Major players in the hearing aid devices and equipment market are Starkey, Sonova, Widex, Siemens and GN ReSound. The global hearing aid devices and equipment market is expected to decline from $8 billion in 2019 to $6.
New York, Sept. 16, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hearing Aid Devices And Equipment Global Market Report 2020-30: Covid 19 Impact and Recovery" - https://www.reportlinker.com/p05967833/?utm_source=GNW
5 billion in 2020 at a compound annual growth rate (CAGR) of -18.6%. The decline is mainly because of worldwide supply and demand mismatches of resources due to the COVID-19 outbreak. There is an inadequate production of hearing implants, hearing aid, hearing diagnostic, voice prosthesis, and other ENT-related devices due to the restrictions imposed by governments of various countries to shutdown factories or function with minimal staffing to contain the spread of virus and keep the staff safe. The market is then expected to recover and grow at a CAGR of 6.1% from 2021 and reach $10.2 billion in 2023.
The hearing aid devices and equipment market consists of sales of hearing aid devices and equipment and related services. Hearing aids are devices and equipment designed and developed to improve hearing of people affected by hearing loss. Hearing aid devices and equipment are classified into hearing aid devices and hearing implants. Hearing aid devices and equipment include: Receiver-in-the-ear hearing aids, behind-the-ear hearing aids, canal hearing aids, in-the-ear (ite) hearing aids and the hearing implants include: cochlear implants and bone-anchored systems.
As of today, the hearing aids fall under restricted devices category, the sales of these restricted devices must comply with federal and state requirements. The US FDA approach to improve hearing aid accessibility may lead to the availability of these restricted devices as 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 until a separate category is established. Thus, the introduction of these innovative and easily accessible OTC hearing aids may impact the growth of hearing aid devices market positively in the forecast period.
High cost of hearing aid devices is acting as a major restraint in 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.
Use of 3D Printing is a trend that is prevalent in the hearing aid devices & equipment market. The 3D printing is a technology that produces 3D objects from 2D model which enables manufacturing of better fitting, more comfortable and customized hearing aid devices. The 3D printing enables the shape of ear shell to be customized according to customer’s individual ear canal and degree of hearing loss. For example Sonova use 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.
Growing prevalence of hearing loss is as a major driver for 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 level, 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.
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