The Hearing Aid Devices And Equipment Market Share, Market Size, And Growth Rate 2022
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The hearing aid devices and equipment market is forecasted to achieve significant growth in the coming few years with a forecast CAGR (compound annual growth rate) of almost 9%, as per The Business Research Company’s market report!
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The Hearing Aid Devices And Equipment Market Size In 2022 And Forecast
The global hearing aid devices and equipment market grew from $12.3 billion in 2021 to $13.74 billion in 2022 at a compound annual growth rate (CAGR) of 11.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The hearing aid devices and equipment market is expected to grow to $19.34 billion in 2026 at a CAGR of 8.9%.
The hearing aid devices and equipment market consist of sales of hearing aid devices and equipment and related services.
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Growth In Prevalence Of Hearing Loss Is Driving The Growth Of The Hearing Aid Devices And Equipment Market
In the United States, more than 35 million children and adults have some degree of hearing loss. Also, around 900 million people across the globe are expected to suffer from hearing disabilities by 2050 due to the rise in noise pollution levels, genetic factors, ear infections, and other complications. A high number of people suffering from hearing loss would result in huge demand for hearing aid devices across the globe.
Competitive Landscape And The Regional Analysis Of The Hearing Aid Devices And Equipment Market
Major players in the hearing aid devices and equipment market are Starkey, Sonova, Widex, Siemens, GN ReSound, Oticon, Unitron, Hansaton, William Demant, and Beltone
Additionally, as per TBRC’s research – Asia Pacific was the largest region in the hearing aid devices and equipment market in 2021 holding the largest market share.
The Hearing Aid Devices And Equipment Global Market Report 2022 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the hearing aid devices and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the hearing aid devices and equipment market.
3D Printing – A Key Trend In The Hearing Aid Devices And Equipment Market
3D printing is a technology that produces 3D objects from the 2D models which enable the manufacturing of better fitting, more comfortable, and customized hearing aid devices. The 3D printing enables the shape of the ear shell to be customized according to the customer’s ear canal and degree of hearing loss. For example, Sonova uses advanced 3D printing technology to produce customized hearing aid devices especially suited for each customer’s specific requirements.
Hearing Aid Devices And Equipment Market Segmentation By The Business Research Company
1) By Product: Receiver-In-The-Ear Hearing Aids, Behind-The-Ear Hearing Aids
2) By Distribution Channel: Audiology and ENT Clinics, Pharmacies, Online Sales, Other Distribution Channels
3) By Technology: Conventional Hearing Aid, Digital Hearing Aid
4) By Patient: Adult, Pediatrics
5) By Type of Hearing Loss: Conductive Hearing Loss, Sensorineural Hearing Loss
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