Selbyville, Delaware, Aug. 05, 2021 (GLOBE NEWSWIRE) —
According to latest report “Hearing Aids Market by Product (Behind-the-Ear (BTE), Completely-in-the-Canal/Invisible-in-Canal (CIC/IIC), In-the-Canal (ITC), In-the-Ear (ITE)), Patient (Adult, Pediatric), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of hearing aids will cross $14 billion by 2027.
Technological advancements in hearing aids in the recent years with integration of the digital technology has helped in improving the user experience. Radical innovations taking place with digital hearing aids driven by increasing research activities in the fields of digital chip technology, artificial intelligence (AI), hearing science, and cognitive science is expected to offer novel products in the market. Advanced digital hearing aids promote automation and host multiple features that aid in better hearing and communication. Novel technologies that incorporate AI enables the users to access deep neural network to process and improve the sound quality. AI incorporated hearing aids further facilitate automatic volume control settings and offer best program selection according to the situation. Moreover, the development of products that integrate hearing aids and hearing implants technology to eliminate certain drawbacks further generates new business opportunities in the hearing aids market. Other technological advancements include addition of features such as smartphone connectivity, long-lasting and rechargeable battery life, Own Voice Processing, language translation and fall detectors among others.
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The in-the-canal (ITC) segment in the hearing aids market accounted for USD 531 million in 2020 and is anticipated to expand at 6.1% growth rate through 2027. In-the-canal hearing aids are custom designed devices for accurate fitting and possess a larger surface area as compared to the completely-in-canal and invisible-in-canal (CIC/IIC) devices. These devices are suggested for people affected with mild to moderate hearing loss. ITC hearing aids incorporate the dual microphones that enhances the sound clarity enabling the device to listen to higher pitched sounds, further improvising the user’s ability to recognize varying tones of speech.
The hearing aids market for pediatric segment will showcase growth rate of 8.4% by 2027 owing to the hearing aids helps in enhancing the hearing of children suffering from a sensorineural hearing loss caused by birth defects, tumors, certain medications, etc. According to the American Academy of Otolaryngology, over 3 million children suffer from hearing loss and about 1.3 million children are below the age of three in America. Thus, surging number of children suffering from hearing impairment is projected to spur the segment growth in the coming years. The emergence of technologically advanced hearing care devices to monitor and assess hearing loss among the pediatric population is poised to augment large opportunities for the industry players operating in the market. Furthermore, the rising disposable income in middle-income nations is predicted to fuel the industry growth.
Brazil hearing aids market size was over USD 92 million in 2020 and is estimated to attain a CAGR of more than 9% during 2021 to 2027 led by the growing prevalence of hearing impairment and a high number of ENT procedures performed every year. For instance, as per the recently published article, the presence of self-reported hearing loss in the Brazilian population was around 5.1%. The Northeast region of the Brazil presents hearing loss prevalence levels above the national average of around 5.8%. The Brazil government has executed numerous programs including the National Policy of Hearing Health Attention to curb the burden of hearing impairment in the country. Brazil’s emphasis on private healthcare delivery has led to robust competition with a focus on medical facilities, skill-upgradation, and certifications among others.
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Some of the major companies operating in the hearing aids market are AS AUDIO-SERVICE GmbH, Audina Hearing Instruments, Demant A/S, EARTECHNIC, GN Store Nord A/S, Hansaton Akustik GmbH, HearUSA and Sonova Holding AG among others. These leaders are engaged in undertaking several strategies and working on expanding their product portfolio through focusing on research and development of innovative products.
Table of Contents (ToC) of the report:
Chapter 3 Hearing Aids Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027 (USD Million)
3.3 Industry impact factors
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By patient
3.5 COVID-19 impact analysis
3.6 Porter’s analysis
3.7 Competitive landscape, 2020
3.8 PESTEL analysis
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.