Ear Health Market is expected to register a CAGR of 6.3% from 2022 to 2032
As per the ear health market report by Future Market Insights (FMI), the market is envisaged to move forward at a modest pace with a CAGR of 6.3% during the forecast period 2022-2032.
Technological advancements in-ear health market and hearing aid devices, such as the ability to wirelessly connect devices to smartphones, i.e., Bluetooth hearing aids, are expected to be a few vital factors boosting the ear health market growth.
As per the ear health market study, the ear health market size is projected to scale up by an increase in the number of patients experiencing noise-induced hearing loss and a shift in consumer preference for plant-based supplements.
Furthermore, the study finds that untapped emerging markets in developing countries provide lucrative ear health market opportunities for market participants, auguring well regarding the ear health market future trends.
Countries all over the world are focusing on hearing solutions, which has resulted in the implementation of a variety of initiatives aimed at raising awareness and providing free care to patients. Therefore, these can be considered as emerging trends in-ear the health market.
Governments provide subsidies, grants, and funding to help people prevent and an incentive to develop various types of hearing aids with low hearing aid prices.
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For instance, the Statewide Infant Screening-Hearing (SWISH) program in New South Wales (NSW) in Australia aims to identify babies born with permanent bilateral deafness in NSW. Such initiatives are expected to increase demand for ear health devices around the world and, in turn, surge the sales of ear health products.
Ear health market opportunities could be narrowed as hearing aids for tinnitus do not always work for every patient. In addition, many of them experience side effects due to taking these supplements. It can also cause severe bleeding in people on blood thinners or have clotting problems which impede the adoption of ear health devices.
Considering the factors mentioned above, the ear health market is likely to garner a revenue of around US$ 3 Bn by 2032.
- Behind-the-ear hearing aids are likely to dominate the market based on product type since many BTE models are Bluetooth compatible and enable better wireless connectivity, driving the market.
- Attributing to the feature of multiple program memories, digital devices are expected to expand at a significant CAGR over the forecast period by technology type. In addition, the demand for these auditory aids is expected to increase due to their added features.
- The hospital pharmacies segment is anticipated to hold a large portion of the market by distribution channel. The same can be credited to favorable health reimbursement for hearing implant surgeries and increased hearing implant penetration.
- Based on patient type, the adult segment is expected to lead the market on account of the growing geriatric population and increasing awareness of the various hearing devices, including rechargeable hearing aids and implants available in the market.
“Attributing to the high levels of noise pollution, rising prevalence of the geriatric population, as well as improvements in global market players’ distribution networks, the Asia Pacific market is expected to spike at the fastest pace during the forecast period. Furthermore, market leaders are constantly developing the best hearing aids that improve the benefits of these devices for target consumers and drive regional acceptance.” avers an FMI expert.
Competitive Landscape:Benson Hearing, Starkey, Phonak, GN Store Nord A/S, MED-EL, William Demant Holding A/S, Widex USA, Inc., Sivantos Pte LTD, and Medtronic are some of the largest hearing aid companies. William Demant, GN ReSound, Sonova, Starkey Technologies, Widex, and Sivantos are the top six companies in the market, accounting for over 90% of the total market.
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Sonova’s dominant position in the market is primarily due to new product launches and continuous innovation, such as sales of hearing aids online. However, market players such as WS Audiology, RION Co. Ltd., Starkey, and others are expected to strengthen their positions by increasing research investments to penetrate the market by hearing aid marketing.
Manufacturing outsourcing has also emerged as a key ear health market trend for participants looking to improve or maintain their ear health market share. Owing to the superior manufacturing expertise, strong presence of hearing aid specialists, and affordable hearing aids, the hearing aid market in China and South Korea are among the top destinations for manufacturing outsourcing.
A few recent developments in the ear health market are as follows:
- GN Store Nord A/S has announced the release of ReSound Key, a comprehensive hearing aid portfolio that provides greater access to improved hearing technology around the world. This launch will assist the company in strengthening its product portfolio and catering to a larger customer base.
- Sennheiser, a company, primarily involved in the development of medical audio coupled with low hearing aid cost, was acquired by Sonova Holding AG. This strategic move will help to strengthen the company’s market position and contribute to revenue growth.
Key SegmentsBy Type:
- Ear Health Devices
- Diagnostic Devices
- Tinnitus and Ear Impairment Care Supplements
- Ear Infection Treatment Medication
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- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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