Hearing aids industry is anticipated to register over 5.5% CAGR between 2022 and 2030 due to growing prevalence of hearing loss disorders.
SELBYVILLE, Del., Sept. 8, 2022 /PRNewswire/ -- The hearing aids market value is anticipated to cross USD 11.5 billion by 2030, according to a new research report by Global Market Insights Inc.
Regulatory authorities and federal agencies are implementing favorable programs and policies to expand the screening of hearing loss and foster accessibility to sufficient treatment. This is expected to accelerate the hearing aids industry growth substantially. Early hearing loss identification followed by regular intervention is important to reduce the negative impacts on cognitive, and psychological development, and verbal communication. In consequence, government bodies have introduced screening programs to increase the diagnosis and optimize treatment of individuals suffering from hearing loss, which is anticipated to bolster business expansion.
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Rising adoption of RITE/RIC hearing aids to promote business landscape
Receiver in the ear/Receiver in canal (RITE/RIC) segment held over USD 1.9 billion in 2021. RITE/RIC hearing aids are gaining increasing preference as they are smaller in comparison to the BTE solutions. These devices transmit sounds using receivers that help in providing the sound directly into the eardrums. These hearing aids are ideal for mild to severe hearing loss and offer comfortable listening across multiple scenarios with consistent noise reduction, enabling users to focus precisely on the speech.
Browse key industry insights spread across 208 pages with 197 market data tables & 27 figures & charts from the report, "Hearing Aids Market Analysis By Product (Behind-the-Ear (BTE), Completely-in-the-Canal/ Invisible-in-Canal (CIC/IIC), In-the-Canal (ITC), In-the-Ear (ITE), Receiver in the ear/Receiver in Canal (RITE/RIC)), By Patient (Adult, Pediatric), Industry Analysis Report, Regional Outlook, Covid-19 Impact Analysis, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/hearing-aids-market
Favorable regulatory initiatives for pediatric patients to bolster market demand
Pediatric segment held a major share in the hearing aids market. The adoption of supportive policies and initiatives that foster hearing screening and mitigate the prevalence of hearing loss in pediatrics will proliferate the market share. Citing an instance, the Government of India has unveiled programs to promote the detection of hearing loss in kids. These programs will encourage the adoption of hearing aids for the pediatric population.
Growing prevalence of hearing impairment in Asia Pacific to increase product penetration
Asia Pacific hearing aids market is expected to depict a CAGR of 7.6% from 2022 to 2030. This is credited to the growing incidence of hearing loss and increased knowledge regarding hearing aid devices. As per the BMC Public Health article, in 2019, around 27 million people were diagnosed with disabling hearing loss, which represents around 33.5% of the overall registered disabled. With the region holding the world's largest population, hearing impairment has become a critical public health issue in the Asia Pacific.
Key players impacting the hearing aids market through product launches
Major players functioning in the industry include WS Audiology, RION Co. Ltd, Eargo, Inc., ZOUNDS Hearing Inc., Elkon Pvt Ltd, AS AUDIO-SERVICE GmbH, Horentek Hearing Diagnostics, GN Store Nord A/S, SeboTek Hearing Systems, Nano Hearing Aids, IN4 Technology Corporation, Audina Hearing Instruments, Demant A/S, EARTECHNIC, Sonova Holding AG, Starkey, and Microson. Key players are launching new products to bolster their portfolio and establish a firm presence in the global market.
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