Hearing Aid Market overview:
A hearing aid market is a medical device as per Food and Drug Administration (FDA) with an electronic sensor intended to enhance hearing in a deaf person by making sound audible. The device makes sounds louder for a person with hearing loss to listen, communicate, and participate more fully in daily activities.
Over the forecast period, North America is anticipated to have substantial expansion. The United States is expected to earn a sizable share in the North American market during the forecast period as a result of the high incidence rate of hearing loss in the country and the rising usage of hearing aids. According to the National Institute on Deafness and Other Communication Disorders' March 2021 update, 2 to 3 out of every 1,000 American children are born with a detectable degree of hearing impairment in one or both ears. Moreover, about 15% of American adults, or 37.5 million people, who are 18 years of age and older, report having some hearing issues. Hence, above mentioned factors are estimated to boost market expansion in North America.
In a recent research report by Market Research Industry, the Hearing Aid Market is expected to surpass USD 13.27 Billion by the year 2028, from USD 8.43 Billion in 2021.
The market is projected to grow at a significant pace reaching a CAGR of approximately 6.7%, over the forecast period of 2022–2028, despite a considerable fall in Service Operator sales during the initial phase of pandemic spread and lockdown restrictions imposed globally.
Behind-the-ear (BTE) hearing aid market category accounted for a significant market share during the forecast period. BTE hearing aids are made up of a compact, curved housing that fits behind the ear with ease. By attaching them to external sound sources like infrared listening devices and auditory training apparatus, these goods can be modified. Different BTE versions support Bluetooth, which improves wireless connectivity and drives the market.
Lastly, the report includes a regional analysis and country analysis with the latest trends, along with the major key players including Phonak, Benson Hearing, GN Store Nord A/S, Starkey, MED-EL, William Demant Holding A/S, Medtronic, Widex USA, Inc., Sivantos Pte LTD.
The study is consolidated into major segments and further into sub-segments, such as by Product (Hearing Aid Devices, and Hearing Implants), Type of Hearing Loss (Sensorineural Hearing Loss, Conductive Hearing Loss), Patient Type (Adults, and Pediatrics) to forecast the hearing aid market size by value; also includes the analysis of past market dynamics from 2016 – 2021, considering 2021 as the base year.
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