market is estimated to be valued at US$ 59.1 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market key trends: Immunohistochemistry is one of the key diagnostic trends gaining populari
Read more

The Global Boat Accumulator Market Growth Is Accelerated By Increasing Consumer Spending

Image
  Boat accumulators or batteries are sealed lead acid batteries that provide starting power and deep cycle power for boats. They are essential for powering marine electrical systems, motors, navigation lights, bilge pumps and other onboard appliances. The growing marine tourism and recreational boating activities have increased the demand for boats and yachts over the years. This has propelled the boat accumulator market. The global Boat Accumulator Market is estimated to be valued at US$ 266.66 Mn in 2023 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. Market key trends: Increasing consumer spending on recreational boating activities has been a major driver for the boat accumulator market over the past decade. The number of recreational boats sold globally has increased steadily with the rise in disposable incomes and leisure time among consumers. Countries like the United State
Read more