The global custom hearing aids industry in 2022 was US$ 9,544.2 million and is estimated to be US$ 10,085.5 million in 2023. Analysts of Future Market Insights have mentioned in their reports that demand for custom hearing aids is likely to expand at a CAGR of 6.5% between 2023 and 2033, totaling around US$ 18,861.5 million by 2033.
The factors like an increase in the diabetic population, a rise in the aging population or prevalence of hearing loss, and growth in awareness are anticipated to drive the market. Growth of the industry challenged the high cost of hearing aids, by lowering average selling price and regulatory issues.
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The number of advanced technology product launches helped hearing devices by remaining at the top position amongst all the segments thus raising the market share.
Key Takeaways from the Market Study:
- The estimated market share for digital hearing aids was US$ 7499.3 million in 2017.
- The United States registered a market share of 36.3% in 2022.
- North America was anticipated to record a value share of 42% in 2022.
- China is anticipated to develop a 10.1% CAGR from 2023 to 2033.
- Under the product segment, in-the-ear (ITE) hearing aids attained a market share of 66.8% in 2022.
- Under the end-user segment, hospitals captured a market share of 44.4%% in 2022.
“Increasing cases of noise-induced hearing loss is one of the major drivers of the custom hearing aids market”, comments a Future Market Insights analyst.
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Competition Landscape:
Leading manufacturers present in the global market for custom hearing aids are focusing on expanding their existing portfolios and market consolidation. Some of the other key players are aiming to deliver cutting-edge hearing aid devices equipped with lithium-ion batteries. Meanwhile, a few other companies are striving to incorporate advanced technologies and develop new apps to enable users to communicate with their healthcare professionals.
Key Companies Profiled:
- Sivantos
- William Demant
- Sonova
- Oticon
- Starkey Hearing Technologies
- GN Resound
- Widex
- Amplifon
- Audina Hearing Instruments Inc.
- Cochlear Ltd
Some of the new developments are-
- William Demant Holding A/S looked for more acquisitions in the retail sector acquisitions to increase control over the sale of its products and fight competition from discount chains.
- William Demant’s $74m acquisition of Neurelec, a French cochlear implant specialist, showed the hearing aid developer’s faith in diversification as a business strategy. Added to the traditional hearing aids and bone-anchored hearing devices it already sold, the Danish group benefitted from Neurelec’s technology and became the only company in the world that covered all three product categories.
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Key Segments Profiled in the Custom Hearing Aids Market:
By Product Type:
- In-The-Ear Hearing Aid
- In-The-Canal Hearing Aid
By Application:
- Hospital
- Hearing Aid Clinics
- Retail Stores
- Online Stores
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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