The world’s first Healthable™ hearing aid namely Livio AI was reinvented by Starkey Hearing Technologies in August 2018. This updated hearing aid will run on AI and integrated sensors and is the first device to trace cognitive health and physical activity as measured by hearing aid for utilizing in social situations. Such innovations are likely to bode well for the global hearing aids market predicts Fortune Business Insights in their recent report titled, “Hearing Aids Market Size, Share & Industry Analysis, By Product (Hearing Devices, Hearing Implants), By Patient Type (Adult, Pediatric), By Distribution Channel (OTC (Over the Counter), Medical Channel/ Hospital Pharmacies, Private Practice/ Retail Pharmacies) and Regional Forecast, 2019-2026.” According to the report, the market was valued at USD 8.39 Billion in 2018 and is anticipated to reach USD 14.45 Billion by the end of 2026. The forecast period is set from 2019 to 2026 and the market is expected to rise at a CAGR of 7.2%.
An Overview of the Impact of COVID-19 on this Market:
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Hearing Devices Segment to Lead Market due to Cost-Efficient Feature
The report is based on primary and secondary research methods and provides an in-depth global hearing aids market analysis. The report covers all important aspects of the market such as growth drivers, restraints, trends, and opportunities. It also lists the profile of the companies operating in the hearing aid market with key insights that will help these vendors strategize for better revenue generation in the forecast duration.
As per the report, the hearing devices segment is currently dominating the market because of its numerous advantages. These include flexibility for patients with both mild and moderate hearing loss, easily removable, cost-effective, and can be used during sports activities as well. Such flexibility of the device and at reasonable prices are two important factors anticipated to promote the growth of this segment in the coming years.
Increasing number of ENT Clinics to Boost Market
The major factor promoting the growth of the market is the rising prevalence of hearing disorders among people. A study conducted by the World Health Organization in 2019 stated an estimate of about 900 million people worldwide who are likely to suffer from hearing loss by the end of 2050. The study also states about 1.1 billion people within the age group of 12 to 35 years are prone to hearing impairment because of exposure to noise in recreational settings. Such statistics clearly indicate the benefit of the global market in the near future.
Another factor promoting the market growth is the rise in the geriatric population. Besides this, governments are taking initiatives such as health benefit programs, awareness programs, setting up more ENT clinics, and others and this is also anticipated to boost the global market in the coming years.
However, certain factors may pose a challenge to the hearing aids market. Long term use of hearing aids may cause moisture in the ears or ear wax, and feedback problems. Moreover, the wrong size hearing aid may also result in handling problems. This may cause hindrance to the market in the long run. Therefore, manufacturers are focusing on production of a cleaning kit in order to maintain the cleanliness of these hearing devices. This may create lucrative growth opportunities for the market in the forecast period.
