September 28, 2022

Hearing Aid Market Size to grow by USD 3.72 billion, Increase in Progress of New Products is a Major Trend Encouraging the Market Growth – GlobeNewswire

Luton, Bedfordshire, United Kingdom, Sept. 22, 2022 (GLOBE NEWSWIRE) — Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Hearing Aid Market.

The global Hearing Aids market was valued at US$ 7.4 Billion in 2021, and is expected to register a CAGR of 5.2% and reach a valuation of US$ 12.9 Billion by the end of 2029.

A hearing a…….

Luton, Bedfordshire, United Kingdom, Sept. 22, 2022 (GLOBE NEWSWIRE) — Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Hearing Aid Market.

The global Hearing Aids market was valued at US$ 7.4 Billion in 2021, and is expected to register a CAGR of 5.2% and reach a valuation of US$ 12.9 Billion by the end of 2029.

A hearing aid is a small battery-powered electronic device that is worn in or behind the ear to improve hearing. Individuals with impaired hearing use it to amplify sounds so they can listen, communicate, and participate in daily activities. A hearing aid’s amplifier, microphone, and speaker magnify sound vibrations entering the ear, perceive larger vibrations, and convert them into neural signals sent to the brain. The devices come in a variety of styles and can be customized to the user’s specifications.

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The growing geriatric population around the world is one of the key factors driving the market’s growth. Hearing loss is common as people age, which drives up product demand from this demographic. Furthermore, the prevalence of hearing impairments in the general population has significantly increased. Many cases, particularly those involving infants, go untreated, resulting in a variety of psychological and communication problems.

Furthermore, the introduction of aesthetically pleasing designs, as well as the release of innovative product variations such as waterproof hearing aids, are helping to drive market growth. The market’s prospects are expected to improve with the adoption of digital technology and the introduction of products that combine cochlear implants and hearing aid technology to address high-frequency hearing loss. Other factors expected to drive market growth include rising noise pollution levels, an increase in birth complications and ear infections, rising disposable income, and a greater emphasis on research and development (R&D) by manufacturers.

Market Developments:

  • In February 2022, Phonak, a member of sonova group, a manufacturer in hearing aids across the globe, announced new Virto Paradise line of custom-made hearing aids. These include the highly anticipated Virto P Black – the fully connected in-the-ear (ITE) hearing aid that resembles a modern headphone, and the super-discreet Virto P-Titanium – the world’s only custom titanium hearing aid.
  • In September 2021, Audientes, a company offering lower-cost hearing aids to low-income countries, entered into a partnership with Hearing Wellness Clinic (HWC), a chain of hearing centres in South India, to introduce its self-adjusting hearing aids to the Indian market.
  • In October 2020, Starkey entered into an agreement with OrCam Technologies (Israel) to provide assistive technologies to hearing and visually impaired people.

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Source: https://www.globenewswire.com/news-release/2022/09/22/2521100/0/en/Hearing-Aid-Market-Size-to-grow-by-USD-3-72-billion-Increase-in-Progress-of-New-Products-is-a-Major-Trend-Encouraging-the-Market-Growth.html