Top Companies in Hearing Aid Market | Exclusive Research Report Offering Size & Share, Growth Factors, Opportunities, New Product Launches, Price Analysis | Vantage Market Research
The market, which is heavily influenced by technology, has witnessed the rise of unique goods, including intelligently linked hearing aids, transparent hearing aids, and Hearing Aids with AI and Bluetooth capabilities that can be connected to Android or iOS.
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Market Overview:
The Global Hearing Aids Market was valued at USD 9.9 Billion in the year 2021 and is forecast to reach a value of USD 13.0 Billion by the year 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 4.7% over the forecast period. The Hearing Aid is a device designed to help people unable to hear owing to many aspects. Customers' demand for hearing aids is driven by the latest technological advancements in the machine, fuelling the market need for hearing aids. Hearing loss has become a frequent ailment among patients in developed regions. Moreover, hearing loss is caused by vascular disorders, chronic inflammation, noise exposure, hereditary predisposition, and physiological aging of the ear. This factor might lead to a worldwide rise in hard-of-hearing patients, resulting in expanded device sales.
The growing adoption of Hearing Aids devices, rising awareness regarding technologically advanced devices for the treatment of deafness and hearing impairment, and the mounting prevalence of hearing loss owing to the rise in the geriatric population market are significant factors in this market. Moreover, the market is a highly technological driven market that has seen the emergence of novel products, including smart linked hearing aids, invisible hearing aids, and AI- and Bluetooth-enabled hearing aids connected to Android or iOS. Moreover, hearing service offices and general healthcare service associations of local governments in developed & developing economies emphasize early screening of deafness and providing hearing aids to people. In addition, as the healthcare sector in emerging economies is moving towards privatization, healthcare infrastructure in these countries is undergoing rapid development. Therefore, education and increased health awareness are also essential in increasing the demand for these devices and their diagnostic services.
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Some of the key players operating in the Hearing Aids Market are listed below:
|
Company Name |
Revenue in the US |
|
$3 Billion |
|
<$5 Million |
|
$2 Billion |
|
$939 Million |
|
$597 Million |
|
$2 Billion |
|
$31 Billion |
Founded in 1947, Phonak LLC distributes hearing instruments. In addition, the company offers hearing aid and wireless communication solutions. The company is headquartered in Laubisrütistrasse 28, Stäfa, Zurich, 8712, Switzerland, and its website is www.phonak.com.
Benson Hearing is committed to the patients that care for and provide the best treatment to their patients to get them on the path to better hearing strength. The company is headquartered at 134 W Middle St, Ste a, Chelsea, Michigan, 48118, United States, and its website is www.bensonhearing.com.
GN Store Nord A/S (GN Great Nordic) is the parent company of an international group of companies that manufactures and markets communication solutions. The company develops wireless technology and provides hand-free solutions and products for the hearing impaired. GN Store Nord also works with cable systems.
Starkey Hearing Technologies is a global hearing technology company that manufactures and delivers advanced hearing solutions. The company was founded in 1967 and headquartered at 6700 Washington Ave S, Eden Prairie, Minnesota, 55344, United States. The company's website is www.starkey.com.
Established in 1975, Med-El Corporation operates as a medical device company. It develops and produces implantable hearing solutions. In addition, Med-El offers hearing systems, middle ear implants, implantable hearing devices, and speech processors. The company is headquartered in Innsbruck, Austria, and its website is www.medel.com.
William Demant Holding AS is a world-leading hearing healthcare group that provides solutions & services to facilitate people suffering from hearing loss to connect and communicate with the world around them. The company develops, produces, and sells products designed to help the hearing and communication of individuals. William Demant Invest serves customers worldwide.
Headquartered in Dublin, Ireland, Medtronic Inc. offers medical devices. The company provides surgical devices, medical instruments, apparatus, respiratory monitoring systems, medical supplies, and other types of equipment. It serves patients and health care professionals worldwide, and its website is www.medtronic.com.
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