Smart Hearing Aids Market To Grow At A CAGR Of 6.4 % By 2027

Smart Hearing Aids Market Analysis (2023 - 2030)

The global smart hearing aids market is anticipated to grow at a CAGR of 6.4 % to reach USD 10.2 billion by 2027. The ageing of the population, the increased use of smart hearing aids, and the prevalence of noise-induced hearing loss are some of the reasons driving market expansion.

As a result of the rising demand brought on by the rising rate of COVID-19 patient hospitalisation, several hospitals and departments have been re-profiled for treating patients with COVID-19. To reserve or redirect the limited capacities and resources (such as hospital beds and patient care experts) toward COVID-19 patient care, many elective procedures were cancelled or postponed globally.

The provision of ENT-related procedures and services has been disproportionately negatively impacted by the reallocation of critical care resources. Considering the proximity, test setup, and length of appointments, the Centres for Disease Control and Prevention (CDC) claims that ENT clinics and audiology centres pose a medium-to-high risk for COVID-19 infection. It is critical to re-evaluate how hearing care is provided because the bulk of those who need audiology services (those over 65) are also those who are most at risk for COVID-19-related mortality and morbidity.

The inclination for remote monitoring has increased as a result of the COVID-19 epidemic. The crisis has ushered in a new age in hearing healthcare that necessitates a fundamental revaluation of how audiology services are provided. Patients who need audiology treatments today require low- and no-touch services (who are typically at the highest risk for COVID-19 morbidity and mortality due to their advanced age). Additionally, mobile audiometry and digital hearing care solutions have begun to receive more attention from hearing aid manufacturers for remote troubleshooting, counselling, fine-tuning, and tracking of hearing aid devices.

Due to the rising prevalence of hearing loss in the world, it is crucial to track and examine hearing functions. Children who have untreated hearing loss struggle socially and academically and develop language more slowly. Similar to younger people, hearing-impaired elderly persons commonly find it difficult to follow daily discussions. Untreated hearing loss in older persons has been linked to a variety of physical and mental issues, such as depression and cognitive decline, as well as a higher risk of trips and falls.

In emerging economies including South Korea, Malaysia, Vietnam, Africa, Israel, Saudi Arabia, and the United Arab Emirates, major market participants have promising growth potential. This is as a result of things like their weak regulatory requirements, better healthcare facilities, growing patient numbers, and increasing healthcare prices. In addition, the regulatory framework in the Asia-Pacific region is more pliable and business-friendly than that of industrialised countries. Due to this and the increasing rivalry in developed regions, major hearing aid businesses now focus on developing countries.

Key Market Insights:

  • ITE devices are made specifically for insertion into the ear canal. They are created using an impression that is taken during your hearing aid session by your hearing care professional. These styles are typically accessible in a variety of skin tones to blend in with the outer ear. While some ITE hearing aids are built to fit closest to the outer ear, others are made to fit deep into the ear canal. A little plastic shell that rests behind the ears contains the majority of the components, and a short section of clear tubing connects it to an earpiece. Such a shape is well-liked by young children since it allows for a range of earmold designs that will need to be modified as the child grows older. The BTE devices are comparatively sturdy, easy to maintain, and clean.
  • Around 41% of the hearing aid market in 2021 will be accounted for by behind-the-ear (BTE) devices. BTE devices are worn underneath or on top of the ear, with tubing slipped down into the ear canal through a hearing aid that is custom-fit or a dome-shaped device that leaves some of the ear canal opening exposed. The electronic parts are housed in a shell behind the ear. The hearing aid transmits audio first before going directly to the ear. People of all ages who have moderate to severe deafness utilize BTE implants. Small housings that can slip into the ear canal completely or partially contain hearing aids. The smallest hearing aids available have certain visual and audio advantages.
  • The biggest and most capable market in Europe for the adoption of hearing aid technology is Germany. Similar to this, a sizable number of skilled medical professionals give advancements in hearing aid technology a strong foundation. Germany is the market leader for hearing aids in Europe, accounting for more than 25% of the total market.
  • Top hearing aid manufacturers have a long history of producing high-quality hearing aids, including Signia (formerly Siemens), ReSound One, Widex Moment, Phonak, Oticon, and Starkey. Due to the presence of such well-known companies, ENTs, audiologists, and hearing care specialists are now more familiar with and accept technologically advanced hearing aids.          

Market Segmentation:

BY PRODUCT TYPE

  • In the Canal Hearing Aids
  • In-The-Ear (ITE) Hearing Aids
  • Behind the Ear (BTE) Hearing Aids
  • Mic-in-Helix (MIH) Hearing Aids
  • Receiver In Ear (RIE) Hearing Aids
  • Others

BY DISTRIBUTION CHANNEL

  • Retail Pharmacies
  • Over The Counter (OTC)
  • Hospital Pharmacies
  • E-commerce

BY REGION

  • North America
  • Europe
  • Asia Pacific
  • Rest Of the World

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