Global Hearing Aids Market to Grow at a CAGR of 5.9% During the Period 2024-2032, Driven by Rising Cases of Hearing Loss Across the Globe

The global hearing aids market is likely to be driven by the rising number of cases related to hearing loss across the globe. It is projected that approximately 2.5 billion people across the globe would experience some degree of hearing loss by 2050. North America, Asia and Europe are likely to be key markets.

Key Developments

In 2021, Bose officially introduced the first FDA-cleared SoundControl™ Hearing Aids for adults with experiencing mild to moderate loss of hearing. The hearing aids came with the Bose Hear app, and users could program, operate and and control a SoundControl Hearing Aid for superior results without visiting a doctor, undergoing a hearing test, or having a prescription.

In 2022, Eargo, Inc. launched the powerful Eargo 6, its sixth-generation FDA Class II exempt hearing aid. The company sought to improve the quality of life of people with hearing loss. Eargo 6’s new Sound Adjust technology sought to exemplify better hearing, with almost no effort. Such solutions are expected to boost the global hearing aids market.

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In 2021, the U.S. Food and Drug Administration issued a proposal that sought to improve access to and decrease the cost of hearing aid technology for American citizens. The proposal sought to establish a new class of over-the-counter (OTC) hearing aids. When finalized, the rule would permit hearing aids within the class to be directly vended to consumers in stores or online without having to go through a medical exam or a fitting by an audiologist.

In 2022, GN Hearing announced the modern, rechargeable Custom made by ReSound hearing aids. The hearing aids offered day-long use, iPhone and iPad or Android™ smartphone streaming, and comfort with superior sound quality and stylish design.

In 2022, Signia, a WS Audiology brand, was awarded the prestigious iF Design award for its Insio Charge & Go AX hearing aids. This was the third time that Signia received this prestigious award.

In 2022, Phonak announced a new series of Paradise-powered hearing aids with specific lifestyle features and designs, including Phonak Audéo FitTM and Phonak SlimTM, and the expansion of Phonak Audéo LifeTM to all performance levels in USA.

Key Findings of the Report

• The global hearing aids market is likely to be driven by rising cases of hearing loss across the globe.

• Advancements in technology and sophisticated solutions are likely to boost market growth.

• North America, Europe and Asia are projected to be key markets.

Market Analysis by Product Type, Technology Type, Distribution Channel, Patient Type, and Region

• By product type, the market is classified into In-the-Ear Hearing Aids, Receiver-in-the-Ear Hearing Aids, Behind-the-Ear Hearing Aids, and Canal Hearing Aids.

• By technology type, the market is divided into Analogue Hearing Aids and Digital Hearing Aids.

• By distribution channel, the market is classified into Government Purchases, Retail and Online.

• By patient type, the market is segmented into Paediatrics/Children and Adults.

• By region, the market is classified into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

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