The global custom hearing aids market, which was valued at USD 9,544.2 million in 2022, is anticipated to reach USD 10,085.5 million in 2023. According to analysts at Future Market Insights, the market is projected to grow at a compound annual growth rate (CAGR) of 6.5% from 2023 to 2033, eventually totaling around USD 18,861.5 million by 2033.
Several key factors are driving this significant market growth. The rising incidence of diabetes, the increasing aging population, and the prevalence of hearing loss are primary contributors. Additionally, heightened awareness about hearing health and advancements in hearing aid technology are further propelling market demand.
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However, the industry faces challenges, such as the high cost of hearing aids and regulatory issues. To counter these challenges, efforts are being made to reduce the average selling price of hearing aids, making them more accessible to a broader audience.
Future Market Insights’ detailed report highlights these trends and provides a comprehensive analysis of the market’s future trajectory. As the population ages and health awareness continues to grow, the demand for custom hearing aids is expected to increase, offering significant opportunities for industry stakeholders.
Key Takeaways from the Market Study:
- The estimated market share for digital hearing aids was USD 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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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