US Hearing Aids Market to Reach USD 4.48 Billion in 2028; Increasing Incorporation of Artificial Intelligence to Accelerate Growth, says Fortune Business Insights™
Key Prominent Players Covered in the US Hearing Aids Market Research Report Are Sonova,Demant A/S,GN Store Nord A/S,Cochlear Ltd,WS Audiology,RION Co., Ltd.,Starkey,MED-EL,Other Prominent Players.
Pune, India, Aug. 16, 2021 (GLOBE NEWSWIRE) — The US Hearing Aids Market is set to gain momentum from the increasing adoption of artificial intelligence (AI) in these devices. Patients nowadays are moving towards them because of their ability to provide novel and personalized services. AI-enabled devices can learn what noise the patient wishes to focus more on by detecting the environment. Starkey, for instance, developed Livio Edge AI in February 2020. This information is given by Fortune Business Insights™ in a report, titled, “US Hearing Aids Market, 2021-2028.” As per the report, the market size was USD 2.53 billion in 2020. It is projected to grow from USD 2.65 billion in 2021 to USD 4.48 billion in 2028 at a CAGR of 7.8% in the forecast period.
COVID-19 Pandemic: Declining Patient Volume to Hamper Growth in the U.S.
The outbreak of the COVID-19 pandemic has reduced the demand for hearing aids on account of the low patient volume. Sonova, for instance, experienced a 23.58% decline in revenue in the first half of 2020 from the Hearing Instruments segment. The pandemic has also lowered visits to outpatient settings and emergency care to prevent transmission. Our reports will help you get a clear picture of this industry and adopt strategies accordingly.
Significant Industry Developments of the US Hearing Aids Market Include:
November 2020: Demant, a leader in the industry, introduced its latest hearing aid technology in four brands, namely, Sonic, Bernafon, Philips Hearing Solutions, and Oticon. It would help the company to offer life-changing hearing health to patients suffering from hearing loss.
August 2018: William Demant signed a licensing agreement with Philips to broaden the definition of hearing healthcare. This collaboration would enable the former to bring Phillip’s novel solutions to the U.S. hearing aids industry.
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Hearing Devices Segment Held Dominant Share in 2020 Backed by Rising Prevalence of Hearing Loss
By product, the market is bifurcated into hearing implants and hearing devices. Amongst these, the hearing devices segment generated the largest US Hearing Aids Market share in 2020. The surging prevalence of hearing loss among the general population is set to contribute to this growth. As per Johns Hopkins Cochlear Center for Hearing and Public Health, every year, around 14.3% of the total population in the U.S. suffers from some degree of hearing loss.
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Presence of Favorable Regulatory and Reimbursement Policies to Boost Growth
Favorable regulatory and reimbursement policies are set to propel the US Hearing Aids Market growth in the upcoming years. The U.S. has been showcasing various changes in its regulatory policies in recent years for providing patients with better access to hearing loss assistive products. In August 2017, President Trump, for instance, signed the FDA Reauthorization Act that also contains the Over-the-counter Hearing Aid Act.
It was developed to deliver greater public affordability and accessibility with OTC hearing aids. However, the high cost of these devices may hamper growth of the market.
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List of Manufacturers in the US Hearing Aids Market include:
- Sonova (Stäfa, Switzerland)
- Demant A/S (Copenhagen, Denmark)
- GN Store Nord A/S (Ballerup, Denmark)
- Cochlear Ltd (Sydney, Australia)
- WS Audiology (Lynge, Denmark)
- RION Co., Ltd.(Tokyo, Japan)
- Starkey (Minnesota, U.S.)
- MED-EL (Medical Electronics) (Innsbruck, Austria)
- Other Prominent Players
Global US Hearing Aids Market Segmentation:
Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
Executive Summary
Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
Key Insights
- Key Industry Developments – Acquisitions, Mergers, and Partnerships
- Penetration of Hearing Aids
- New Product Launches
- Epidemiology of Hearing Loss – USA
- Prevalence of Hearing Loss, by States, U.S, 2019
- Number of Audiologists, Hearing Aid Specialists, Retail Outlets
- Partnerships Between Manufacturers and Third party Referral Companies/ Vendors
- Impact of COVID-19 on the U.S. Hearing Aids & Implants Market
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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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