Hearing Aid Chipset Market Size, Share, Growth, and Industry Analysis, By Type (Single Core, Dual Core), By Application (Primary Type Hearing Aids, Rechargeable Type Hearing Aids), Regional Insights and Forecast to 2031

Updated On: 06 May 2024

HEARING AID CHIPSET MARKET REPORT OVERVIEW

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The global hearing aid chipset market size was USD 175.4 million in 2022 and the market is projected to touch USD 293.4 million by 2029, exhibiting a CAGR of 7.5% during the forecast period.

The market needs to give greater attention to growing industries including healthcare, which appears to be moving toward the privatization of lives. Due to the growing number of individuals experiencing hearing difficulties, the hearing aid chipset market growth has seen significant growth as a result of the healthcare industry's rapid development. The capacity to assist children with hearing impairments in their education, as education is a universal human right regardless of the challenges that may arise from the outside world.

The capacity to raise awareness of the need to lower the number of individuals with hearing impairments in order to improve civilization; as a result, this market has created several initiatives to raise awareness and offer free services to those with disabilities who cannot afford to purchase hearing aids.

COVID-19 Impact: Cancellation of Non-Emergency Treatments to Degrade Market Share

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

In addition to causing a spike in the demand for medical supplies, such as hearing aids, COVID-19 also led to the postponement and cancellation of non-emergency and elective treatments. The worst-hit periods of the outbreak, during March to April 2020, had a significant financial impact on device manufacturers. By H2 2020, many of these gadget markets had already rebounded.

All things considered, the pandemic had less of an impact on other device markets, especially those that are used in vital operations in the field of cardiovascular disease. Almost all healthcare markets have recovered fully from the first significant decline in device sales caused by the pandemic by the beginning of 2021. The primary cause of the war was the COVID-19 pandemic that stopped vehicle production while driving up home electronics demand in most of the areas.

In response to the continued scarcity of semiconductor chips in most of the areas, governments and hearing device makers worldwide have increased output in an effort to prevent more shortages.

LATEST TRENDS

"Behind the Ear Implant to Stimulate Market Development"

With a custom-fit hearing device or a dome style that partially covers the ear canal opening, tubing slides more into the ear canal when BTE aids are positioned under or above the ear. The electronic parts are housed in a shell that is concealed behind the ear. First, the audio travels through the hearing aid and into the ear. People with moderate to serious deafness of various ages utilize BTE implants. Small casings that can slide into the ear canal entirely or partially contain hearing aids. These are the smallest hearing aids available, offering certain advantages for the eyes and ears.

HEARING AID CHIPSET MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into single core, dual core

People only need one hearing aid if there is hearing loss in one ear and typical or almost adequate hearing in the other. However, the majority of people experience bilateral hearing loss, particularly if the loss of hearing is related to age. In order to improve the device's capacity for processing sound, dual-core processor in hearing devices implies the use of two independent processing units, or cores. This strategy seeks to enhance the hearing aid's overall effectiveness and performance in managing challenging acoustic settings.

• By Application

Based on application the global market can be categorized into primary type hearing aids, rechargeable type hearing aids.

According to the electronics utilized, hearing aids function differently. Analog and digital electronics are the two primary varieties. Sound waves are transformed into amplified electrical signals by analog aids. Individual users' needs are taken into consideration when creating analog/adjustable hearing aids. Unlike hearing aids with standard disposable batteries, rechargeable hearing aids contain battery packs that do not need to be removed on a regular basis. Just dock the hearing aids on a charging unit every night, much as how smartphones are charged, as an alternative to taking out the batteries themselves.

DRIVING FACTORS

"Category of Adult Patients to Support Completed Market Expansion"

The category for adult patients is expected to expand at the fastest rate because hearing loss is becoming more common in this demographic. A major problem for older persons is hearing loss, which is frequently brought on by aging-related conditions or middle ear wax blockage. If treatment is not received, it might worsen communication and result in depression and dementia. Although they provide a useful answer, few persons over 50 actually wear hearing aids. Commonly used CIC as well as ITC hearing devices can help with mild to severe hearing loss. The focus of vendors such as Oticon is on adult hearing aids with advanced features. Market expansion is anticipated as a result of these developments.

"Utilization of Open-Fit Hearing to Foster Industry Progress"

Open-fit hearing aids are those that don't press on your eardrum. In actuality, open-fit cochlea implants are not anything new, even if their appeal has recently increased. The fact that feedback—its main weakness—is no longer a problem is a major factor in their resurgence. These days, sophisticated feedback algorithms that recognize and eliminate data before it reaches your ears are only found in the simplest cochlear implants.

An open-fit hearing aid is a cochlear implant placed behind the ear with a limited passageway or receiving device or receiver-in-the-ear with an access cupola inside the ear. Because of the wide opening in the ear canal created by this design, low-frequency sounds can naturally enter whereas high-frequency sounds are amplified by the hearing aid.

RESTRAINING FACTOR

"Significant Research and Development Expenses to Stop Market Evolution"

The company must abide by a number of strict standards, such as those set forth by the FDA, for the items. Additionally, the EU Medical Device Guidelines are imposing more and more requirements. Furthermore, significant investment in quality control systems is necessary. In addition, there are significant research and development expenses and broad rights to intellectual property in the hearing industry that limit what may be done and drive up product costs. The market is being restrained by each of these issues.

HEARING AID CHIPSET MARKET REGIONAL INSIGHTS

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"Europe to Dominate the Market Due to Increasing Number of Elderly People "

With revenue growth, the Europe area will hold the greatest hearing aid chipset market share. The increasing number of elderly people in Europe and the rising prevalence of hearing impairment in the area are the causes of this factor. Age-related alterations in the central and peripheral auditory systems have resulted in hearing loss.

Furthermore, the region has favorable reimbursement policies. Certain nations, including Denmark and the U.K., pay for the costs associated with hearing aids and other associated services. End users are eligible for a variety of reimbursement rates, including those for accessories, hearing aids, exams, fittings, and follow-up. France, Germany, and the U.K. are regarded as some of Europe's biggest marketplaces.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• Sonova (Switzerland)
• Demant (Denmark)
• WS Audiology (Denmark)
• GN Group (Denmark)
• Starkey Hearing Technologies (U.S.)
• Onsemi (U.S.)
• Tianyue Electronic (China)
• AcoSound (China)
• MUXIN Technology (India)

INDUSTRIAL DEVELOPMENT

February 2023: JabraEnhance.com, which also sells Jabra Enhance Plus earbuds, will offer OTC (over-the-counter) hearing aids starting in 2023, according to GN Store Nord. These elements would support the company's efforts to increase its market share.

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.