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Meticulous Research®, a leading provider of market research solutions, has released a new report titled, “Hearing Aids Market Size, Share, Forecast, & Trends Analysis by Product (Behind Ear, In Ear, In Canal), Technology (Digital, Analog), Age Group (Adults, Children), Type (Prescription, OTC), Hearing Loss Category, Sales Channel – Global Forecast to 2031.”
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According to this latest publication, the global hearing aids market is expected to reach $13.04 billion by 2031, growing at a CAGR of 5.7% from 2024 to 2031. This robust growth is fueled by several key factors, including the rising prevalence of hearing loss, increasing adoption of self-fitting hearing aids, greater accessibility and affordability of hearing devices, and heightened demand for discreet and compact hearing aids. Additionally, technological advancements and the integration of artificial intelligence in hearing aids are poised to create significant market opportunities.
1.1.1.1 Key Market Players
The report profiles several major players in the hearing aids market, including:
- Koninklijke Philips N.V. (Netherlands)
- Amplifon SpA (Italy)
- Oticon, Inc. (U.S.)
- Starkey Laboratories, Inc. (U.S.)
- WS Audiology A/S (Denmark)
- Bernafon AG (Germany)
- Sonic Innovations, Inc. (U.S.)
- Audina Hearing Instruments, Inc. (U.S.)
- Demant A/S (Denmark)
- Sonova AG (Switzerland)
- RION Co., Ltd. (Japan)
- Cochlear Ltd. (Australia)
- GN Store Nord A/S (Denmark)
1.1.1.2 Market Segmentation
The hearing aids market is segmented by:
- Product: Hearing Aid Devices (Behind-the-Ear (BTE), In-the-Ear (ITE), Receiver-in-the-Ear (RITE), In-the-Canal (ITC), CROS/BiCROS Aids) and Accessories.
- Technology: Digital Hearing Aids and Analog Hearing Aids.
- Hearing Loss Category: Conductive Hearing Loss, Sensorineural Hearing Loss, and Mixed Hearing Loss.
- Age Group: Adults and Children.
- Type: Prescription Hearing Aids and Over-the-Counter (OTC) Hearing Aids.
- Sales Channel: ENT Clinics, Retail Channels, and Online Channels.
- Geography: Regional and country-level analysis.
1.1.1.3 Segment Highlights
- Hearing Aid Devices: Expected to hold the largest market share in 2024, driven by the increasing incidence of hearing loss and benefits like improved listening, reduced background noise interference, and enhanced communication.
- Digital Hearing Aids: Projected to dominate the market in 2024 due to their ability to convert sound waves into precise digital signals, customizable settings, device connectivity, and noise reduction capabilities.
- Children: Anticipated to register the highest CAGR during the forecast period, attributed to the rising prevalence of hearing loss in newborns, availability of child-specific hearing aids, and government initiatives for newborn hearing screening.
- Prescription Hearing Aids: Expected to lead the market share in 2024 due to insurance coverage, advances in hearing aid technology, and the necessity for professional diagnosis and fitting.
- ENT Clinics: Forecasted to account for the largest market share in 2024, serving as primary contact points for hearing loss diagnosis, prescription, and fitting of hearing aids.
- Asia-Pacific: Predicted to register the highest CAGR, driven by improving healthcare infrastructure, rising disposable incomes, significant investments by key market players, and regional hearing screening initiatives.
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