Custom Hearing Aids Market Set for Rapid Growth And Trend by 2028
Posted: Feb 23, 2019
Hearing aid market has undertaken many changes in the past few years. Companies are focusing on new product development and improve their service by providing a variety of products. Companies provide a wide variety of hearing aids: standard hearing aids & custom hearing aids. Custom hearing aids are specially made for each patient by taking an earmold impression. Custom hearing aids are specially molded hearing aids to suitable for individual ear shape. Basically custom hearing aids are available in the four categories. Invisible-in-canal is the smallest custom hearing aid. It is almost invisible as it fits deep inside the ear canal. Invisible-in-canal custom hearing aids are suitable for people who have mild to moderate hearing loss. In-the-ear custom hearing aid covers severe hearing loss and is available in the half shell and full shell. Custom hearing aids also available with different features such as wireless connectivity, which can connect with the smartphones. The company such as ReSound offers custom hearing aids with smartphone connectivity facility.
Custom Hearing Aids Market: Drivers and Restraints-
Custom hearing aids market is expected to accounts significant growth rate as increasing number of people suffering from hearing loss. Increasing deafness resulting from genetic factors, birth complications, ear infections, and growing noise pollution are expected to favor the demand of the custom hearing aids. According to WHO, around 466 Mn people worldwide have disabling hearing loss and it is estimated that by 2050 over 900 Mn people will have disabling hearing loss. The aging population is facing a high risk of suffering from hearing loss. These are the major driving factor of the custom hearing aids market. Increasing demand for technology advanced hearing aids is expected to propel the growth of the custom hearing aids market. The need for miniature hearing aid devices expected to boost the growth of custom hearing aids market. These miniature devices or almost invisible also overcome the social stigma associated with wear such devices. Technological advancement such as smartphone connectivity and digital noise reduction are also expected to boost the growth of the custom hearing aid devices market.
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Custom Hearing Aids Market: Segmentation
On the basis of product type, custom hearing aids market can be segmented as:
- Invisible-in-Canal (IIC) Hearing Aid
- Completely-in-Canal (CIC) Hearing Aid
- In-the-Canal (ITC) Hearing Aid
- In-the-Ear (ITE) Hearing Aid
On the basis of distribution channel, custom hearing aids market can be segmented as:
- Online Stores
- Retail Stores
- Hearing Aid Clinics
Custom Hearing Aids Market: Overview
Many of the companies operating in the hearing aid market are spending to innovate new technology & products. Companies are offering custom hearing aids solution to fulfill the need for people with hearing loss. Smartphone connectivity with hearing aid expected to favors the demand of the custom hearing aid. Custom hearing aid market expected to grow with significant growth rate owing to increasing birth complications and ear infections.
Custom Hearing Aids Market: Region-wise Outlook
In terms of geography, the market has been divided into seven regions including North- America, Eastern Europe, Western Europe, and Asia- Pacific excluding & Japan (APEJ), Japan, Middle-East & Africa, and Latin America. North America is the most dominating market for custom hearing aids market owing to the high adoption rate of advance customized hearing aids in the United States. Western European expected to gain second largest market value share in custom hearing aids market owing to increasing acceptance of new technology and increasing demand for custom hearing aids. The Asia Pacific excluding Japan custom hearing aids market is expected to contribute significant year on year growth rate over the forecast period due to growing out of pocket cost and government support for deafness treatment.
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Custom Hearing Aids Market: Key Market Participants
Example of some market players participants in global custom hearing aids market identify across the value chain are Sivantos Group, Sonova Holding AG, Starkey Hearing Technologies, Widex A/S, GN Hearing A/S, William Demant Group and others.
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