2022 Forecasts on Hearing Aid Devices (Equipment) Market Overview & Analysis by TBRC

LONDON, March 18, 2020 /PRNewswire/ -- TheBusinessResearchCompany.com announces Hearing Aid Devices And Equipment Global Market Report 2020 is available in its database.

Growing Popularity Of Customized 3D Printed Hearing Aid Devices

Use of 3D printing is a trend that is prevalent in the global hearing aid devices & equipment market. 3D printing is a technology that produces 3D objects from 2D models which enable the manufacturing of better fitting, more comfortable, and customized hearing aid devices. 3D printing enables the shape of the ear shell to be customized according to a customer's individual ear canal and degree of hearing loss. For example, Sonova uses advanced 3D printing technology to produce customized hearing aid devices, especially suited for each customer's specific requirements. Examples of 3D hearing aid devices include EnvisionTEC's E-Shell 200 Series, E-Shell 300 3D Printer Material series, and EnvisionTEC E-Clear series.

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Hearing Aid Devices And Equipment Market Overview

Hearing aids are devices and equipment designed and developed to improve hearing of people affected by hearing loss. Hearing aid devices and equipment Market are classified into hearing aid devices market and hearing implants market. Hearing aid devices and equipment include: Receiver-in-the-ear hearing aids, behind-the-ear hearing aids, canal hearing aids, and in-the-ear (ite) hearing aids; hearing implants include: cochlear implants and bone-anchored systems. Major players in the hearing aid devices and equipment market include Starkey, Sonova, Widex, Siemens, and GN ReSound.

Hearing Aid Devices And Equipment Market Segments

The hearing aid devices market is also segmented by distribution channel into audiology and ENT clinics, pharmacies, online sales, and others. By technology, the market is segmented as conventional hearing aid and digital hearing aid. By patient, the market is segmented as adults and pediatrics. By type of hearing loss, it is segmented as conductive hearing loss and sensorineural hearing loss.

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Increasing Prevalence Of Hearing Disabilities Will Drive The Market

The global hearing aid devices and equipment market was valued at about $4 billion in 2018 and is expected to grow to $4.68 billion at a compound annual growth rate (CAGR) of 4.0% through 2022. Growing prevalence of hearing loss is a major driver of the hearing aid devices & equipment market growth. In the United States, more than 35 million children and adults have some degree of hearing loss. Also, around 900 million people across the globe are expected to suffer from hearing disabilities by 2050 due to rise in noise pollution levels, genetic factors, ear infections and other complications. High number of people suffering from hearing loss would result in huge demand for hearing aid devices across the globe.

High Costs Associated With Hearing Aid Devices

High cost of hearing aid devices is acting as a major restraint on the hearing aid devices and equipment market. Good quality hearing aids come at a high price and are not fully covered by insurance companies. About one-third of Americans above 55 years use hearing aid devices due to various reasons. Hearing aid devices range between $1500 to $3500 per piece, thus making it quite expensive. The average price is $2,300 per unit, according to the President's Council for Science & Technology. Thus, due to high cost, there has been low penetration of hearing aid devices in the market. Place a Direct Purchase Order Of Entire 150+ Pages Report (Individual License USD 4000) @ https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=2428 .

Government Regulations In The Market

As of today, hearing aids fall under the restricted devices category, the sales of which must comply with federal and state requirements. The US Food and Drug Administration's (FDA) approach to improve hearing aid accessibility may lead to the availability of these restricted devices as over-the-counter (OTC) devices. However, according to the FDA Reauthorization Act of 2017 (FDARA), the category of OTC hearing aids needs to be established and no manufacturer can label their devices as OTC unless a separate category is established. Thus, the introduction of these innovative and easily accessible OTC hearing aids may impact the growth of the hearing aid devices market positively in the forecast period.

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