Global Digital Hearing Aids Market – Industry Trends and Forecast to 2029

Market Analysis and Size

In developing countries, preventable medical issues, particularly infections such as rubella or syphilis, which can lead to congenital hearing loss, are frequently the major causes of hearing loss. According to World Health Organization data, approximately 5% of the world's population will have disabling hearing loss by 2028. Furthermore, it is estimated that by 2050, over 900 million people, or one out of every ten, will have disabling hearing loss. As a result of the increasing prevalence of hearing disorders and hearing loss problems among the population, a large number of hearing devices were sold in the market.

Data Bridge Market Research analyses that the digital hearing aids market is expected to reach the value of USD 11.3 billion by the year 2029, at a CAGR of 7.30% during the forecast period. The growing geriatric population, combined with hearing defects, is driving the digital hearing aids market. Europe dominates the digital hearing aids market due to an increase in the prevalence of deafness and rising awareness of technological advancements in this region

Market Definition

Digital hearing aids function similarly to analogue hearing aids, but instead of amplifying sounds, they convert them to digital sound waves. These digital aids' processors recognise and differentiate between environmental sounds and speech. These hearing aids are superior to analogues in that they amplify and increase speech sounds, making them more accessible, rather than simply amplifying all sounds as an analogue hearing aid would.

Report Scope and Market Segmentation

Digital Hearing Aids Market Dynamics

Drivers

• The rise in the cases of hearing loss and adoption of new technologies

Increased prevalence of hearing loss is a critical factor driving market growth, as are rising technological advancements in hearing aids, rising adoption of these devices, growing awareness about technologically advanced devices for the treatment of deafness, increased health awareness among people, rapid development in the healthcare sector as a result of rising privatisation in emerging economies, and an increase in the number of hospitals that have made easy access for people..

• The increase in the growth potential among the developing countries

Rising emerging-country growth potential, as well as rising technological advancements and modernization in the healthcare sector, will create new opportunities for the digital hearing aids market during the forecasted period.

• Government investments for healthcare interoperability

The increase in the funding by the federal government to drive the adoption of these solutions further influence the market. Additionally, the surge in healthcare expenditure, advancements in healthcare infrastructure, and high demand for expanded care delivery positively affect the digital hearing aids market.

Restraints/Challenges

Increased costs associated with these products and rising low levels of penetration of these devices in developing countries are among the major factors obstructing market growth, while rising unfavourable reimbursement scenarios will further challenge the growth of the digital hearing aids market during the forecast period mentioned above.

This digital hearing aids market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the digital hearing aids market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Digital Hearing Aids Market

Due to the reallocation of intensive care resources, the provision of ENT-related surgeries and services has been disproportionately impacted. ENT clinics and audiology centres, according to the Centers for Disease Control and Prevention (CDC), pose a medium-to-high risk for COVID-19 infection due to their proximity, test setup, and appointment length. The fact that the majority of people who require audiology services (those over the age of 65) are also at the highest risk of COVID-19-related mortality and morbidity emphasises the importance of rethinking how hearing care is provided. The COVID-19 outbreak has increased the preference for remote monitoring. The crisis has heralded a new era in hearing healthcare, necessitating a radical rethinking of service delivery.

Recent Development

• Oticon Inc. introduced the Oticon More in January 2021, a new hearing aid that builds on the company's proven BrainHearing approach to provide the brain with optimal input for better speech understanding with less effort. Because it learned through experience, Oticon's newest technology works more like the brain.
• Widex will release the Moment hearing device in March 2020. The 'classic' Widex signal pathway is paired with a second ultra-fast signal pathway that adds extra gearing to the platform in the Widex Moment.

Global Digital Hearing Aids Market Scope

The digital hearing aids market is segmented on the basis of technology, product type, product, type of hearing loss, technology type and distribution channel.  The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Technology

• Conventional
• Digital

On the basis of technology, the digital hearing aids market is segmented into conventional hearing aid and digital hearing aid.

Product type

• Behind the ear hearing aids
• receiver in the ear hearing aids
• in the ear hearing aids
• completely in the ear hearing aids
• in the canal hearing aids

Based on product type, the digital hearing aids market is segmented into behind the ear hearing aids, receiver in the ear hearing aids, in the ear hearing aids, completely in the ear hearing aids, and in the canal hearing aids.

Surgery type

• Devices
• Implants
• Accesories

Based on product, the digital hearing aids market is segmented into devices, implants and accessories.

Type of hearing loss

• Sensorineural
• Conductive
• others

Based on type of hearing loss, the digital hearing aids market is segmented into sensorineural, conductive and others.

Technology type

• Digital hearing aids
• Analog hearing aids

Based on technology type, the digital hearing aids market is segmented into digital hearing aids and analog hearing aids.

Distribution channel                           

• Retail stores
• E-commerce
• Other

The digital hearing aids market is also segmented on the basis of distribution channel into retail stores, e-commerce and others.

Digital Hearing Aids Market Regional Analysis/Insights

The digital hearing aids market is analysed and market size insights and trends are provided by country, technology, product type, product, type of hearing loss, technology type and distribution channel as referenced above.

The countries covered in the digital hearing aids market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

Europe dominates the digital hearing aids market due to an increase in the prevalence of deafness and rising awareness of technological advancements in this region. Asia-Pacific is expected to be the fastest growing region in terms of digital hearing aids market growth due to its large population base, rising prevalence of the geriatric population, and improvements in the distribution network.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure growth Installed base and New Technology Penetration

The digital hearing aids market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for digital hearing aids market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the digital hearing aids market. The data is available for historic period 2010-2020.

Competitive Landscape and Digital Hearing Aids Market Share Analysis

The digital hearing aids market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to digital hearing aids market.

Some of the major players operating in the digital hearing aids market:

• WIDEX A/S (Denmark)
• Abbott (US)
• GN Store Nord A/S (Denmark)
• Sonova (Switzerland)
• Sivantos (Denmark)
• Microson (Spain)
• Horentek (Italy)
• RION CO. Ltd (Japan)
• Demant A/S (Denmark)
• Amplifon (Italy)
• Starkey. (US)
• MED-EL Medical Electronics (Austria)
• Cochlear Ltd. (Australia)
• SeboTek Hearing Systems, LLC. (US)
• Audina Hearing Instruments, Inc. (US)
• Arphi Electronics Private Limited (India)
• Sound One India (India)
• Amplicon (UK)
• MED-EL Medical Electronics (Austria)

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